Revel Casino To Reopen As ‘Ten’ Casino
Atlantic City’s former Revel casino was forced to close in 2014 having suffered through two bankruptcies and never making a profit.
Now it has been announced by the new owner Glenn Straub that it will be reopening in the first quarter of next year and renamed ‘Ten’ and the double-loop infinity symbol has been chosen as the logo for the rebranded resort.
In a press release the operators said that the new name “depicts the highest standard of achievement and is widely recognized as the benchmark of quality and excellence.”
Straub purchased Revel in bankruptcy court for $82 million. He has hired Revel’s former chief financial officer Alan Greenstein to fill the same role at the reopened casino.
Greenstein says that his experience with the casino means that he is “keenly aware” of what is needed to make it a success. He said that he wouldn’t have returned if it wasn’t for the casino’s “strong forecasted financial model and all-star executive team”.
This week the project is seeking approval from the Casino Reinvestment Development Authority and hoping to move closer to getting final clearance to reopen. It also needs the approval of new traffic patterns from the agency and a city certificate of occupancy.
Straub initial hoped to have the hotel portion of Revel running by June 15 but had to cancel the plans as he hadn’t received a certificate of occupancy for the building and because the casino regulators said that he had to apply for a casino licence like all the other operators.
There was also a battle with the complex’s power plant over how much Straub should pay for service which occupied most of last year but he ended it by buying the power plant.