TEN Casino Is Getting A Very Tall Next-Door Neighbor

giraffe looking over white fence
New York investment firm Keating & Associates has announced plans to develop a mixed-use commercial and residential tower on the site next to the former Revel/TEN Casino Hotel. Multiple sources have indicated that the firm is working to get the development rights to the one-acre piece of land.

The valuation on the parcel is around $8 million. Its current owner is Lazocean LP.

This plan closes the book on Lazocean’s plans to build a condominium tower on the property. The company had gone so far to have the property zoned for a 30-story building, tentatively named Metropolitan at Revel Beach.

Keating has bigger plans in mind

So far, Keating & Associates has taken two affirmative steps toward building its concept. The first is its announced plans to increase the building’s size to at least 40 stories.

In fact, according to Press of Atlantic City, the company may seek a permit to build as high as 50 stories tall. Keating wants to increase the size of the project to allow for more commercial and retail space.

The other step taken is the securing of an exclusive option to buy the property from Lazocean. The option, for which Keating is paying Lazocean an undisclosed sum, is renewable for the foreseeable future – likely long enough for Keating to receive approval to rezone the property.

For Keating, this purchase may be option B

The purchase of this parcel of land may represent Keating finally conceding in its quest for Revel/TEN itself. In September, company representatives announced an offer to buy Revel for $225 million. As recently as October, reports have indicated that Keating was still interested in purchasing the property.

However, as we reported a couple of weeks ago, Denver-based Integrated Properties has filed a notice of settlement for Revel. Though neither Integrated Properties nor Glenn Straub, TEN’s current owner, have confirmed the sale, Keating may be moving on with its plans next door.

Straub continues to be enigmatic about the future of Revel/TEN

Hilariously, Straub has denied ever hearing about Keating & Associates or this nine-figure offer. However, this man is the same person who won’t confirm the sale of the property even in the face of a county clerk filing.

Regardless, the fact remains that Straub himself has no gaming license, and it is unclear how Revel would operate a casino under his ownership. He has argued in vain that he is exempt from licensure due to his plans to lease the casino floor operations.

He has also mused about reopening Revel/TEN as a casino-less property. Of course, his musings have led to numerous promises without followthrough. When it comes to Glenn Straub and Revel/TEN, trust, but verify.

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Bart Shirley

About

Bart Shirley is a writer and poker player from Houston, Texas. He has a master’s degree in business administration from Texas Christian University and a degree in English from Texas A&M. In his spare time, Bart teaches math and business at Memorial High School in Houston.

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