{"id":23254,"date":"2019-01-11T09:41:25","date_gmt":"2019-01-11T17:41:25","guid":{"rendered":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/?p=23254"},"modified":"2019-01-11T09:41:25","modified_gmt":"2019-01-11T17:41:25","slug":"deifik-defects-from-atlantic-city-stevens-unveils-new-casino","status":"publish","type":"post","link":"https:\/\/www.lasvegasadvisor.com\/stiffs-and-georges\/deifik-defects-from-atlantic-city-stevens-unveils-new-casino\/","title":{"rendered":"Deifik defects from Atlantic City; Stevens unveils new casino"},"content":{"rendered":"

That was brief. After six months of operation at Ocean Resort<\/strong>, owner Bruce Deifik wants out. Word is he’s found a mystery buyer<\/a>, one who will invest $70 million in “a new \"\"buffet, additional hotel suites, gaming floor improvements and more entertainment options.” It’s easier to rule out potential acquirers — Glenn Straub<\/strong>, Eldorado Resorts<\/strong>, Caesars Entertainment<\/strong> — than finger the owner-to-be. As for Deifik, it’s probably the path of least resistance\u00a0to sell than to face Ocean Resort’s embarrassing failure to live up to his financial projections (first he forecast\u00a0it would equal the Tropicana Atlantic City<\/strong> in revenue[($384.5 million], then said it would make $292 million in its first year; he’s come up woefully short on both counts). Ocean Resort quickly faded to the back of the pack, and fell further and further behind.<\/p>\n

As for the new owner, don’t count on anyone gaming-savvy<\/a>. Chris Grove<\/strong> identifies it as “a mix of bank that was already involved in ownership and a small consortium of wealthy individuals from [Colorado<\/strong>]. No super-familiar gaming names in the mix as far \"\"as I\u2019ve heard.” Word that Ocean was on the market leaked as part of a lawsuit<\/a> filed by the casino’s former nightclub manager. Also, between the poor financial performance and mechanics liens on the property for unpaid bills, Deifik was in the hot seat<\/a>. A submission for regulatory approval of a key Deifik executive was pulled at the last minute. Deifik was also a no-show at a scheduled appearance before the Greater Atlantic City Chamber<\/strong>. Interestingly, when accused of trying to sell Ocean Resort in the HQ2<\/strong> lawsuit, Deifik denied anything of the sort was afoot.<\/p>\n

Deifik bought the former Revel sight unseen<\/a> and that may have been his first mistake. At least players could laud his customer-friendly regime, which saw such policies as lifting the smoking ban, improving customer service and welcoming bread-and-butter customers (a high-end preoccupation had caused Revel to turn turtle). It remains to be seen whether the new owners will inherit the $1.1 million in construction liens<\/a> owed by Deifik for lighting and work on HQ2. While the change of ownership doesn’t validate doomsaying prophecies that two casinos would close in 2018, it does suggest that nine casinos is at least one too many for the Boardwalk.<\/p>\n

Don’t feel bad for Deifik. He’ll always have the Golden Tiki<\/strong>.<\/p>\n

* What is it with Las Vegas<\/strong> casino developers and abstruse names? (At least Resorts World Las Vegas<\/strong> has an obvious connotation.) Derek Stevens<\/strong> finally rolled out his plan for the Vegas Club<\/strong> site and the name of it is … Circa<\/strong>. WTF? I know what the word means<\/em> but how does it fit into a resort context and what will potential customers make of it? Circa Resort & Casino will\u00a0\u201ccelebrate the timeless spirit of the city while leading the charge for a bold new era with game-changing guest offerings,\u201d we are told. VitalVegas<\/em>\u00a0author Scott Roeben<\/strong> has some witty musings<\/a> on the new project, which will cost $1 billion and be the tallest building in Downtown<\/strong>, reshaping the Las Vegas skyline.<\/p>\n