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US – Ten’s owner sues New Jersey over need for a casino licence

By - 30 November 2016

Florida developer Glenn Straub, the owner of Atlantic City’s former Revel casino, is suing the New Jersey Casino Control Commission as he attempts to bypass the red tape of needing a casino operating license prior to reopening his gaming resort which has been renamed as Ten.

Mr. Straub has filed a lawsuit claiming he will be no more than a landlord renting space to a casino operator, and so therefore doesn’t need a casino license.

His lawyer, David Stefankiewicz said: “Mr. Straub has spent a lot of time, effort and money in trying to make Atlantic City great again. He remains ready, willing and able to open the casino. Instead of creating roadblock after roadblock, the agency should be doing everything in its power to facilitate getting this casino opened. Doing business here should not be this hard. The CCC is putting Straub and his company through unnecessary red tape and delay. This is both puzzling and disappointing considering that the future of Atlantic City is hanging by a thread and thousands of people are out of work.”

He added: “Does it matter what the nature of the business being conducted is? Does a mall owner control the business of its tenants like Macy’s or Dick’s or GAP or Annie’s or any other tenant occupied space? Surely, being a lessor of a property where, among other things, a casino is being operated does not mean the lessor controls or is involved in the tenant’s business in any way.”

Mr. Straub is planning a reopening in Spring 2017. He has presented a petition asking for a ruling that he does not need a full casino license, but has also lodged an application for a license, should the petition not be approved; a move which will take longer and could delay the reopening further.

Revel was built at a cost $2.4bn and opened in 2012. Once seen as the saviour of Atlantic City, it was barely open two years before being forced to close without ever making a profit. Mr. Straub bought it from bankruptcy court for $82m.

The property will boast 13 restaurants, a spa, two theaters, three nightclubs, a comedy club, a day club and five pool areas, plus the 130,000 sq. ft. casino with 2,500 slot machines and 120 table games.

The new brand is supposed to reflect the resort’s mark out of ten with its logo representing its idyllic beachfront setting and complete guest experience as Atlantic City’s flagship property.
Ten will be managed by Robert Landino and Alan Greenstein, the former CFO at Revel.

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