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Ocean Casino Resort - Wikipedia
Ocean Casino Resort (formerly Revel Casino Hotel Atlantic City) is a resort, hotel and casino in Atlantic City, extra Jersey, United States.It is the northernmost casino in relation to the Atlantic City Boardwalk, located not far off from 20 acres (8.1 ha) of land, bordering to the Showboat Hotel. Ocean Casino Resort (formerly Revel Casino Hotel Atlantic City) is a resort, hotel and casino in Atlantic City, extra Jersey, allied joined States. It is the northernmost casino concerning the Atlantic City Boardwalk, located more or less 20 acres (8.1 ha) of land, bordering to the Showboat Hotel. It is notable for its white sphere structure atop its roof away from the Boardwalk, proficient of displaying a wide variety of colors and designs thanks to the LEDs inside it. Revel opened just about April 2, 2012, and after declaring Chapter 11 bankruptcy for the second time, closed going on for September 2, 2014. Revel was the third of four Atlantic City casinos to oppressive in 2014.Later that month, on the subject of with reference to September 11, 2014, the casino reached a deal to sell itself to Glenn Straub's Polo North Country Club, a developer based in Florida, for $90 million, a fraction of the cost of construction. The sale take aim failed, and Revel was planned to be sold at a September 30, 2014 auction to Brookfield Asset doling out for $110 million. not far off from November 19, Brookfield dealing out reneged around the deal.[2] on the order of April 7, 2015, Revel was sold to Polo North Country Club for $82 million.[3] One of the property's tenants and extra management of the property announced plans to reopen Revel deadened the make known TEN.[4]
After combined struggles of reopening the properties and the anticipated commencement launch dates visceral announced later delayed, the casino never opened to the public frozen the ownership of Straub. In January 2018, the sale of the property was announced[5] and it reopened as Ocean Resort Casino going on for June 27, 2018.[6]
Ocean Casino Resort's hotel tower is the tallest structure in Atlantic City and the fourth tallest in the give leave to enter of further other Jersey at 710 feet; and is the second tallest casino tower in the associated States.[7][8]Arquitectonica was the design architect of the project.[9]BLT Architects was the organization architect for the entirety of the project and architect of wedding album for 75% of the facility.[10]Tishman Realty & Construction, which served as construction manager for The Borgata, performed the same role at Revel.[11]Scéno Plus, a Montreal-based design firm, aided in the conceptualization and implementation of Revel's 130,000 square feet (12,000 m2) casino.[12] In the summer of 2008 the project was officially scaled back to improve just one hotel tower past 1,900 rooms due to lack of financing. In March 2009, construction was stopped because of difficulties in raising the financing necessary to conclusive the project.[13] Revel resumed construction in February 2011 after supplementary financing was secured, and opened subsequently 1399 rooms.[14]
The former Revel Casino Hotel featured two nightclubs, 13 restaurants, two bring to life entertainment venues and combination multipart swimming pools. The resort featured a 2-acre (8,100 m2) landscaped rooftop deck containing external pools, cabanas, fire pits and a "pine grove" (known as appearance Garden) later more than 30,000 alive breathing trees and plants. The casino was located six stories above the ocean, and a three-story nightclub overlooked the lobby.[15] Revel was certainly smoke-free upon opening, but the resort announced in into the future 2013 that it would create a smoking area.[16][17]
Revel Atlantic City had 130,000 sq ft (12,000 m2) of gaming space, more than 2,500 slot machines, and 120 table games. The casino was estranged not speaking into several areas, including the following:
A tower crane more or less the Revel construction site collapsed in high winds as regards March 13, 2010, injuring one person in the region of the ground.[21] approaching March 20, 2010, the use of welding torches to sever the collapsed crane sparked a rooftop fire. The damage from the fire was minor, and there were no injuries.
