Former Revel Casino Misses Another Reopening Deadline

The former Revel Atlantic City casino resort is postponing its reopening date indefinitely, current owner Glenn Straub revealed on Thursday.

Revel joined Atlantic City’s Boardwalk in 2012 as a $2-billion-plus luxury hotel and casino resort. Despite the massive investment into the property, it never made a profit and its then-owners were forced to shutter it in 2014. Revel was, in fact, one of the four Atlantic City casinos to close doors that year.

Florida real estate developer Glenn Straub bought the venue in April 2015 for the total amount of $82 million, or just a shy of what it had originally cost. Mr. Straub back then pledged to reopen Revel as soon as possible, turning it into a profitable resort.

Shortly after the Florida businessman took over the ailing casino, its sole electricity supplier – ACR Energy Partners, cut off service. The provider explained its move with its failure to reach an agreement with Mr. Straub’s Polo North Country Club Inc. for further service.

A resolution to the issue was eventually found, but only after it had done quite a lot of damage to the already damaged property.

Revel was planned to be relaunched on June 15, 2016. Mr. Straub has since then announced several more deadlines for the casino complex’s reopening, the latest one being June 15, 2017. The reason for the multiple delays lies mainly behind the fact that the businessman was ordered by the New Jersey Casino Control Commission to obtain a casino license in order for the property to be able to reopen doors.

Mr. Straub has contested the ruling, arguing that he did not need a gaming license as the casino portion of the resort would be leased to and operated by a third party. A court decision on the matter is yet to be made and announced.

The 6-million-square-foot property is planned to be reopened as TEN Atlantic City. Apart from its casino floor, the resort also includes a hotel tower, a number of dining and retail options, and a spa.

Talking to media on Thursday, Mr. Straub said that the resort will be relaunched when they have the necessary casino permission. The Florida businessman explained that the gaming floor is the “hub of the wheel” and that they cannot operate with just half of that wheel.

Despite being kept closed for three years now, TEN has been eyed by different investors. What is more, Mr. Straub himself has been encouraged to resell the property if he is not able to maintain and reopen it.

The businessman has pointed out that sale will be considered, should a good price for the property is offered.

Related News

CasinoNewsDaily is a media focused on providing daily news from the casino industry as well as in-depth gaming guides. Our guides cover roulette, blackjack, slots and video poker.
Tweet about this on TwitterShare on FacebookShare on Google+Share on LinkedInShare on Reddit