Revel becomes Ten; Bluhm enters Atlantic City market

As we enter the waning months of 2016, Glenn Straub has decided to wait until next year to reopen Revel. He also announced its long-awaited new name: Ten (actually it’s Revel_0947“TEN” but we don’t go for that all-caps tomfoolery at S&G). Ten was chosen as preferable to “Zen.” “Ten joined with our infinity logo represents our mission to provide the highest-rated amenities and our daily endeavor to offer an infinitely perfect escape for our guests, families and businesses,” said property CEO Robert A. Landino. There will be one holdover from the old Revel team in the form of CFO Alan Greenstein, who presumably knows where all the bodies are buried. Ten is pinning its hopes on refugee gamblers from the casinos that have closed — or, in the case of Trump Taj Mahal — soon will. But those are low-rollers, which leads one to question the strategy.

Nobody could blame Straub if he wanted to wait until the spring of 2017 to reopen — he can certainly afford it. But he’s shooting for the first quarter, deliberately reentering the market during a slow period. (A new casino operator remains unspecified, possibly unchosen too.) Revel’s new name was rolled out Straubduring a contentious Casino Reinvestment Development Authority hearing during which Straub’s changes to the property were approved, but not before some acrimonious sentiments were aired. The peppery Straub took issue with Special Improvement District fees (eventually rescinded), saying the CRDA was “blackmailing” him and threatening to litigation for as many three years. “You either believe us or you don’t. I will make the place a success and you will be proud of it,” he added. His Polo North still has to submit traffic and landscaping plans — and possibly mollify Bella Condominiums neighbors, who continue to complain about noise from the Revel/Ten physical plant.

However, Straub had some powerful voices in his corner. “The gentleman that is here is what we need,” remarked Unite-Here Local 54‘s Valerie McMorris. Mayor Don Guardian (R) also weighed in, saying, “I’m in strong support of this project. We need to do everything that we can do to get Ten opened.” Straub voiced belief that Atlantic City could be turned around in the same fashion as Miami and Palm Beach, adding, “Do not try to threaten me. It won’t work … a hundred thousand means nothing to me. We lose that much in a week keeping it closed.” Once Ten is in hand, Straub has bigger plans — he has eyes for Bader Field, Boardwalk Hall and the convention center. At a time when the Boardwalk needs a vote of confidence, Straub just gave it a big one.

* Here’s a turnaround for you. Neil Bluhm‘s SugarHouse casino is opening an Atlantic City-based gambling Web site, piggybacking onto the Golden Nugget. Don’t think this means SugarHouse has given up poaching customers from New Jersey. Said Rush Street Neil BluhmGaming CEO Greg Carlin, “We think that there’s an opportunity to get even more customers from New Jersey.” Still, Carlin says he’s heard good things about Internet play from his Boardwalk confreres, to the effect that “online has actually complemented their bricks-and-mortar business and helped them grow that business, not detract from it, because a lot of the players online are players that don’t currently go to those  casinos.”

To some extent, Bluhm’s move is in reaction to Pennsylvania‘s failure to enact Internet gambling this year. Bluhm’s people will be back lobbying next year but they’re not going to stay on the sidelines in the meantime either. PlaySugarHouse.com will eschew online poker — not surprising, since the real money is in casino games. Rush Street Interactive President Richard Schwartz promises, “We keep our slot minimums low and offer extremely low-stakes table games, so you can play longer and make your entertainment budget go further.

* Undeterred by strongman Rodrigo Duterte‘s anti-gambling rhetoric, Bloombery Resorts Corp. Chairman Enrique Razon is putting a $418 million wager on the Philippines. He plans to build a casino in Manila‘s largest suburb. Quezon City. Razon points to an increase in Chinese tourism, including many VIP players avoiding Macao, and notes that Duterte’s crackdown on small gambling parlors will only drive more players to big, established casinos, like Bloomberry’s Solaire Resort & Casino, also in the Manila area.

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