When it opens this summer (a date has not yet been set), guests will be able to smoke, eat at a buffet, take bus trips to the resort and find their way around the place much easier. He has carefully studied what went wrong at Atlantic City’s former Revel casino and is fixing it before he reopens the star-crossed property as the Ocean Resort Casino. The city, which nearly averted defaulting on its debt before the state takeover, will have a new mayor in January after Democratic Councilman Frank Gilliam defeated incumbent Donald Guardian in November.ATLANTIC CITY, N.J. The city, with junk ratings of CCC-plus from S&P Global Ratings and Caa3 from Moody’s, issued $138 million in bonds earlier this year through New Jersey’s Municipal Qualified Bond Act program to finance casino property tax appeal settlements.Ītlantic City has faced state intervention since November 2016 under the Municipal Stabilization and Recovery Act that empowers New Jersey’s Department of Community Affairs under designee Jeffrey Chiesa to alter outstanding debt and municipal contracts. Revel was among five Atlantic City casinos to close since 2014 as the Jersey Shore gambling hub suffered from a saturated gambling market and regional competition from nearby Pennsylvania. “The property is expected to slowly capture its fair share of the market given the quality of the property-(originally opened in 2012), breadth of project offerings and a revamped operating strategy aligned with the demands of patrons in the market,” said Moody’s analyst Peggy Holloway in the report. The facility will also include 55,000 square feet of retail space along with a parking garage with more than 7,000 spaces. The Moody’s report said AC Ocean Walk will includes 100 gambling tables, 2,000 slot machines, pools, a spa, nightclubs and 13 restaurants.

Revel casino update