Nincore

• Revel Casino Strikes Tentative Deal With Straub Center
• Revel Casino Strikes Tentative Deal With Straub E
• Revel Casino Strikes Tentative Deal With Straub Family

Atlantic City casino owner Glenn Straub has lost a battle with regulators, having to obtain a casino license in order to see TEN become operable.

Glenn Straub is a business owner who has been trying to reopen the shuttered Revel Casino in Atlantic City for two years now. Straub invested in the property after it closed down and has rebranded the venue as TEN a new casino on the boardwalk. Straub plans on reopening the venue as TEN and does not feel that he should have to apply for a casino operator’s license since he is not going to actually be operating the venue. Instead a partner would. Straub found out yesterday that he must obtain a casino license if TEN is to be operational.

Apply Now

Sep 12, 2014 Subject to court approval, Straub would be due a $3 million breakup fee if Revel strikes a deal with another buyer, according to the filing. Straub’s purchase is not contingent on receiving a gaming license, which means he likely has a plan that does not include the building’s ill-fated casino floor. Poker Chips With Wooden Case - how much does casino dealer school cost - slo pitch bellingham poker. 18+, T&C Apply, New Customers Only. 18+, T&C Apply.

Glenn Straub has an agreement with a partner to see himself remain the owner of the property but another company would actually be operating the Atlantic City casino. Because of this, Straub does not feel that he is personally obligated to obtain a gaming license. Straub would actually only retain control of a portion of hotel rooms, the restaurants, night clubs and utilities as part of the deal.

However, the partnership between Straub and Robert Landino seems insignificant to the Casino Control Commission as the chairman, Matthew Levinson, recently stated that because Straub still has control over the property he would have to apply for licensing.

Straub was not surprised by the ruling as he has continued to fight with regulators for some time now. Commenting on the ruling Straub stated:

Straub was referring to the fact that the Commission ruled in a similar fashion as the State Division of Gaming Enforcement did on the matter some time ago.

The businessman does have plans to appeal the ruling but feels that he will be able to be operational in the meantime as the hotel rooms would be able to reopen on the 20^th of February as previously scheduled.

Still Not Concerned with Licensing

Straub is simply not interested in having to apply for casino licensing. The property of the Revel is only 5% of the real estate holdings of the mogul and he feels that it is too cumbersome to spend time, money and energy on the application process for casino licensing. Under the deal with his partner Landino, Straub would simply be a landlord. Landino has yet to obtaining licensing as well. But if Straub does not win his appeal, then he will be the one required to apply.

Landino was on hand during the hearing and left the office of the Commission without making comment on the matter. According to Levinson, it is Straub that has caused the property to remain unopened.

The Revel Casino was a major undertaking when it was constructed and opened in 2012 having cost $2.4 billion to create. It was not long after opening that the venue ran into trouble financially as the revenues generated each month did not coincide with expectations. By 2014 the casino had closed after filing for bankruptcy a second time.

In April of 2015, Straub purchased the casino for $82 million far under the original price of construction. Since that time, Straub has announced partial re-openings only failing to deliver. Now, Straub feels that he is being treated unfairly. An attorney of Atlantic City representing Straub, Lloyd Levenson, spoke with the Commission stating that the Division of Gaming Enforcement was ‘too rigid’ in their analysis of requirements involved in casino licensing. In particularly since the area has suffered from hard times in the gaming industry as of late.

For now, Straub will have to continue the fight or apply for a casino license in order for the venue to open.

The on/off relationship between Revel Casino AC and Polo North owner Glenn Straub appears to be back on. Following a final meeting to try and salvage a deal that was all but dead this time last week, the two parties have now agreed a deal which will see Straub assume control of the shuttered casino for $82 million.

Although the exact nature of the deal hasn’t been revealed, the completion date for the deal has been set at March 31 after which time Straub will be the official owner of the Atlantic City casino.

All Hope Was Lost

At the start of February it looked as though the Florida real estate developer’s bid to purchase Revel had fallen through. Disputes over insurance policies, working hours and independent contractors. As arguments from both sides clouded the issue, a federal judge was eventually forced to bring a halt to proceedings. With Straub unable to meet the takeover deadline, Revel was left without a buyer, but with the $10 million deposit the business tycoon had paid to secure a future transaction.

When news of the breakdown filtered through the gaming industry it was seen as the death knell for the beleaguered casino and hotel. Since opening two years ago the $2.4 billion property has failed to translate its wealth of facilities into a profitable enterprise. Bankruptcy soon followed and that led to a bidding war between Straub and Brookfield Holdings US.

Although the latter eventually won that battle with a bid of $110 million, it was Straub who eventually won the war after Brookfield backed out of the deal at the last minute. This turn of events allowed Straub’s Polo North back into the frame and that’s when the fun began. Willing to pay $96 million for the venue, Straub was set to shake things up with a host of changes. However, backlash for Revel’s workers’ union, coupled with resistance from the existing owners lead to a drawn out takeover process.

New Lease of Life for Atlantic City

Things looked to be in jeopardy when the deal was declared dead last week; however, it now looks as though things have been saved. A boardroom deal has not only given Straub the green light to take charge of the casino, but get it for a reduced price. Quite why the price tag has been reduced is unclear. Although it may take into account the deposit already paid by Straub, it could also indicate that real estate investor has promised to invest heavily into the venue make it the premier entertainment in Atlantic City.

“Clearly, with two bankruptcy filings in less than two years, the Revel Hotel & Casino is in need of innovative management,” Straub said in a statement.

In addition to switching up the structure of the business, Straub’s first mission will be to improve Revel’s look. With $50 million initially set aside for improvements, Straub’s team will begin work on the hotel’s lobby, exterior and health spa in the coming months. Beyond this, Straub has stated that he’s interested in developing the venue’s conference facilities and may even build a third tower that will be used as a think tank and research facility.

Revel Casino Strikes Tentative Deal With Straub Center

This news came as a huge blow not only for Revel and Straub but Atlantic City as a whole. At the close of 2014, Straub had pledged revive Revel with a series of ambitious plans which included the construction of a new conference facility and international think-tank.

“Polo North and its affiliates, all debt-free for more than 20 years, will not be stopped in its goal of helping to turn around Atlantic City by the associated delays when dealing with lenders or government bonds. The three-year plan for vertical integration of quality of life and sports will help change the image of Atlantic City from a predominately gaming destination back to a world renowned resort town,” Straub explained.

Future Plans for New Jersey Gaming Economy

Beyond his desire to turn Revel into a profitable business, Straub has indicated that he’s willing to invest up to $500 million into Atlantic City as a whole. Harking back to his childhood memories of the coastal destination, Straub was to upgrade various areas of the city and transform it into the family entertainment hub of America.

Revel Casino Strikes Tentative Deal With Straub E

Naturally, this is a long term vision for AC, but it will certainly inspire confidence from the city’s officials and residents. Coming off the back of a tough 2014, Atlantic City is looking to bounce back in 2015 and the investment of Straub could be just what it needs to succeed.

Revel Casino Strikes Tentative Deal With Straub Family

Although the online casino industry has posted positive results since December thanks to sites such as CaesarsCasino raking in a few million dollars, more is needed to really help the city’s economy. The investment of Straub will certainly come at a good time for AC and may well be seen as a major turning point in its history in the next few years.