Revel Reopening Rejected, For Now, By AC OfficialsProperty Needs More Inspections, Permits |
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The long-awaited reboot of the $2.4 billion Revel casino flop in Atlantic City has been delayed, after city officials said it needs more time, the Associated Press reported.
The property, which has yet to be renamed and was scheduled to have hundreds of its hotel rooms open on Wednesday, must pass more inspections and obtain more permits before it can be back in business. Developer Glenn Straub, who bought the casino for four cents on the dollar and had to buy its power plant too in order to resolve a legal battle, isn’t planning on reopening the casino floor until later this summer.
In addition to the permits he needs to obtain, the management company Straub tapped to run the hotel also still needs state approval, the report said.
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, and it’s unclear if it will do so after it reopens.
Straub has said that the casino will focus on non-gaming amenities, and gambling will be only a small part of the property’s new business.
Atlantic City gaming revenue hit its peak of more than $5 billion in 2006, and over the next decade was slashed in half thanks to competition in nearby states and a U.S. recession.
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