"TEN" Owner Must Apply for NJ Casino LicenseFebruary 1, 2017 11:31 am
Glenn Straub may have thought he was getting a bargain when he bought the $2.4 billion Revel casino for $82 million in April 2015, but the property has caused the billionaire no end of headaches since its purchase. In the latest incident standing in the way of the venue re-opening as “TEN”, Straub has been told he must obtain a New Jersey casino license, even though the venue is to be leased and run by another company.
Straub previously stated that he intended to have at least the property’s hotel and spas opened by February 20th, but following the decision by the Casino Control Commission, plans to open its casino is likely to stay on hold for some time to come. Commenting on the issue, David Rebuck, Director of the New Jersey Division of Gaming Enforcement, said:
“The opening of this facility for casino operations is not even remotely imminent at this time.”
Under the partnership agreed between Glenn Straub and Robert Landino, Straub would keep control of almost a third of the venue’s hotel rooms, as well as its restaurants, nightclubs, and utilities. According to Matthew Levinson, the chairman of the Casino Control Commission, this left Straub with considerable control over “TEN” and
so necessitated his applying for a casino license. Elaborating further, Levinson acknowleged that its opening would bring “social and economic benefits” to Atlantic City, but that the requirements of the Casino Control Act should first be followed. Commenting on the Commission’s decision, Straub said:
“Some government agency backs another government agency — what do you expect? You think one policeman is going to go against another policeman?”
Straub added that obtaining a casino license for “TEN” would be a cumbersome process involving a great deal of time, effort and money, especially for a property that represents just 5% of his real estate portfolio. In the meantime, Straub said the shuttered venue is currently costing him around $1 million in expenses each month.