AC Ocean Walk sold ORC

Atlantic City’s Ocean Resort Casino (ORC) has been sold to an as-yet unidentified buyer. Rumours swirled that ORC owner AC Ocean Walk LLC has acquired the property only 12 months ago and the property having just opened its doors six months ago. It is still unknown that to whom they sold and how much they paid.

Deifik, the owner of AC Ocean Walk LLC said he and his family, who will retain a small, non-controlling interest in the property, wanted to thank ORC’s employees for “their tireless work to bring our property to life and put it on track to become the best gaming property in New Jersey.” Deifik added that the new $70m cash injection “will put this property on an exciting path to growth.”

ORC reported its third straight month of declining gaming revenue in November, and its slots and table revenue ranked dead last among AC’s nine licensed brick-and-mortar operators. It was only the property’s thriving new sportsbook that allowed it to surpass Bally’s on November’s overall gaming revenue chart.

What Deifik has done represent the triumph of optimism over common sense. The $2.4b Revel declared bankruptcy before its first birthday in 2013, reopened briefly before filing for bankruptcy again in 2014, after which the property lay dormant for nearly four years.