At a towering 710 feet, the Ocean Resort Casino stands alone as the tallest building in Atlantic City. In fact, it’s the third tallest structure in New Jersey! And with its signature pearl crowning the building, you can’t miss it if you are heading north along the boardwalk. Unfortunately, the previous owners couldn’t attract enough people to keep the doors open. As a result, the formal Revel Casino Hotel filed for Chapter 11 bankruptcy two times in a two-year period! Since 2014 until 2018 the building didn’t generate any revenue. Even after several failed attempts to reopen under different names. Finally, in January 2018 the property sold for $200 million to AC Ocean Walk. Not a bad price tag considering its cost was over $2 billion to construct this monumental building six years ago.
Can Ocean Resort break the curse?
Ocean Resort Casino & Hotel may have had a rocky past, but she now stands tall and proud with doors wide open! People are definitely coming, but it will take some time to convince that the bankruptcy curse is over. During July, Ocean Resort brought in $15 million revenue in its land-based casino. Compared to the $32 million that Hard Rock brought in the same month. Furthermore, out of the 9 AC casinos along the Boardwalk, Ocean Resort came in last for total revenue in July. Although, after considering the facts, you can’t count Ocean Resort out of the game yet! It’s way too early for assumptions. So far, the Ocean Resort has been seen more foot traffic coming their way by hosting events, such as The ESPN covered heavyweight boxing match. Where Jennings TKO’d Dimitrenko in the 9th round, in the live broadcasted fight from Ocean Resorts floor.
The big picture along the Boardwalk in Atlantic City
July was an impressive month, no doubt about it! And as usual, the Borgata generated the most revenue! The land-based casino raked in over $70 million in July alone! Tropicana came in second bringing in almost $34 million. Hard Rock followed for 3rd place with an impressive $32 million in its first month. Also, Harrah’s topped out at $31m, and Caesars saw a total of $29 million. Not a bad month at all along the Boardwalk.
Finally, some more good news for Ocean Resorts. As of last week the casino is offering sports betting at its location in Atlantic City. Along with the Golden Nugget. This attraction alone will definitely bring in scores of new faces! So we will see what the numbers look like for August in a few weeks.