What Happened to Ocean Casino Resort?
Ocean Casino Resort, originally opened as Revel in 2012, faced initial struggles and closure before being reborn in 2018. Under new ownership and a strategic shift to a casino-first approach, it has undergone significant multi-year investments in renovations and amenities, establishing itself as a key player in Atlantic City's gaming market. As of July 2026, the resort continues to invest in its property, though it recently experienced a temporary suspension of gaming operations due to a fire and burst pipe.
Quick Answer
Ocean Casino Resort, which began its life as the ill-fated Revel, has transformed into a successful Atlantic City destination through substantial investments and a renewed focus on gaming. As of July 28, 2026, its gaming operations, temporarily suspended on July 27 due to a fire and burst pipe, are expected to resume. The resort continues to enhance its offerings with ongoing capital improvements and strong revenue performance, positioning it as a competitive force in the region.
📊Key Facts
📅Complete Timeline14 events
Revel Casino Hotel Opens
The property originally opened as Revel Casino Hotel, a $2.4 billion luxury resort with a focus on non-gaming amenities.
Revel Closes Due to Bankruptcy
After struggling financially and filing for Chapter 11 bankruptcy twice, Revel Casino Hotel permanently closed its doors.
Property Purchased by AC Ocean Walk
AC Ocean Walk, led by Bruce Deifik, purchased the former Revel property for $200 million and announced its reopening as Ocean Resort Casino.
Ocean Resort Casino Reopens
The resort officially reopened under the name Ocean Resort Casino, with a renewed focus on gambling to cater to the Atlantic City market.
Luxor Capital Group Identified as New Owner
New York-based hedge fund Luxor Capital Group was revealed as the new controlling owner, planning a $70 million investment into the venue.
Rebranded to Ocean Casino Resort
The property officially changed its name from Ocean Resort Casino to Ocean Casino Resort to emphasize its primary focus on gaming.
Fanatics Sportsbook Launches Retail Location
Fanatics sportsbook announced the launch of a retail sportsbook location under a new partnership with Ocean Casino Resort.
Announces $50 Million in 2025 Capital Investments
Ocean Casino Resort announced over $50 million in property-wide capital investments for 2025, part of a seven-year, $270 million transformation plan.
Online Gaming Tax Rate Increase
New Jersey's online gaming gross revenue tax rate increased from 15% to 19.75%, and online sports wagering from 13% to 19.75%, impacting Ocean's operations.
Reports 8% Revenue Growth in 2025
The American Gaming Association reported that Ocean Casino Resort achieved an 8% revenue growth in 2025, matching Borgata's gains.
Unveils Summer 2026 Lineup and $20M Investment
Ocean Casino Resort announced its Summer 2026 entertainment lineup and an anticipated $20 million investment in enhancements for the year.
Q1 2026 Profit Decline Reported
Ocean Casino Resort reported a gross operating profit of $18.7 million for Q1 2026, a 16.6% decrease from Q1 2025, amidst rising operating expenses.
Gaming Operations Suspended After Fire and Pipe Burst
A small fire in a linen room led to a burst pipe, causing water damage and a partial ceiling collapse, forcing the temporary suspension of all gaming operations. The incident resulted in an estimated $1.4 million loss in gaming revenue.
Expected Resumption of Casino Operations
Following the July 27 incident, Ocean Casino Resort announced its expectation to resume full casino operations on Tuesday, July 28, 2026.
🔍Deep Dive Analysis
The property now known as Ocean Casino Resort has a tumultuous history, beginning with its grand but ultimately unsuccessful debut as Revel Casino Hotel. Revel opened on April 2, 2012, with an investment exceeding $2.4 billion, aiming to be a non-gaming focused luxury resort. However, this vision failed to attract sufficient customers, leading to two bankruptcies and its closure on September 2, 2014, becoming a stark symbol of Atlantic City's economic challenges.
After sitting vacant for several years, the property was acquired by AC Ocean Walk, with Bruce Deifik as the majority owner, for $200 million on January 9, 2018, and reopened as Ocean Resort Casino on June 27, 2018. This marked a crucial turning point, as the new ownership shifted focus to a casino-first strategy, better aligning with the Atlantic City market. By January 2019, New York-based hedge fund Luxor Capital Group was identified as the new controlling owner, committing an additional $70 million investment to upgrade the venue. This change in ownership and strategic direction led to a rebranding on April 10, 2019, to its current name, Ocean Casino Resort, to emphasize its commitment to the gaming customer.
Since 2019, Ocean Casino Resort has embarked on a multi-year property transformation. In 2022, it began renovating its Blu Rooms and Suites, a project that continued through 2023 and 2024, with a significant $25 million investment in 2025 to complete the renovation of all 1,860 guest rooms and suites. The resort announced over $50 million in capital investments for 2025, part of a seven-year, $270 million transformation plan initiated in 2018. These investments included doubling the Asian Gaming space to 8,000 square feet and opening new dining concepts and entertainment venues like Ocean's 18 Mini Golf & Bar in summer 2025.
In 2026, Ocean Casino Resort continued its growth trajectory. The American Gaming Association reported in February 2026 that Ocean experienced an 8% revenue growth in 2025. For the first quarter of 2026, the resort reported a net revenue of $115.8 million, though its gross operating profit of $18.7 million was down 16.6% compared to Q1 2025, reflecting broader industry challenges with rising operating expenses. In May 2026, Ocean Casino Resort posted strong performance with $46.8 million in revenue, an increase of 10.7% from May 2025, and announced a further $20 million investment for enhancements in 2026, including new culinary concepts and entertainment.
Most recently, on July 27, 2026, Ocean Casino Resort temporarily suspended all gaming operations following a small fire in a linen room that caused a pipe to burst, leading to water damage and a partial ceiling collapse in the lobby. No injuries were reported, but the incident affected gaming support systems, resulting in an estimated $1.4 million loss in gaming revenue for the day. The hotel, restaurants, and other amenities remained open, and the company expects casino operations to resume on Tuesday, July 28, 2026.
What If...?
Explore alternate histories. What if Ocean Casino Resort made different choices?