Vacationers can be assured that their visit to Ocean City, New Jersey will be perfect from start to finish. Ocean City has been a popular, family oriented sea-side resort for over a century. Ocean Resort projects that will average $975,000 a year by fiscal year 2021.īoth Ocean Resort and the Hard Rock will open their doors on June 28.Ocean City, 'America's Greatest Family Resort'. Deifik bought it in January for $200 million from Glenn Straub, who failed to reopen it in three years after buying it from bankruptcy court.ĭespite having sold the casino, Straub is not totally out of the picture: Ocean Resort will owe him $1.50 for each car parked in the casino’s garage starting in its third year, increasing to $4 per car in its 10th year of operation. Revel, which cost $2.4 billion to build, shut down in September 2014 after a little over two years of operation, never having come close to making a profit.

“We believe our numbers are very achievable,” he said.

Greenstein predicted the casino will take in $292 million in overall gambling revenue in its first year. That’s nearly double the average reported by Tropicana, Harrah’s and Caesars, according to state regulators.įigures submitted to the state Division of Gaming Enforcement project the casino will generate $384.6 million in net revenue and a gross operating profit of $81.1 million for fiscal year 2019. Alan Greenstein, who did the same job for Revel, told the commission the casino projects making $127 million in non-gambling revenue, about twice what Revel did, accounting for 34 percent of its net revenue. The casino’s chief financial officer testified Ocean Resort expects to gain about 10.5 percent of the Atlantic City casino market, increasing to nearly 12 percent by fiscal year 2021. The commission heard Ocean Resort’s request for a casino license, and will vote on the request Thursday. Ocean Resort has to prove to state regulators that its executives have good character and integrity, adequate financial resources, business ability and casino experience. With the sports book in the middle of the casino floor, it’s a different place.” We changed the entire casino floor, the sight lines. “We listened very carefully to what mattered to people.

“When we open a week from Thursday, we will surprise the world as to how we treat our customers and what we have to offer,” he said.

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