Ten, the newly named former Revel casino hotel in Atlantic City has received a temporary certificate of occupancy from Atlantic City and plans continue to open the property in the first quarter of 2017.
Dale Finch, the city’s licensing and inspections director, told the Press of Atlantic City that the more than 6 million-square-foot property received its certificate Oct. 18 and is in the process of applying for its mercantile license.
“They are moving forward,” Finch said Friday.
Straub had hoped to open part of the property in June, but had not received several approvals and regulatory clearances. Straub, bought the $2.4 billion Revel complex for $82 million in bankruptcy court after the casino closed in 2014.
Straub has said he wants to lease casino space at the property, but has yet to receive licensing from the state Division of Gaming Enforcement. Straub has argued that he should not be required to be licensed since he will lease the space, but the DGE has ruled he needs at least a limited casino license because the “lease” arrangement would give Straub a cut of the revenues.
Should the casino open, there will be some experienced executives to run it. Robert Landino, the CEO of Ten, last week announced the Frank Leone has been appointed as senior vice president of casino operations. Leone previously ran the casino at Trump Taj Mahal. Another Taj survivor, Cindi LePine, has been named vice president of hotel operations.
Vincent Turrano was named vice president of food and beverage at Ten. He is former vice president of food and beverage at the Hard Rock Hotel & Casino in Tampa, Florida.
“Our executive team is what makes the difference. That is why I am excited to announce our best-in-class executives with unmatched expertise and vision,” said Landino.
In another matter involving the property, a bankruptcy court judge has ruled that a dispute between Straub and the owners of nightclubs which leased space at the property must take an ongoing dispute to state court.
The nightclub owners, IDEA Boardwalk has not been paying rent at the closed site saying Straub had defaulted on the lease.
According to NJ.com, Kaplan ruled the nightclub company can stay on the property if it pays rent, since Straub is only required to provide the tenant possession of the space, and nothing more.
However, he is allowing IDEA to use $16 million in escrow to pay back the rent owed. The money comes from the lease and construction of the three nightclubs in the Revel: HQ Nightclub, HQ Dayclub and the Center Bar.
IDEA had paid $16 million toward the initial outfitting of the nightclubs and was supposed to recoup that money in four years under the terms of the lease, NJ.com reported.
Though lawyers for Straub said they will appeal the decision, Kaplan said any further disputes should be taken to state courts.
“This court has admonished the parties repeatedly that it does not intend to serve as an unending private landlord—tenant court,” Kaplan wrote.
