The Revel casino hotel in Atlantic City, pictured shortly after its opening in 2012. — Courtesy: Governor’s Office/Tim Larsen
By Joshua Burd
The defunct Revel casino in Atlantic City has a new name and a new management team.
On Monday, that new team announced that the failed gaming hall would now be called TEN. Working on behalf of Florida real estate developer Glenn Straub, who acquired the property out of bankruptcy last year, the new group said it now hopes to open the property by March 2017.
The team said in a news release that “the number 10 depicts the highest standard of achievement and is widely recognized as the benchmark of quality and excellence.”
“The TEN brand appropriately reflects the facility’s idyllic beachfront setting and complete guest experience as Atlantic City’s flagship property,” the news release said. “The TEN experience offers unrivaled elegance and affordable luxury, including world-class rooms and suites, spas, pools, nightlife and day club escapes, gourmet dining, retail, A-list entertainment and gaming.”
It’s the latest twist for the four-year-old, 6.3 million-square-foot property on the Atlantic City boardwalk, which cost $2.4 billion to build but closed in 2014 amid a disappointing performance. Critics said state officials mistakenly allowed the casino to open at a time when the city’s gaming market was contracting — amid increased competition from other states — and that its marketing strategy alienated traditional gamblers in the resort.
The property has gone through two rounds of bankruptcy, including a second in which Straub paid $82 million to acquire it.
The rebranding was announced a day before the Casino Reinvestment Development Authority board was expected to consider an application for site approval, according to multiple reports. Straub has clashed with CRDA and the state Division of Gaming Enforcement, claiming the agencies have slowed his plans to reopen the shuttered resort.
In an interview with Philly.com, Straub said he and the team had signed a 25-year lease “worth millions.” The team has paid $22,000 to branding professionals for the TEN name and logo, according to the website.
The new management team includes Robert A. Landino, who is CEO. Alan Greenstein, who served as Revel’s chief financial officer in its early days, is assuming the same role.