It is no secret that the Atlantic City casino industry is and has been coming under threat from outside forces for some time now. Whether it be the legalized gambling in neighboring states, or the fact that Atlantic City is not the vacation destination it once was, the city is facing some major problems.
The Revel Casino Resort was just one of many failed attempts to revitalize Atlantic City, and to this day the ground upon which Revel stood remains barren. Though the buildings and other facades still remain, the site that was once known as Revel is eerily quiet. Glenn Straub, the site’s new owner, recently announced plans to reopen Revel, rebranded as TEN, in mid-June. As has been the case for Straub, however, that does not seem to be likely.
In recent days, Glenn Straub came forward with a public announcement that the hotel portion of TEN would be opening on the 15th of June. Being that the property has sat unused for well over a year at this point, it makes sense that Straub would try to get some sort of revenue flow out of the $82 million property. Unfortunately, the Casino Reinvestment Development Authority has made it very clear that not even the hotel portion of the site can open until certain criteria have been met.
For one, Straub still needs to submit a traffic study, which lays out how current traffic patterns might be affected by the hotel’s reopening. In addition to that, Straub is required to have a plan for landscaping, and according to the Development Authority that has not yet been established. Being that these two items alone cannot be fabricated overnight, or even within a few weeks, the June 15th opening date is optimistic at best. What’s more, even if Straub does submit what he and his team are required to, any sort of problem found with the plans would further delay the hotel’s opening. So, once again, it seems as though it is back to the drawing board for Straub.
Being that we are only talking about TEN’s hotel, you might be wondering what the deal is with the site’s casino. At the present moment in time, the site does not technically have a casino license. Until that changes, there is absolutely no chance that any casino gambling will be happening at TEN. Once again, the casino license situation is not a quick-fix either. According to most sources, TEN will be lucky to open any portion of its site before the end of 2017. As you could have probably guessed, this is a story we will be closely following as it develops.