bscnews304   Album Posted Sep.21st, 2024, viewed 61 times

Atlantic City's Ocean Resort Casino

The current owner, Bruce Dafick, announced the sale of the boardwalk casino resort less than six months after opening the previous level with a new identity. The property, which cost $2.4 billion to build but closed in 2014, a little more than two years after its opening, was a financial nightmare.

Casino data from the New Jersey Bureau of Gaming Disorder (DGE) shows Ocean Resort casinos control only 5.6% of the Atlantic City gaming industry.

Daypick's team expected the casino to bring in more than $384 million in total gambling revenue in its first year. DGE records show the casino grossed $111.1 million from its opening in June through the end of 2018.

Of the nine casinos in Atlantic City, Ocean Resort earned the least money at $14 million last month. Bogata was the top grossing company, bringing in more than $62.6 million.


LEVEL-Ocean Resort History
Ocean Resort has a history of keeping the public in the dark when it comes to ownership. Glen Straub, a Florida real estate developer who bought bankrupt Revel for $82 million in April 2015, has consistently tried to keep the media from knowing the property's business transactions.

"People can submit anything, I've never spoken to them," Straub said, even after the "sale agreement" was filed with the Atlantic County Clerk's office. The buyer was listed as consolidated assets, a company owned by Deifik.

The Colorado-based developer reportedly never visited Level before acquiring it for $229 million. JPMorgan helped raise as much as $163 million.

Daypick is accused by plaintiff Joseph Morrissey, a former Ocean Resort nightclub manager, of failing to fulfill his legal and financial responsibilities. Morrissey argued in the lawsuit that he should pay back $10 million in damages, adding that Daypick acted inappropriately with female workers.

According to the lawsuit, a female employee at the HQ club approached Ms. Morrissey and said it was uncomfortable that defendant Daypick often asked her and her friends to come and see the magnificent view from the presidential suite."The employee found married Daypick uncomfortable with the long, heavy hugs."
In announcing his departure from Atlantic City, Daypick said, "We are grateful to our family and 3,000 Ocean employees for their tireless efforts to bring our properties to life and become New Jersey's premier gaming property."

an unnamed buyer
Dafik says the new owners plan to spend $70 million on resort upgrades if approved by DGE. However, it is not yet known who will make these investments.

However, this will not last any longer, as the New Jersey Casino Management Board and DGE will have to review the buyer's application for a game license.

"There's nothing that's going to stop an ocean or a acquirer or a corporation from making a pre-announcement," gaming consultant Dan Henehan told Press of Atlantic City. "It's their choice. There's no call for a big announcement." 무료슬롯사이트