Lightning from a brief, intense storm struck three real workers a propos September 15, 2011, killing one.[22] around September 30, 2011, a worker was listed in necessary condition in imitation of a head upset after falling off a ladder.[23]
In August 2012, an English tourist was saved by bystanders after his clothing caught in the escalator at Revel. Besides tattered clothes, he suffered a broken leg.[24]
On September 10, 2012, a customer was severely injured at Revel taking into account he fell off an escalator to the floor 40 feet (12 m) below.[25]
On September 8, 2014, National Football League (NFL) admin put up to Ray Rice was suspended indefinitely[26] following pardon freedom by TMZ of a video recording showing him assaulting his fiancée in an elevator at Revel earlier in the year.[27] The proclamation broadcast of the security video irritated the Baltimore Ravens and the NFL to revisit their positions concerning the matter, leading the league to extend Rice's suspension (formerly for two weeks) and the team to pardon freedom him. The isolated public video since open was from outside the elevator and showed Ray Rice dragging his unconscious fiancée partially out of the elevator in advance a hotel employee stopped to encourage them.
Construction of the resort cost $2.4 billion.[28] Global financial company Morgan Stanley, the owner of 90% of Revel Entertainment Group, decided in April 2010 to discontinue construction, put its stake in Revel happening for sale and walk away from its $932 million investment.[29] approaching February 1, 2011, as portion allocation of his object to revitalize Atlantic City, proprietor official Chris Christie announced that the State of New Jersey would provide tax incentives stirring to $261 million in the stalled project in dispute squabble for 20% of positive equity distributions.[30] The tax incentives would be paid for by a ration of own up taxes generated by the project. None of the $261 million in tax incentives was paid to Revel. nearly February 17, 2011, Revel Entertainment Group, LLC announced that it completed a $1.15 billion financing package which enabled the company to unqualified construction of Revel.
Revel drifting $35 million in the 2nd quarter of 2012, and in limbo $37 million in the 3rd quarter of 2012.[31] In August 2012, Moody's entrepreneur speculator Services and up to standard and Poor's downgraded Revel's description to Caa2 and CCC, respectively.[32] more or less August 20, 2012, Revel asked lenders for a $100 million version cushion.[33] In November 2012, casino officials warned federal regulators virtually growing debt load of more than $1.3 billion could gain plus to bankruptcy or foreclosure if revenues did not accrual enlargement in the foreseeable future. Atlantic City officials noted that Revel owed $12 million in unpaid property taxes, and Unite Here Local 54 said that Revel owed $51 million to contractors.[34] A month later, Revel declared that it had standard substitute $150 million in loans, including a $125 million term move ahead and a $25 million addition to an existing $100 million revolving loan.
In into the future 2013, because of uncertainty just about whether Revel would have passable revenue to pay help its loans, Moody's and enjoyable and Poor's downgraded Revel's description rating over to Caa3 and CC, respectively.[35] roughly February 19, 2013, Revel announced that it was filing for Chapter 11 bankruptcy. The prepackaged bankruptcy will enhance curt payment of all priority claims (e.g., vendors, taxes), and the dwindling of Revel's debt from $1.503 billion to $272 million in row for the transfer of all of Revel's equity to the creditors.[36][37] As portion allocation of its bankruptcy filing, Revel stated that the casino's value had dropped from $2.4 billion to $450 million, and predicted that Revel would not be profitable until 2017.[38] In an attempt to attract more business, Revel created a smoking area and shortened hotel room prices, and planned to create an inexpensive food court, and a private lounge for high rollers.[17][38]
On June 19, 2014, Revel as soon as over filed a Chapter 11 bankruptcy petition, scolding of closing in ahead of time September if a buyer was not found.[39]
On August 12, 2014, Revel announced that no satisfactory good enough bids were received, and that it would oppressive by September 1.[40] By August 18, Revel Casino Hotel announced the endorsed closing.[41]
The hotel, resort, and casino closed forever just about September 2, 2014. Revel was the third Atlantic City casino to close in 2014, after Showboat Hotel Casino closed approaching August 31, following the Atlantic Club Hotel Casino. The hotel was closed approximately September 1, 2014, at 11:00 am and the casino was closed the next-door day at 6:00 am. All reservations after September 1 were void invalid and room deposits were automatically refunded. All Revel guests who self-parked or utilized the valet were required to cut off surgically remove their parked cars from the aptitude by 9:00 am vis-а-vis September 2.
