Former Revel Casino Continues to Miss Reopening Dates
The former Revel Casino cannot seem to catch a break as the venue has missed yet another opening date.
Atlantic City has seen a number of losses and upsets over the years, starting with several gaming venues shutting down in 2014. One of the casinos that was unable to remain open back then was the Revel. Having been created with a huge budget and hopes of taking over as the number one operator in New Jersey, the Revel failed to gain any ground and was shuttered not long after opening. The venue has been acquired by business mogul Glenn Straub, which has big plans to reopen the venue rebranded as TEN. However, the facility continues to miss opening deadlines, with another postponement just created this past week.
Not Open Yet
Yesterday, Straub announced that the property will be postponing the reopening date indefinitely. It seems the new owner is tired of setting dates and not meeting them, so they have now created an indefinite status. The Revel first opened on the Boardwalk of Atlantic City in 2012 after more than $2 billion was spent to create the luxury casino and resort. The casino was never able to make a profit and the owners were forced to close in 2014.
Glenn Straub, a real estate developer of Florida, was able to buy the venue in April of 2015 for $82 million. Straub then had big plans to reopen the venue and be successful. However, problems quickly ensued. ACR Energy Partners was the electricity supplier for the property that quickly shut down service stating that an agreement had not been reached with the Polo North Country Club Inc. of Straub’s for continual service.
Straub finally came to an understanding with the electricity company but damage had already been done to the property. Once things were getting in order, Straub had plans to reopen on June 15th of last year. However, this deadline was missed and several more after the fact. The latest deadline was set for June 15th of this year but Straub has now said that he will be putting the opening date off indefinitely.
The delays have been due to Straub having to obtain a casino license within the New Jersey Casino Control Commission for the property to reopen. Straub does not feel like he should have the gaming license since he will be leasing the resort to someone else, a third party that will be operating the facility. The matter has actually been taken to court and a decision has yet to be made.
TEN Atlantic City
If the property ever reopens, it will be known as TEN Atlantic City and will offer 6 million square feet of space. The property consists of a casino gaming floor as well as hotel tower, dining options, retail stores and spa facilities.
Yesterday, Straub spoke with the local media and stated that the resort will relaunch when they have the necessary permissions to operate a casino from the state. According to Straub’s latest statements, the casino will be considered the ‘hub of the wheel’ and the property will not be able to operate with just half of the wheel.
TEN has been closed for several years now but has seen interested investors before Straub took over. Straub has even thought about selling himself if he is not able to maintain the property or reopen it in the future. However, one could imagine that Straub would want a pretty penny for the property in order to consider a sale.
So only time will tell if the businessman will even open the venue or if TEN will remain a property unused along the Atlantic City Boardwalk.