Florida real estate developer Glenn Straub will have to obtain a license from the New Jersey Casino Control Commission in order to be able to reopen the gambling operations of former Revel Casino Hotel, it has become known earlier this week. TEN, as the property was renamed last year, is set to reopen doors on February 20. However, it all shows that it will have to move forward without a casino.
Revel was originally launched in 2012 as a $2.4-billion hotel and casino resort in the heart of Atlantic City. Despite the broad publicity that surrounded the property upon opening doors, it never made a profit and owners had nothing else left but to declare it bankrupt in 2014. The site was then put up for sale and after months of legal and other hurdles, it was Mr. Straub who purchased it for the amount of $82 million, or a price that represented 3.4% of Revel’s original value.
The Florida developer has been trying to reopen the venue for almost two years now but without much success as setbacks of different nature prevented this from happening. A prolonged dispute between Mr. Straub and the power plant that used to supply the hotel and casino complex was among the hardest obstacles to be overcome.
Revel, or TEN, was first set for relaunch last summer. The glass-faced venue’s new owner had said that it would feature a accommodation options and different family-friendly attractions upon opening.
Mr. Straub had previously pointed out and has remained firm on his stance that he would not manage the property’s casino operations. The gaming floor was thus leased to a third-party gambling operator. Mr. Straub has partnered real estate developer Robert Landino for the purpose.
The casino portion of the resort was, too, planned to be launched later in February. However, the New Jersey Casino Control Commission ruled earlier this week that not only the casino operator should apply for a casino license but also the Florida developer, a ruling the latter said he would appeal. Reportedly, Mr. Straub is losing around $1 million every month to maintain the property while his bickering with state regulators is dragging on.
According to state casino officials, the reopening of the 150,000-square-foot TEN casino is not as close as many might wish, due to the ongoing licensing dispute.