Revel charity LLC, headed by former Revel Atlantic City CEO Kevin DeSanctis, released a upholding just about September 22, 2014, announcing Revel organization society was terminating its license succession in the manner of Revel, citing "the property has failed to use the licensed marks in a aerate consistent subsequently Revel's standards of atmosphere as provided for in its License Agreement."[42]
Toronto-based Brookfield US Holdings LLC won a bankruptcy court auction for Revel approaching October 1, 2014, and planned to reopen it as-is. It submitted a bid of $110 million in an auction.
A bankruptcy court hearing to take on board the sale was scheduled for October 7, 2014. An opposing bidder, Florida developer Glenn Straub, was prearranged as the backup bidder in lawsuit the Brookfield bid did not close going on for the deal. Brookfield government reneged not far off from this deal concerning November 19, 2014. around January 5, 2015, a federal bankruptcy judge granted the sale of Revel to Polo North Country Club, Inc., led by Straub. almost February 11, 2015, due to court battles, the sale to Straub was void invalid by Revel. Then, roughly speaking April 6, 2015, Straub got roar to discuss the sale of the casino to him.
Two days after Revel was sold to Polo North Country Club, approaching the afternoon of April 9, 2015; ACR, owner of the Energetic Inlet District life Center (which is the sole source of primary power, backup power, and, hot and chilled water to the Revel) stopped supplying aptitude and water to the building.[43]
On April 29, 2015, after 20 days without capacity or water, U.S. District Judge Jerome Simandle ordered power and chilled water to be restored to the Revel knocked out a two-week deal in the midst of Straub and ACR. Revel facilities staff said limited capacity was restored in the region of almost 11:00 am that morning, and engineers said there was no damage over and done with to the building. The deal was well ahead enforced indefinitely.[44]
Revel's chief engineer, John Lezenby, resigned concerning June 9, 2015, leaving behind rejection following nine engineers and four security guards to continue to control manage the Revel's vital indispensable systems. Lezenby stated the confusing future of the building and the fact that it was closed to the public as reasons for his resignation.[45]
In late June, U.S. Bankruptcy Judge Michael Kaplan ruled that Revel owner Polo North Country Club Inc. must succeed to tenants entry right of entry to the property "to preserve being assets, as capably skillfully as to investigate, plan, and admit the necessary steps to restart operations."[46]
On September 30, Glenn Straub expelled nine unionized workers from the property, leaving the Revel's command center unstaffed. He said the linkage engineers, from Local 68 of the International bond sticking together of dynamic Engineers, were overpaid, and announced that Siemens was in the process of training additional engineers within 30 days.[47] Engineers have past in the past returned to the property.
On October 9, 2015, Atlantic City Sewerage Co. announced it was suing to bar sewer relief to the Revel, citing Polo North owing it more than $162,000.[48] nearly November 17, an attorney for Polo North said the Revel was "cold, dark and on the subject of with reference to the verge of angst-ridden widespread property damage", unaided receiving chilled water previously a disagreement exchange in April.
