AC OCEAN WALK announces acquisition of Revel Hotel and Casino in Atlantic City

AC OCEAN WALK today announced the acquisition of the former Revel Casino Hotel in Atlantic City for$ 200million. The property will be renamed Ocean Resort Casino, taking advantage of the 20-acre location along the famous Atlantic City Boardwalkwith its 1,399 rooms overlooking the ocean. AC OCEAN WALK will begin the project immediately so that the resort is scheduled to open in the summer of 2018.

When fully operational, the property will provide between 2,500 and 3,000 jobs for Atlantic City , contributing greatly to the city's economic resurgence.
"We are extremely excited to have seized the opportunity to acquire this wonderful property at a time when Atlantic Cityis making a major breakthrough. Now the city has countless interesting projects like our property and Hard Rock, as well as the new campus of Stockton University and the expansion of the medical center, "said Bruce Deifik , president of AC OCEAN WALK.

"We thank the wonderful staff at JP Morgan and others who have helped us through this eight-month journey, and we would especially like to thank Atlantic City and the state of New Jersey for their hospitality, consideration and professionalism. residents when the Ocean starts operating, "added Deifik.

The Revel Casino Hotel was originally opened in April 2012 with a total investment of approximately $ 3 billion and has become a landmark on the Atlantic City Boardwalk not only for its height but also for the attention dedicated to tower and casino details.

"The old Revel was inaugurated at a time when Atlantic City's economy was still recovering and operationally failed to meet customer needs. However, due to the quality and investments made during its development, the new 'Ocean' will represent one of the hotels and casinos currently in a favorable market that has demonstrated strength and resilience, "Deifik said.
The newly designed Ocean Casino Resort will take full advantage of the 6.4 million square feet of property with 138,000 square foot planning space for gaming, featuring 100 gaming tables and 2,200 slot machines designed to be the " Marketplace".

" Atlantic City is back with revenge, and based on the legalization of gambling, we are predicting a great opportunity to bring a next-generation casino to a city that serves a broad and diverse sports market," Deifik said.
The Ocean Resort Casino will feature 165,000 square feet of meeting and convention space as well as a 5,700-seat showroom for potential future expansion. The property offers a parking lot with 7,700 seats making the hotel, casino and entertainment venues within easy reach for all guests.
"It is our mission and our vision meet customer of Atlantic City . To this end, we are striving to bring back some of the restaurants that were successful in the property and working diligently to create new specialized areas, including a" noodle bar " refined Asian and a high-level player club.Our property investment will ensure that everyone will find something interesting to do at Ocean, "Deifik said.

In addition to the casino tower and hotel, the property includes a central power facility that is designed to meet the current, future and potential thermal and electrical needs of the site, which, according to Deifik, "adds great added value to the property" .

"Personally, this is a dream come true. Without the support of my family, who understood my vision and my faith in Atlantic City as a resurgent market, today would never have happened and therefore thank them immensely," added Deifik .

Integrated Properties is the principal owner and managing partner of AC OCEAN WALK. Integrated Properties is a Denver- based commercial real estate developer established by Bruce and Nancy Deifik in 1990. The company manages assets, properties, leasing and distribution of commercial portfolio of Deifik and its investing partners. Since its inception, the company has acquired more than 103 commercial properties including mixed use, offices, retail, hotel / casino, apartments and warehouses in California, Colorado , Florida, Massachusetts , Nevada and Texas. The company's portfolio spans over 8.5 million square feet and specializes in mixed-use urban projects.

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