TEN Atlantic City Owner Needs To Get A Casino License, NJ Regulators Rule

The company that owns the Atlantic City resort formerly known as Revel needs a casino license if it wants to have gambling, New Jersey regulators ruled.

The company that owns the Atlantic City resort formerly known as Revel needs a casino license if it wants to have gambling on its property, New Jersey regulators ruled on Tuesday.

The latest on TEN AC and gambling

TEN Atlantic City — the name for the planned resort in the shuttered Revel location — is not any closer to having gaming inside its doors. That’s thanks to a ruling from the New Jersey Casino Control Commission:

Leading up to the meeting held on Tuesday, TEN AC owner Glenn Straub had said his company, 500 Broadway LLC, shouldn’t need to apply for a gaming license. That’s because he plans to have a third party operate table games and slot machines, eventually. The third party should procure the license, Straub has argued.

But the NJCCC categorically disagreed with statement, saying Straub’s company itself must get a license.

Per Straub’s comments to the press, the matter is apparently headed to court.

Is TEN AC really opening?

Perhaps the most interesting thing to come out of the meeting is the actual status of the resort. Straub said he was going to open the resort — at least in a limited fashion — on Feb. 20. The resort’s website still just says “opening 2017.”

That promised opening date was already being looked at with a great deal of skepticism. But reporting from Philly.com cast further doubt on the relaunch:

Indeed, the head of the Division of Gaming Enforcement went a step further Tuesday, and questioned the ability of property to reopen any time soon. He noted that the TEN operators had not submitted a completed application to be licensed themselves.

 

“The opening of this facility for casino operations is not even remotely imminent at this time,” said director David Rebuck.

The betting odds on TEN AC opening in less than a month likely just took a tumble.

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The latest in an unending story for the former Revel

The Revel has been a mess pretty much since ground was broken on the resort that was built for a pricetag of more than $2 billion.

Straub bought the distressed property, but the resort and Straub have suffered through both legal and regulatory hurdles — as well as stops and starts — in an attempt to get the property functioning again.

Will TEN AC ever actually reopen? That’s at least a question that can be asked, given the latest developments.

TEN Atlantic City Faces Key Meeting This Week

The resort formerly known as Revel is about to face one of its most important meetings as the Atlantic City property attempts to reopen in February.

The resort formerly known as Revel is about to face one of its most important meetings as the Atlantic City property attempts to reopen in February.

What we know about the meeting for TEN AC

The New Jersey Casino Control Commission is holding a meeting concerning a petition regarding 500 Broadway LLC on Tuesday. (Notice here.) That is the company of developer Glenn Straub, which owns TEN Atlantic City (formerly the Revel casino and resort).

Straub is hoping to open TEN in less than a month, which is a timeline that is questionable at best.

The meeting will try to put to rest whether Straub’s company itself must apply for and receive a casino license from the state, or whether the third party that will actually run the casino for TEN needs to. Straub has contended that he should not be forced to apply for the license, since his company will not actually be running the casino.

Either way, currently, the state has licensed no one to offer slot machines casino games on the premises.

Casino license isn’t the only concern

Even if the problem with the casino license is worked out, there are road blocks to TEN opening at all, on other fronts.

From the Press of AC:

If TEN is going to open as a commercial property without a casino, it still needs health inspections and a mercantile license from the city, said Dale Finch, city director of licensing and inspection.

 

“I spoke to him recently, and he was extremely cooperative,” Finch said. “He can open the building right now but can’t do business in it.”

TEN AC is planning to have more than a thousand hotel rooms and a variety of other entertainment amenities eventually.

Odds on TEN AC actually opening?

Based on the existing hurdles, it seems difficult to believe that TEN will hit the newest opening date of Feb. 20. After all, Straub had promised a reopening last June, but that also never happened.

It seems pretty clear that many of the regulatory hurdles that existed then are still in play. In a best-case scenario, maybe some, or all of the resort’s hotel rooms are open for business, but not some or many of the ancillary amenities.

The smart money would be on the ongoing saga to continue for TEN/Revel in its quest to reopen.

TEN Atlantic City — Formerly Revel — Plans On February Opening, Casino Or No

Developer Glenn Straub revealed that he plans to open TEN Atlantic City — formerly Revel — on Feb. 20 amid an ongoing legal battle.

If you believe owner Glenn StraubTEN Atlantic City (former the Revel Casino Hotel) will open next month. But it’s not quite as simple as that.

The latest on TEN Atlantic City

Straub, a developer form Florida, has been in a battle with the New Jersey Casino Control Commission. The point of contention: Whether he needs a casino license to open the rebranded hotel and casino. The notoriously outspoken billionaire has often complained about red tape and bureaucracy.

This past week, however, Straub gave us a bit of good news. He plans to open TEN on Feb. 20, with or without a casino license. Straub told Philly.com reporter Amy Rosenberg not all features of the hotel will be completed by the President’s Day weekend opening, but that 1,499 rooms will be available, along with theaters and restaurants.

This of course, is not the first time Straub has promised an open date. Revel was supposed to reopen last summer, but that never came to fruition.

TEN moves slowly ahead

Straub said the city’s casino regulations and approval processes make it pretty much impossible to get things done in a timely, efficient manner.

“The red tape is so abusive,” he told Philly.com. “Who would ever invest here?”

The main point of contention between Straub and the CCC is the commission’s belief that Straub himself should apply for a casino license. According to procedure, that would require that the commission to reveal Straub and his development company’s finances.

Straub argues that he shouldn’t have to apply for a casino license because a third-party operator will operate TEN’s gambling floor. Why should the state require a landlord to obtain a license that will apply to one of his “tenants”?

Last-second lease amendment postpones hearing on casino license

This week the commission was supposed to meet and discuss the case. However, they postponed that meeting because Straub’s lawyers filed some amendments to his lease. Instead of scrapping the allotted time for the hearing, they used it to discuss the matter of 500 Broadway’s finances.

The CCC actually agreed with Straub, saying they didn’t feel it was necessary to delve into 500 Broadway’s finances unless it was decided that Straub needed to file for a casino license. This rare point of agreement between the two parties may be a positive sign, but at this point, it’s hard to tell how everything will shake out.

If it’s any consolation for the CCC, Straub has been an equal-opportunity attacker.

This past August, he called officials from the Casino Reinvestment Development Authority “backwards” and “politically controlled.”

Straub has kept busy despite the drama with city officials. In November, he swooped in on the jobless execs from Trump Taj Mahal to fill his needs for VPs of food, lodging and gambling.

Image credit: Jon Bilous / Shutterstock, Inc.