Is There Trouble Brewing for the Ocean Resort Casino?

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The Revel Casino in Atlantic City was closed down not that long after opening due to financial troubles, however it was bought for a fraction of its original $2.4 billion cost of construction by Bruce Deifik, who quickly set about reopening the property and was quite bullish about its future.

Whilst Atlantic City as a whole has been showing plenty of signs of recovery in the last year or two, the Ocean Resort Casino, the new name given for the Revel Casino, is showing signs of problems which nobody in the company appears willing to address or rebuke.

The parent company is currently facing legal action from construction workers who allege that they have not been paid, and Deifik himself was subject to a lawsuit back in December for breach of contract by the properties former manager of its nightclub, who has also gone on record to say that Deifik is eager to offload and sell the property.

It was only a few months ago that the normally very talkative Deifik stated that Ocean Resort was performing well and it has a bright future, but since then he has remained tight-lipped about the property and just how well, or badly it is performing.

In fact, only yesterday the Casino Control Commission pulled an application that had been made to them for approval of a temporary senior executive; however the Commission did go on to say that they have not been made aware of any issues with the property.

A quick glance at the income generated reports submitted by the casino show that it netted $78million during the summer months, which based on predictions by the company that it would generate income of over $384million in its first year of operation, does appear to show the casino is not generating the expected income it forecast.

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