Shut Atlantic City Casino Revel Renamed As TEN
The erstwhile Revel Casino Hotel in Atlantic City has been renamed as TEN by its new management. Shut for over two years now, the casino is expected to open in the first half of 2017 after a facility revamp and upgrade.
The Revel casino was closed in 2014 along with three other casinos in Atlantic City as the overall casino industry in the city witnessed a major slump. The Revel casino property was later placed in bankruptcy by its previous owners. The 6-million sq. ft. property was purchased by Glenn Straub in 2015 and since then Straub has faced a number of challenges in trying to reopen the property.
Announcing the rebranding, the casino’s management said that the new name TEN indicated the highest level of achievement and represented best quality and excellence.
In a statement Robert Landino, CEO of TEN, said
In many ways, TEN is about a resurgence and commitment to the virtues of Atlantic City as a vintage East Coast destination while boldly redefining entertainment in today’s society. TEN joined with our infinity logo represents our mission to provide the highest-rated amenities and our daily endeavour to offer an infinitely perfect escape for our guests, families and businesses.
Robert A Landino has been appointed as the CEO of the new property and Revel’s former chief financial officer Alan Greenstein will take on the position of CFO. Greenstein said that he was aware of the business processes and systems that were needed to revive the casino property and make it a success. He stated that he had returned to the casino’s management team because he believed in TEN’s financial forecasts and its strong management team.
Robert Ambrose, an instructor at the Center for Hospitality and Sport Management at Drexel University pointed out that rebranding was a challenge for any property particularly in the case of Revel which has been operating under unique circumstances. Revel has been battling issues ever since its launch, and had failed to live up to expectations of the developer or the city officials, ending in bankruptcy twice during its short history.
Straub has been facing numerous issues related to the reopening of the property. He had earlier planned to open the facility as a hotel by mid-June but failed to receive clearances in time from the city. He accused the city’s officials of blocking his attempts due to favouritism and threatened to abandon the project in August. Should everything go as per plan, TEN will offer New Jersey gamblers a Las Vegas style gaming experience.