The Latest: Atlantic City casino renamed Ten; plan advanced
Posted September 20
ATLANTIC CITY, N.J. — The Latest on the planned reopening of Atlantic City's former Revel casino. (all times local):
A New Jersey redevelopment agency has moved Atlantic City's former Revel casino closer to reopening two years after it shut down.
The Casino Reinvestment Development Authority approved plans for the casino resort to revamp its operations in time for an opening in the first quarter of 2017. The resort will now be known as Ten.
The agency dropped its insistence that owner Glenn Straub pay $100,000 in assessments for a special business district before the approval could be granted.
Straub is appealing the amount that his project owes in court, and promises to pay whatever the court decides is fair.
He accused the agency of trying to "blackmail" him, and threatened to tie the entire project up in court for years while the casino sits vacant.
The threat presumably vanished when the agency relented on its immediate demand for the funds.
Atlantic City's former Revel casino resort plans to reopen next year under the name Ten.
The $2.4 billion resort lasted a little over two years before shutting down, never having turned a profit.
Florida developer Glenn Straub bought it out of bankruptcy court for $82 million, or about 5 cents on the dollar.
He's hired Revel's former chief financial officer Alan Greenstein to fill the same role in the reopened Ten.
On Tuesday afternoon, the project is seeking a key approval from the Casino Reinvestment Development Authority that could move it closer to getting final clearance to reopen. It needs approval of new traffic patterns from the agency, as well as a city certificate of occupancy.
Straub plans to open Ten in the first quarter of 2017.