Developer selling former Revel casino, blames regulations

The Florida developer who is selling a closed Atlantic City casino says he grew frustrated at what he called an anti-business climate in New Jersey that he says imposes burdensome regulations.

In a transaction announced Monday, Glenn Straub sold the former Revel casino to Colorado developer Bruce Deifik for $200 million.

Deifik plans to reopen the property this summer under the new name Ocean Resort Casino.

Straub says he bought the casino from bankruptcy intending to keep it.

He sold the property for $118 million more than he paid for it, but he incurred large expenses while keeping it closed. Most of the regulations of which Straub complained are requirements that Atlantic City's other casino owners comply with in order to operate.

Revel was Atlantic City's most spectacular casino flop. It cost $2.4 billion to build, and closed after just over two years, It never came close to turning a profit.

Straub bought it for $82 million from bankruptcy court, but fought with state officials over whether he needed a casino license.

Deifik says it should open around the same time that the former Trump Taj Mahal casino resort will reopen under the Hard Rock brand.

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