Relaunching Revel Atlantic City Casino
Steve’s breakdown: Glenn Straub is the owner but it looks like he’ll be bringing in another company to run the casino. Introduce yourself before decisions get made.
ATLANTIC CITY, NJ: At a recent meeting with architecture students from Columbia University, Florida real estate developer Glenn Straub offered $10,000 to the person that suggests the most suitable name for the former Revel Atlantic City hotel and casino complex.
Mr. Straub bought the property last year and after series of different hurdles that prevented him from reopening it, he now hopes to open hotel rooms and attractions towards the middle of June. However, the casino will not be relaunched anytime soon. Reportedly, Mr. Straub would lease the gambling operation to another company.
Revel opened doors back in 2012. However, the $2-billion hotel and casino resort never proved to be a profitable endeavor and was shuttered in 2014. In fact, it was one of four such properties to close doors in Atlantic City during that same year.
Since September 2014, the glass-faced tower located on the Atlantic City waterfront has not been operational. Last year, Mr. Straub and his company – Polo North – bought the venue for the total amount of $82 million.
The Florida real estate developer planned to reopen at least part of the property last year but serious disputes with the power plant that supplied Revel with electricity prevented him from materializing his plans. The dispute took months to be solved and eventually, Mr. Straub and ACR Energy Partners reached an agreement, under the terms of which the businessman would purchase the supplier.
Local media reported, that Mr. Straub’s $10,000 offer for the property’s new name had overwhelming reaction in social media and there were hundreds of names suggested for the venue. Many pointed out that given Revel’s location, a water theme would be a good idea. Suggestions included Leisure Beach and Wave. Others proposed The Titanic and Crystal Palace.
A name that stroke as particularly suitable and popular was The Phoenix or a variation of it. Some even suggested that the complex should be rebranded to Polo North. However, that last one would not probably be welcomed by many.
As mentioned above, parts of the resort are planned to be opened to visitors as of June 15. It is yet to be announced how exactly the property would be called from the date of its relaunch on.