Revel Casino Reopening Remains In DoubtPlans For Summer Reboot Are About Dead: Report |
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Even after the most expensive casino in the history of Atlantic City was bought this year for just three cents on the dollar, the casino’s future remains in doubt as the new owner and ACR Energy continue to battle it out in court.
Florida real estate developer Glenn Straub, who acquired the currently shuttered casino for $82 million, and ACR “sparred Tuesday before a federal judge,” according to the Associated Press, over Revel’s future access to power and debt from the power plant’s construction.
Currently, Straub is blocked by a judge from using any other power source for the casino.
There is equipment in the casino that the two sides are also arguing over. ACR Energy is worried about some of the equipment being damaged while the situation plays out in court.
ACR has been ordered to continue to provide enough power for the casino’s fire protection systems. Straub was being fined $5,000 a day for not keeping the systems on.
Straub had originally hoped to have the casino open this summer, but that reportedly is a long shot. Last month, Straub threatened to abandon the redevelopment project.
“I’ll pack my bags and this [Revel redevelopment project] will sit here for three years,” he said.
Revel was one of several Atlantic City casinos to close last year. Earlier this month, Deutsche Bank released a report that said it predicts two more casinos to close there in the near future and that New Jersey should seriously consider building casinos outside of the seaside town in order to protect its tax revenue from casino gambling.
In 2013, New Jersey began regulating real-money online gaming. PokerStars’ parent company said in an earnings call this month that the poker site is on track for being licensed by Garden State regulators this fall. New Jersey online gaming is growing, though the web poker market in the state is contracting and representing less of the overall I-gaming market.
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