The former Revel casino hotel in Atlantic City — Courtesy: Governor’s Office/Tim Larsen
By Real Estate NJ
Glenn Straub, the owner of the former Revel casino in Atlantic City, said he now plans to reopen the shuttered property in less than two months.
That’s according to The Press Atlantic City, which reported Tuesday that Straub intends to open between 1,500 and 2,000 hotel rooms at what is now known as TEN. The report noted that June 15 is the same date that the Florida developer had offered last year when he declared his plan to reopen the property despite lacking the needed permits.
The city’s director of licensing and inspection was unaware of the proposed June opening date, The Press of Atlantic City reported. The story said Straub must meet several conditions before reopening, including providing a landscaping plan and traffic study, but has not done so.
Straub, who has accused state agencies of holding up the reopening of the property, acquired the $2.4 billion resort for $82 million in bankruptcy court in 2015. The lavish 57-story hotel and casino closed in August 2014 without ever turning a profit, less than two and a half years after opening to immense fanfare.
For more, see Tuesday’s story by The Press of Atlantic City.
More New Jersey real estate headlines
New A.C. master plan puts real-life Monopoly Board in play (Philly.com)
‘Growlers to Go’ : Brewery seeks to open in Morristown (Morristown Green)
Lidl grocery chain’s rapid N.J. expansion reportedly gets another approval (NJ Advance Media)
Editor’s note: The Rundown is a regular feature by Real Estate NJ in which we recap commercial real estate stories and headlines from across the state.