Atlantic City's Revel Casino Clears Another Hurdle Toward 2017 ReopeningCasino Announces Several Executive Hires |
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The most expensive casino in Atlantic City’s history has continued to keep the ball rolling toward an anticipated early 2017 reopening.
The progress is especially noteworthy considering that in August the casino’s owner said New Jersey “just stinks,” thanks to what he saw as red tape in the process of securing state and city approval to reboot the business.
Abandoning the project in its entirety was purportedly considered, which came just two months after a plan to reopen part of the property for the summer never materialized.
The $2.4 billion casino, which will be rebranded as TEN, is benefiting from the Trump Taj Mahal casino closing on Oct. 10. Revel was one of four casinos to close in 2014.
According to a report from Press of Atlantic City, the casino has hired two former executives at the Taj Mahal. Frank Leone, who oversaw gambling at the Taj Mahal, will be TEN’s senior vice president of casino operations. Cindi LePine, director of hotel operations at the Taj Mahal, was named vice president of hotel operations at TEN.
Florida-based real estate developer Glenn Straub, who bought Revel for just $82 million thanks to its bankruptcy, has said before that the property could reopen without gambling. In recent comments, he said that gambling will only be a small part of the property’s business.
Atlantic City gaming win has been cut in half over the past decade.
Straub’s Polo North Country Club was one of 18 potential buyers of the casino. The delay in reopening the facility involved Straub needing to get a state license.
TEN also announced that it hired Vincent Turrano, formerly with the Hard Rock Hotel & Casino in Tampa, as its vice president of food and beverage.
Revel opened in 2012 and never turned a profit in less than three years in business. The casino never ventured into the online gambling space.
Thanks to other roadblocks in reopening Revel, Straub once considered converting it into a university and using it as temporary housing for Syrian refugees.
While the casino moves toward taking bets once again, Atlantic City is facing serious financial issues. New Jersey recently rejected its plan to fix its budget, setting the stage for a possible state takeover. The good news is that Atlantic City will almost surely retain its casino gambling monopoly in the Garden State.
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