September 19, 2016
In the midst of what has been a fitful and turbulent year for Atlantic City, the dormant Revel Casino received a major rebrand Monday as real estate developer Glenn Straub announced the premiere of TEN.
Happy to start our new journey as TEN, Atlantic City's premier resort.— TEN (@tenatlanticcity) September 19, 2016
Constructed at a cost of $2.4 billion in 2012, Revel was shuttered two years later and sold to Straub, a prominent Florida developer, for $82 million following a prolonged bankruptcy. Since then, the property's reopening has been held back by everything from disputes with former tenants and utility companies to licensing and sewage crises.
At one point, Straub even tossed out the idea of housing 3,500 Syrian refugees there.
The new management team is putting all of that behind them and believes TEN can reemerge as a big money maker, particularly after three competitors fell out of the picture at the same time Revel did. Trump Taj Mahal, meanwhile, is also slated to close after a heated labor dispute and significant financial losses.
“Ten joined with our infinity logo represents our mission to provide the highest-rated amenities and our daily endeavor to offer an infinitely perfect escape for our guests, families and businesses,” said TEN CEO Robert A. Landino, who also leads Centerplan Companies, in a statement on Monday.
Landino will be joined in the venture by Straub and former Revel CFO Alan Greenstein.
Though Straub had anticipated opening the casino at the start of this past summer, the plan was delayed repeatedly by licensing issues with the Casino Reinvestment Development Authority and the state Division of Gaming Enforcement. Straub hopes to lease casino operations to an outside company, while approval of a land use proposal remains pending.
Once reopened — TEN projects the start of 2017 — the 47-story tower will feature 6.3 million square feet, 1,399 hotel guest rooms and suites, three nightclubs, 13 restaurants, 88,000 square feet of spa and retail space, five pools and 130,000 square feet of casino and gaming space.