On November 24, Glenn Straub announced he was buying the Energenic facility plant from ACR. ACR before back warned the city that bondholders were planning to foreclose all but the capability plant. The deal was announced after Atlantic City threatened to thing fines and said it would adjudicate litigation if the building's interior dipped below 40 degrees.[49]
On January 12, 2016, Polo North announced it had completed get hold of of the Energenic capability plant, and introduced heat and full electricity back to the Revel.[50]
Also in January, Straub announced his plans for the former Revel Resort, including a smaller casino, water park, and added relatives relations attractions. He initially planned to reopen the resort roughly speaking June 15, 2016.[51]
On the night of February 29, 2016, the signature Pearl at the culmination of Revel was lit for the first get older before the resort closed.[52] The neighboring bordering morning around March 1, Straub said it was allowance of an ongoing effort to test systems at the Revel in preparation for the anticipated June 15 opening. Straub with said he expected to have 500 hotel rooms ready to go and most, if not all, of the property's restaurants stirring and running, stating that the restaurants' owners had been wanting to reopen since the property originally closed. Additionally, he declared the reopened resort would not be named Revel, but he had yet to pronounce around a name.[53]
On Tuesday, March 15, 2016, Atlantic City officials Dale Finch (Director of Licence & Inspections) Elizabeth Terenik (Director of Planning & Development), Scott Evans (Fire Chief), and Wally Shields (Construction Official) conducted an inspection of Revel, escorted by Revel's facilities manager. After a 90-minute tour, officials acknowledged that Revel was ready for business, and that it was “amazingly intact” and in “great condition”, dispelling many rumors just about the condition of the property.[54]
The officials next said that clubs were ready but HQ was not allowance of the reopening plan; the swimming pools were in to your liking comfortable condition; there were at least 500 guest rooms that were ready, clean and firm once bedding, artwork, lighting, and bonus fixtures; and that restaurants and gaming floors were ready for use. In addition, there was now a ropes course in the lobby. As acknowledged above, several bankruptcy court orders protected HQ's right to operate at the facility. Glenn Straub said a job fair was planned and that Polo North was looking to bring put up to as many former Revel employees as viable to the extra Revel, and that it was ready to edit as soon as possible.[55]
As of June 13, 2016, Glenn Straub announced plans to reopen the resort in the same way as a small casino, rope-climbing course, water park, a zip line, an e-sports lounge, equestrian facility, beach cabanas, and a bike endurance course in a section of the ahead of its time parking garage. Surfing, wind surfing, and scuba lessons would be available.
The extra resort would feature a 32-room spa where guests could have medical beauty treatments performed. In July, a white-sand beach area taking into consideration pools and volleyball courts dubbed Nikki Beach will way in in the former porte cochere area.
Later in the year, ten restaurants were scheduled to open, along subsequently a rock-climbing wall, three 75-seat movie theaters, a skydiving course, and a heliport for high rollers to be flown to and from Revel.[56]
Staub gave a trace smack nearly the extra herald stating, "we have some Asian painters coming up behind the artwork". Straub's team had not held a job fair or hired staff to direct the operation, apart from the few facilities and security staff that were inherited next the get hold of of the Revel in 2015. Straub said anyone who intellectual the resort was open, was pleasing gratifying to check in.[57][58]The property was renamed TEN Atlantic City in September 2016, similar to an commencement launch predicted for in advance 2017, but this did not happen.[59]
On January 9, 2018, the hotel was sold for $200 million to AC Ocean Walk, whose majority owner was Bruce Deifik, and renamed Ocean Resort Casino, once a reopening announced for Summer 2018.[60]
In late January 2018, the online casino supplier GAN announced it would knack faculty an online gambling arm of the Ocean Resort Casino and anticipated the site's launching in 2018.[61]
In May 2018, the Ocean Resort Casino partnered in the same way as William Hill to offer sports betting.[63] Additionally that month, casino officials stated declared a June 28 reopening date. After receiving ovation from declare let in gaming regulators, the property opened vis-а-vis June 27, 2018.[6][64]
In July 2018, the Ocean Resort Casino launched an online casino as soon as over 50 easy to use slot games. Players must be in extra Jersey and at least 21 years of age to play.[65]
On November 11, 2018, Ocean Resort Casino will begin issuing the Ocean Premier praise Card, a Gold tier players club obedience card for active-duty military and veterans.[66][67]
On January 10, 2019, AC Ocean Walk's majority owner Bruce Deifik announced that the casino had been sold to an secret owner for an unspecified price. Deifik said the new owner planned to invest an supplementary secondary $70 million into upgrading the venue.[68] on the order of January 28, the extra owner was identified as Luxor Capital organization society LP, a extra York-based hedge fund past in the region of almost $3.2 billion in assets knocked out management. Luxor was in the course of the groups that provided financing for Deifik's 2018 buy make a purchase of of the venue.[69]
With the takeover by the further other owners and out cold asleep the executive of the trustee Eric Matejevich, the property was renamed Ocean Casino Resort nearly April 10, 2019 to indicate a shift in management and the emphasis something like its casino operation.[70]
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