In Atlantic City Tuesday, the Casino Reinvestment Development Authority approved site plans for the new TEN casino resort to occupy premises and begin operations in time for an opening in the first quarter of 2017, pending a casino license.
Glenn Straub, the Florida real estate developer who purchased the ex-Revel casino resort in Atlantic City has confirmed that he will rebrand the former casino resort and open it under the brand name of TEN. The TEN casino resort is expected to open to the public during the first quarter of 2017.
The company decided to choose TEN as the brand name as the number 10 signified the highest standard of achievement and was the benchmark for excellence and quality. The TEN resort will use a double loop infinity symbol as its logo and will provide patrons with a Las Vegas quality experience right on the beach.
The Revel casino has had a troubled history in Atlantic City and went bankrupt twice during its short existence before closing for good in 2014. Straub purchased the property for just $82 million in April 2015 and since then has faced numerous legal challenges and hurdles from former vendors of the Revel casino as well as the Casino Reinvestment Development Authority. Straub had promised to open out the facility on June 15, 2016 but was unable to meet that deadline. He threatened to walk away from the troubled casino project in August 2016 stating that the state of New Jersey was making things difficult for his company and provided them with no assistance.
It appears that Glenn Straub has finally managed to sort out all off the issues surrounding the property. Straub has hired Robert A Landino as the chief executive officer and Alan Greenstein as the chief financial officer for TEN. Landino has played a key role in several industries including fashion, solar and engineering and was the former CEO of BL Companies, which Inc Magazine named twice as one of the country’s 500 fastest growing private firms. Greenstein served as the CFO for the Revel casino and the Mohegan Sun.
The new brand name of TEN could cause some concerns for New Jersey gambling regulators and patrons of TEN as casino chips in denominations of $100, $25, $5 and $1 will have the word TEN stamped in their center.
In a statement, Rummy Pandit, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University said “When you rebrand a property, you are starting from scratch in a way. You are always going to have an issue with some people knowing it by its previous name, but that isn’t always a bad thing, because there is at least some awareness of you existing in the market place. One of the challenges with rebranding is that you have to clearly develop and target market segments all over again.”
Greenstein stated that the management team will leverage the TEN brand to bring visitors into the resort and the overall resort experience would keep guests coming back for more.