Former Revel Casino Property To Re-Open In February, Sans Casino

Posted on January 12, 2017 - Last Updated on January 11, 2017
[toc]The owner of the property formerly known as Revel, Glenn Straub, is not about to let a gambling license stand between him and his hotel re-opening next month.

Straub told Philly.com he intends to open the property under its new name, TEN, on Feb. 20.

There is one little hiccup, though. Straub currently does not hold a gaming license for the resort.

Latest NJ Gaming Control hearing delayed again

The property was supposed to have a hearing with the Gaming Control Commission on Wednesday, Jan. 11, but the proceedings were delayed after a late filing from Straub’s legal team. The hearing is to determine whether or not Straub needs a gaming license to open the property even if it is not currently offering gaming.

Straub was present for the proceedings and spoke to the press about his plans for the site. He says the Feb. 20 opening date will happen with or without a gaming license.

According to Straub, TEN is ready to open as a hotel with shops and restaurants. There is no immediate plan to offer gaming.

Straub latest entrepreneur to complain about regulation

When Straub spoke with the media on Wednesday, he was quick to point the finger at regulators regarding any potential delays.

“The red tape in this state is so abusive,” Straub said. “Who would ever invest here?”

He assured reporters any delays in TEN’s launch would not be because he and his team were slacking.

Straub is not the only Atlantic City investor to lash out against the local government. Billionaire Tropicana owner Carl Icahn recently went off on state lawmakers for passing a law expressly designed to keep him from reopening his closed-down Taj Mahal Casino.

Mary Jo Flaherty, deputy director of the Division of Gaming Enforcement, had her own harsh words for Straub and his legal team. She said the late filing was “meant to surprise, confuse and distract the proceeding.”

The history of Revel/TEN

The history of the NJ casino property is fraught with issues. The initial project cost $2.4 billion and stalled in financing before a state tax incentive saved the project from shuttering.

The casino opened in 2012 only to close in 2014. The company filed for Chapter 11 bankruptcy in June of 2014 and closed its doors in September of that year.

Straub purchased the property in April of 2015 for $82 million. He pledged to invest another $500 million to get the hotel operational and ready to open again.

In April of last year Straub spoke with Forbes about his plans for the property. To say they are grand is quite an understatement. His ideas included an Art Basel-like festival, artificial ski slopes, a 5,000-seat arena, an indoor water park, year-round equestrian events and a medical life-extension facility.

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Image credit: Aneese / Shutterstock.com

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Jessica Welman

A graduate of USC and Indiana University, Jessica Welman has long been involved in the poker industry and online gambling. She has worked as a tournament reporter for the World Poker Tour, co-hosted a podcast for Poker Road, and as the managing editor for WSOP.com.

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