Atlantic City’s white elephant Revel Casino Hotel is back in black after its owner (finally) admitted he sold the property to a Colorado developer.

On Monday, the worst kept secret in US casino circles was finally confirmed: Colorado developer Bruce Deifik’s AC Ocean Walk has agreed to buy the shuttered Revel casino from owner Glenn Straub for $200m.

Deifik’s group issued a statement saying the plan is to reopen Revel this summer under its new ‘does what it says on the tin’ moniker Ocean Resort Casino. Renovation of the shuttered property, which has lain dormant since September 2014 after declaring bankruptcy (for the second time), will get underway immediately. Deifik’s group reportedly plans to spend $175m ridding Revel of mothballs and making other improvements.

The $2.4b Revel opened to great fanfare in April 2012 but struggled from the start to find its audience. Deifik (pictured) said “operationally [Revel] just did not cater to the customer base for this destination” but his group had made it their “mission and vision to fully serve the customer base of Atlantic City” and “will make certain there is something for everyone at the Ocean.”