Ocean Resort On The Way To Becoming A World Class Casino

Ocean Resort On The Way To Becoming A World Class Casino

The new owner of Ocean now views the property as an excellent casino with gorgeous resort amenities.

The performance of the Ocean Resort Casino has improved following the news of the change in ownership. Eric Matejevich told The Associated Press, in his first interview, that the Boardwalk casino resort has been stocked again with funds and also meets the New Jersey requirement of game regulators to at least $36 million available. Ocean was unable to meet this requirement between September and January.

The doors for Revel opened in 2012 and the owners had very high hopes for it which were not fulfilled. In 2014, the casino and hotel closed doors following two bankruptcies.

In the following year, Glenn Straub bought the resort for $82 million but had to sell it again after failing to convert it into a successful operation.

In 2018 Ocean was launched and this too failed to gain momentum in the Atlantic City market and did not perform for eight months following its opening.

After Mr. Deifik offloaded his majority stake in the resort, New York hedge fund Luxor Capital Group took over. The group appointed Mr. Matejevich as trustee to oversee property while the temporary gaming license was under review.

Advancements Underway

The new owner of Ocean is set to launch a new marketing campaign in May. There will be a major shift in the strategy of the owners and the property will be promoted as an affordable one. The operating philosophy has shifted as well and now Ocean is also viewed as a β€œgreat casino property with beautiful resort amenities.”

There are plans to open up a buffet at the casino and adding in 500 hundred hotel rooms is a plan that will probably be carried out.

It was previously announced by Luxor that a significant investment would be done with regards to upgrades on the floor of the casino and other advancements in amenities.

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