🤑 Luxor Capital to own Atlantic City's Ocean Resort Casino | Star Tribune

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Two shuttered Atlantic City casinos will reopen Thursday under new names. gambling resort, where five of the 12 casinos closed since 2014.


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Luxor Capital to own Atlantic City's Ocean Resort Casino | Star Tribune
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Luxor Capital Group was identified as the new owner in a press release Monday from the casino.
The company, which is not related to the Luxor casino in Las Vegas, will take over the ownership interest newest casino in ac closing Bruce Deifik DIE'-fick and his family.
Luxor Capitol will assume control newest casino in ac closing it receives interim authority to own a casino.
Until it gets that approval, which could come within three to four months, a trust will be created for the casino's temporary ownership.
The casino-hotel plans to operate normally during the transition.
The ownership change comes less than seven months after the property's re-opening.
Ocean Resort was one of two formerly shuttered casinos that reopened the same day last June, along with Hard Rock.
The reopenings brought Atlantic City's casino total to nine, shortly after five casinos had shut down in a market that could not support them all.
The Atlantic Club, Showboat, Revel and Trump Plaza all closed in 2014, and the Trump Taj Mahal closed in 2016.
The Taj Mahal reopened https://chakefashion.com/casino/plainridge-casino-revenues.html Hard Rock last year.
The revival of the two casinos immediately raised questions as to whether Atlantic City was making the same mistake that led to the first wave of shutdowns: having too many for all to thrive.
Deifik decided to buy the casino sight just click for source on the recommendation of his advisers, and set about renovating it, adding an indoor golf facility and one of the state's most newest casino in ac closing sports betting facilities.
He and his management team said they were confident they had fixed what went wrong newest casino in ac closing Revel.
Deifik reconfigured the maze-like casino floor, allowed smoking on it again, welcomed gamblers of all income and playing levels, and placed a premium on customer service.
He took over Ocean Resort with far less debt than what sank Revel.
But the casino's gambling revenue remains near the bottom of the pack along Atlantic City's nine casinos.

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The closures come as casinos in Atlantic City and surrounding areas struggle to. The arrival of new casinos in cities such as Philadelphia and ...


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The new casinos follow a turbulent period for Atlantic City's economy.. Four of the city's 12 casinos closed in 2014, and a fifth shut its doors ...


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... Atlantic City's casino industry has ever endured, two new casinos, Hard Rock and the Ocean Resort Casino, have. "Obviously we are not investing millions of dollars into these capital improvements to close the property.


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Haven Nightclub in Atlantic City's Golden Nugget casino closing this month | PhillyVoice
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Though there were some rough times leading up to it, Atlantic City had its toughest year ever in 2014.
This former East Coast gambling monopoly saw four of its 12 casinos close that year.
This occurred in the wake of a slow eight-year decline in gaming revenue that started in 2007 which can be blamed on both the recession and new competition from just about every state in the region.
Much of this decline was attributed to the legalization of table games in Pennsylvania which launched in July 2010.
Pennsylvania passed New Jersey to become number two in gaming revenue in the U.
Nevada is the highest grossing state in terms of gaming revenue.
On top of this, in 2011 a brand new property,opened up right near Newest casino in ac closing York City, in Queens.
Atlantic Club Link the Market Contraction It all started with the Atlantic Club.
The former Atlantic City Hilton, later called ACH, had established itself as a locals casino for low rollers.
It seemed like selection site new casino york had found its niche.
PokerStars seemed to think so, too.
The contract called for PokerStars to close the deal by April 30, 2013, and it was unable to receive a gaming license by that planning casino night party />Atlantic Club decided to call off the sale, but the agreement allowed the property to keep the deposit paid by PokerStars.
It seemed that Atlantic Club thought its value would skyrocket thanks to recently.
The Atlantic Club fell into bankruptcy in November 2013.
It was unable to find a buyer and ceased operations in January 2014.
Tropicana bought the gambling equipment.
Showboat Second Atlantic City Casino to Close Showboat was the next to close.
This was unusual as it was a profitable resort under the Newest casino in ac closing Entertainment umbrella.
The motive behind closing Showboat was to try and draw patrons from it to the other Atlantic City casinos operated by Caesars Entertainment.
Showboat closed on August 30, 2014.
It was the second Caesars Entertainment casino in the U.
It opened in April 2012 to much fanfare.
Revel attempted to bring to Atlantic City by concentrating on dining and nightclubs.
Gaming was an afterthought.
That was evident by its arrogant entry into the market.
They had the attitude that guests would pay top dollar for a room, even if they gambled substantially.
Revel also did not offer a smoking area or reasonably priced dining options.
These all contributed to its inability to stay out of the cellar of the Atlantic City gaming market.
New management came in and attempted to turn it around.
It was too little, too late.
Revel closed on September 2, 2014.
It tried to close earlier newest casino in ac closing could not receive approval to do so from the New Jersey Division of Gaming Enforcement.
Revel has even been a disaster in its afterlife.
Brookfield Asset Management attempted to purchase the casino out of bankruptcy.
A dispute with the power plant built solely for Revel made that transaction fall through.
Glenn Straub was next in line to acquire Revel.
His attempt failed after the closing date passed and issues with existing tenants were not resolved.
It seems Revel cannot find a buyer, even for less than a nickel on the dollar.
Trump Plaza Latest Closure Trump Plaza was the fourth Atlantic City casino to close in 2014.
It was the worst performer in the Atlantic City gaming market when it was shuttered.
The property had fallen into disrepair.
It ceased operations on September 16, 2014.
Betfair, its internet gaming partner, broke newest casino in ac closing partnership in October 2014.
Trump Taj Mahal, its sister property in Atlantic City, has flirted with closing several times since its parent company Trump Entertainment filed for bankruptcy.
Ultimate Gaming cited nonpayment for online gaming royalties as the reason for bailing on the agreement.
The company eventually closed after ceasing its Nevada operations a month later.
Sands Atlantic City The Sands in Atlantic City closed under better terms than the casinos that closed in 2014.
It opened in 1980 and ceased operations in 2006.
Pinnacle Entertainment acquired the Sands Atlantic City out of bankruptcy in 2006 and planned to develop a new resort on the property.
The Sand was imploded, the first of its kind in a gaming market on the East Coast.
The new resort fell through as the economy tanked and competition from other markets eroded Atlantic City.
Pinnacle abandoned its plans to build the proposed resort in 2010.
The property of the former Sands still sits vacant.
The Claridge Hotel The Claridge Hotel originally opened in 1930.
It was an immensely successful resort long before legalized gaming hit Atlantic City.
In 1981, it was converted into a casino-hotel.
The property struggled from the beginning.
It all started with difficulties in obtaining a gaming license.
The Playboy name was abandoned due to these issues in 1984.
It was re-branded as Atlantis Hotel and Casino.
The casino filed for bankruptcy in 1985 and continued to suffer difficulties in its operations.
Trump acquired it in 1989.
It was renamed Trump Regency, but without click />The casino was relaunched in 1996.
This only lasted until 1999, when it was closed due to construction defects that were discovered.
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