The $2.4 billion Revel Casino Hotel has seen its fair share of problems. Standing at an astonishing 47 stories, with nearly 2000 guest rooms, making it the 2nd tallest casino-hotel in America.
The Revel’s beginnings were rocky, when the 90% share-holder, Morgan Stanley decided that their Global financial company was not going to make a profit. Building on the Revel was halted. Chris Christie, New Jersey Governor chose to step in and help so that the faltering tourist destination could be revitalized. He envisioned the Revel as a way to return Atlantic City to it’s former glory, offering up a $261 million tax incentive to get the behemoth finished and opened, however, the Revel never received the money.
After finally being completed by the Revel Entertainment Group, (with a $1.15 finance compendium), the Revel, at last, opened its doors in 2011. In 2012, however, the hotel/casino lost $72 million dollars, and investors began stepping away. As more money slipped away, massive loans, some exceeding $100 million, were taken out to help the faltering Revel, but it was not enough to keep it going. Bankruptcy was eventually filed twice. Attempts were made, in the form of new and exclusive partitions inside the casino, but it still wasn’t enough to keep it afloat. In 2014 the Revel shut its doors for good.
In 2015 the Revel was sold to an individual buyer, Glenn Straub purchased it for
$82 million dollars. It was announced that the Revel would be reopening shortly, but again, there were issues.
Shortly after the sale, the water and power companies shut off their flows to the Revel and the chief engineer resigned. More problems plagued Straub’s Polo North County Club, the company in which he used to purchase the Revel, and the hotel suffered a complete blackout for several days.
Even with all the misgivings, Straub is optimistic that he will have the hotel up and running shortly. He plans to completely reinvent the institution by leasing out a casino, possibly two, building a rock climbing wall, a zip-line, 3 movie theaters and many more unique amenities. It is Straub’s hope that all the new features will eventually bring customers and patrons back to the hotel. He even plans on opening several, at least 10, restaurants in the near future and put in a water park.
Some of the other ideas that Glenn Straub has presented are a family destination where families come and enjoy the water park, but also:
A family based theme park. Bringing in families rather than just gamblers is a strategic move that will help to fill the initial 500 guest rooms Straub plans to have ready by relaunch, and then the 2000 the hotel boasts. Families and casino patrons will never have to even run into one another with the size and current plans.
1) a skydiving course has been thrown in the mix
as well as a massive, 32 room, spa that will perform medical treatments
2) a beach with white sand with volleyball courts.
3) an equestrian facility
4) a burlesque show
and even a heliport for the extra rich patrons that wish to simply fly straight in from their personal heliports.
The one thing that people closely watching Glenn Straub’s movements have yet to see is what he plans to name the hotel, as he has already promised to rename it before it opens.
With all the excitement and buzz among those that would enjoy seeing the Revel reopened, regardless of what the name will be under, there are also a few standing in the background, shaking their heads and offering up warnings to anyone that will listen. Their main focus is reopening the behemoth hotel it wouldn’t be a good idea or good for business in New Jersey in general.
Their predictions are that it will bring unwelcome financial stress to the city. with several casinos planning an opening soon, and several others already open in the area, they fear that the Revel will either harm the other casinos, by taking business and money away from them or it will become a drain on the city and state, costing millions of more dollars to try to keep itself afloat.
The last opening of the Revel did not work out so well, with all the issues and calamities that befell its short 3 year run, many are watching and waiting to see what the reopening of the Revel will hold.