Small Casino to be at Reopened Revel Resort

When developer Glen Straub reopens the Revel resort, he plans to launch a small casino there as well. This ends long-standing speculation on whether or not the shuttered Atlantic City venue will offer gambling.

“We’ll have a casino that’s about 50 percent of what was there,” Straub told FOX New York.

At this point, the Florida-based developer isn’t sure when the casino would open. Straub’s first agenda will be starting construction on the property’s water park, which will begin in May. Hotel rooms are expected to be finished some time in June.

The casino doesn’t figure to be open any time close to the water park and hotel. After all, Straub’s gaming license isn’t completed and the New Jersey Division of Gaming Enforcement must do an extensive review of his application.

Whenever the casino does open, Straub plans to have an operator run it and offer some Asian casino games.

Opened in April 2012, the $2.4 billion Revel was supposed to usher in a new resort-style era in Atlantic City. Unfortunately, the establishment was plagued with problems from the start and closed in September 2014. Straub was able to buy it from bankruptcy court at the bargain price of $82 million.

In all, four of Atlantic City’s original 12 casinos have closed in a local economic downturn that’s lasted for years. Assuming Straub’s casino opens as planned, it would bring the number of gaming establishments up to nine. The number could swell to 10 if Revel’s neighbor, the former Showboat Casino, is reopened as a casino.

Boasting a gambling market worth $5.2 billion in 2006, Atlantic City casino revenue sunk to $2.34 billion in 2015. Neighboring states with newer casino markets, such as Maryland, New York and Pennsylvania, are eating into the East Coast gambling mecca’s profits. Things could get even tougher if a new bill is ed that would put two casinos in northern New Jersey.

But potential casinos at the Revel and Showboat could perhaps help turn around Atlantic City’s falling economy. On the other hand, more area competition could hurt the existing eight casinos, which are believed to have stabilized lately.

Whatever the case may be, Straub seems pretty serious about launching a casino at the old Revel. He doesn’t plan to keep the Revel name and has given no indication on what the new name would be.