A determined real estate developer strives to make the sun shine once more inside Atlantic City’ s most extrava gant casino resort

by Laura D.C. Kolnoski

Following a series of disappointing fits and starts, word came in September that the new owner of the shuttered Revel has renamed and rebranded the Atlantic City boardwalk’ s biggest casino resort as Ten. At press time, AC watchers were holding their collective breath awaiting final state approval of the deal.

South Jersey media reports detailed a 25-year lease for new owner Glenn Straub (known for his ownership of the Palm Beach Golf and Country Club) and a management team of 16 executives, including sole Revel veteran Alan Greenstein, its former Chief Financial Officer of seven years. Predictions are that Ten’ s doors will open in the first quarter of 2017.

Straub, who parked his yacht at Atlantic City’ s Golden Nugget marina during the summer of 2015 as he worked to resurrect the hotel and casino, had previously announced a June 2016 opening, but was unable to secure a Certificate of Occupancy, and there were issues with his attempts to farm out the gambling portion of the business to another entity (which would obviate the need for a casino license).

A former top Revel host told Industry exclusively that he coincidentally met Straub on an airplane ride from the Sunshine State to New Jersey last spring and was encouraged to re-apply by the mogul.

Revel opened in April 2012 and closed on September 2, 2014. Straub reportedly purchased the $2.4 billion property for a bargain basement price of $82 million. Among the sticky wickets impeding his plans was the complex’ s large and costly adjacent power plant, a problem he solved by buying it.

The fate of the previous hotel’ s popular features is generating intrigue. Those who leased restaurant and other spaces said their operations were successful despite Revel’ s bankruptcies, and the ground-floor outdoor Vegas-style pool, complete with DJs and cabanas, was packed to capacity while operational. Some vendors have indicated they would be willing to return.

In September, the new team said guests would once again enjoy 13 restaurants, the spa, two theaters, three nightclubs, pool areas, and gaming. Estimates counted some 3,000 jobs that would be created, roughly the same number lost when Trump’ s Taj Mahal closed in mid-October.

A new website launched in September debuting Ten’ s new logo, a version of an infinity loop. Greenstein was quoted as saying that through his past Atlantic City experiences, he knows what works and what does not, and believes Ten now has a strong financial model, adding, “It is the most spectacular resort I have seen in my career and I am determined to make it a success.”

Veteran Associated Press reporter Wayne Parry, who has followed Atlantic City casinos for decades, opined that the new name, “could create interesting wrinkles for gambling regulators and customers alike, including the prospect of having casino chips in the denominations of $1, $5, $25 and $100 stamped with the word ‘ Ten.’”

As the Taj went dark after 26 years, other casinos wasted no time reaching out to its customers with special offers; the potential exists for Ten to absorb some of those loyalists.

Observers enjoy detailing where AC’ s casinos went wrong and offering myriad remedies. Until Revel literally and figuratively changed the landscape, each casino strove to keep visitors within its walls, ignoring the unique amenity of the Atlantic Ocean as well as the allure of visiting multiple casino/resort properties in a single day. Revel’ s original creator, Kevin DeSanctis, a former State Trooper who worked casino security in the early years, sought to bring the ocean into the building, changing the game.

Will Straub succeed where others failed? Stay tuned.

Ten 500 Boardwalk, Atlantic City