Denver-based developer Bruce Deifik took two more steps toward buying the former Revel casino last month. Deifik registered a new company as a “casino hotel resort” in New Jersey and, through that new company, agreed to a mortgage on the former Revel property with the investment bank JPMorgan Chase.
The new company is called ACOWRE LLC (see the business registration here). The amount of the mortgage (here) was not disclosed and it is not clear when the deed for the property, which includes the casino hotel and its power plant, will be transferred. Deifik’s AC Ocean Walk last month applied for a casino license, the Associated Press reported.
Straub has repeatedly denied knowledge of the sale. The public property filings name the law firm The Galle Law Group, which represents Revel holding company Polo North Country Club. Deifik did not immediately respond to a request for comment. Straub’s lawyer, Craig Galle, also did not immediately respond to a message requesting a comment.
Deifik has proposed investing $375 million to buy and refit the property, according to a report by debt ratings agency Moody’s Investors Service last month. The sale price of the Revel is $200 million, with an additional $175 million tagged for refurbishment before a May 2018 reopening, Moody’s said, based on its review of the proposed financing.
A separate report in the summer connected casino executive Mark Juliano’s departure from Sands Bethlehem to a possible Revel sale. Juliano would be brought in by the would-be Revel buyers to run the property, sources told Casino Connection AC.
Deifik is founder and president of Denver-based developer Integrated Properties. His bio says the company has purchased 103 commercial properties since 1990, including large hotels such as the Hyatt Grand Champions Resort in Palm Springs.
Route 40 previously reported that Deifik’s AC Ocean Walk had a mortgage agreement with the investment bank Deutsche Bank as collateral agent.