The Mystery Behind the Ownership of Ocean Resort Casino

Ocean Resort Casino, located in Atlantic City, New Jersey, is one of the most prominent casinos in the United States. Despite its grandeur and reputation, the question of who owns Ocean Resort Casino remains a topic of intrigue and speculation. This article aims to delve into the ownership history of Ocean Resort Casino, tracing its roots and analyzing the current situation.

Ownership History

Ocean Resort Casino, initially known as Revel, was developed by Kevin O'Donnell and his team. In 2011, Kevin O'Donnell and his partners bought the land and started the construction of this massive resort. The project was ambitious and included a 47-story hotel, 1,400 hotel rooms, a spa, a beach club, and a vast gaming floor. However, the project was plagued by financial issues, and in 2014, it was announced that Revel would be filing for bankruptcy.

The bankruptcy court approved the sale of Revel to a group of investors led by the Chera Group. The Chera Group, a real estate development firm based in New York, purchased the property for $97.4 million. They planned to rebrand the property as Ocean Resort Casino and reopen it with a new vision. The casino reopened in 2018 after a $500 million renovation.

Current Ownership

After the acquisition by the Chera Group, the ownership of Ocean Resort Casino has been a subject of much debate. The Chera Group has never disclosed the names of the actual owners, leading to speculation about who controls the casino. Various reports suggest that the primary owners are a group of Indian businessmen, including Ashish Chera, who is the CEO of the Chera Group.

Despite the reports, the Chera Group has remained silent on the issue of ownership. This lack of transparency has only fueled the curiosity surrounding the casino's ownership. Some believe that the Indian businessmen have a majority stake in the casino, while others think that there are hidden shareholders who have yet to surface.

1. What is the Chera Group's role in the ownership of Ocean Resort Casino?

The Chera Group, led by Ashish Chera, is the majority owner of Ocean Resort Casino. They purchased the property in 2014 and have been actively involved in its operations and management.

2. How did the Chera Group finance the purchase of Ocean Resort Casino?

The Chera Group financed the purchase of the casino through a combination of equity and debt. They secured loans from various financial institutions and contributed a significant amount of equity to the deal.

3. Why has the Chera Group been secretive about the ownership of Ocean Resort Casino?

The Chera Group has remained secretive about the ownership of Ocean Resort Casino, possibly to protect the privacy of their investors and maintain a level of confidentiality in their business operations.

4. Are there any other major shareholders in Ocean Resort Casino?

It is believed that there may be other major shareholders in Ocean Resort Casino, but their identities have not been disclosed. This lack of transparency makes it difficult to determine the full ownership structure of the casino.

5. How has the ownership of Ocean Resort Casino affected its operations and reputation?

The ownership of Ocean Resort Casino has not had a significant impact on its operations and reputation. The casino has continued to be a popular destination for tourists and gamblers, thanks to its extensive gaming floor, luxurious accommodations, and entertainment options.

In conclusion, the ownership of Ocean Resort Casino remains a mystery, with the Chera Group and their Indian business associates at the forefront. While the lack of transparency has sparked speculation and curiosity, the casino has continued to thrive as one of Atlantic City's premier resorts. With the casino's future looking promising, it is only a matter of time before the true ownership picture emerges.