{"id":34192,"date":"2016-03-04T16:30:23","date_gmt":"2016-03-05T00:30:23","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=34192"},"modified":"2016-03-04T10:40:28","modified_gmt":"2016-03-04T18:40:28","slug":"revel-casino-to-reopen-in-atlantic-city-under-new-name","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/revel-casino-to-reopen-in-atlantic-city-under-new-name\/","title":{"rendered":"Revel Casino in Atlantic City Could Reopen Under New Name as Soon as June, New Owner Glenn Straub Says"},"content":{"rendered":"
\"Revel
The \u201cRevel Pearl\u201d briefly lit up over the shuttered Revel casino resort this week, symbolizing the return of full power to the building, which will ultimately get a new name. (Image: Wayne Parry\/AP)<\/figcaption><\/figure>\n

The Revel Casino in Atlantic City, like a phoenix from the ashes, will reopen in June in the seaside resort town. New owner Glenn Straub<\/a> made the pronouncement this week, and even lit up the skies to cement its reality.<\/p>\n

That strange bright light in the sky over Atlantic City was actually what has been dubbed the \u201cRevel Pearl,\u201d a ball of light that once symbolized a beacon of hope on the top of a $2.4 billion casino.<\/p>\n

But although the Revel was initially touted as the panacea to reinvigorate the faltering city, instead it folded in 2014 after being opened just two years, doomed by initial overspending, poor marketing decisions, and a bevy of other disastrous choices by management. <\/strong><\/p>\n

The Pearl was also snuffed out when the casino resort was shuttered 18 months ago, overwhelmed by debt and leaking $2 million a week.<\/p>\n

This ball of light in the sky also heralded the fact that Revel\u2019s savior, eccentric Florida property developer Straub, has fixed the electricity at last.<\/p>\n

“That\u2019s just us playing around,” Straub told Philly.com, of the brief rekindling of the Pearl. “To get it ready for June,\u201d he explained.<\/p>\n

\u201cWe’ll have horses going around the ball, new name on the ball. We don\u2019t have any colors for it. We have to bring in the big boys now.”<\/p>\n

Let There Be Light<\/strong><\/h2>\n

Just six months ago, Revel was cursed. Straub bought it in April 2015 for $82 million, a bargain when you consider its construction costs. But with it, he inherited an astronomical energy bill from the adjacent power plant, which was built for the sole purpose of supplying power to Revel in a misguided \u201cgreen energy\u201d strategy that backfired.<\/p>\n

When the casino ran out of money, the construction of the plant was briefly halted, before being taken over by investment group ACR<\/a>.<\/p>\n

\n

ACR demanded a 15 percent return on its equity in the first five years and 18 percent after that, which led to the astronomical annual bill of $36 million. Straub balked at the bill and refused to honor the contract, vowing to bring in portable generators to power the 47-story building.<\/p>\n<\/div>\n

Two days after he assumed control of Revel, the plant cut the power, and the city deemed the building a fire hazard, fining the property mogul thousands of dollars each day, until a judge ordered power to be partially restored. After months of legal wrangling, Straub successfully bought the plant in January.<\/p>\n

License? What License?<\/strong><\/p>\n

Straub has espoused many different plans for the building, ranging from a new water park with marinas that can host \u201csuper yachts,\u201d to a university for the world\u2019s elite minds, to a center devoted to \u201clife extension science.\u201d<\/p>\n

He once said that he would definitely not open it as a casino, but a casino it will be in the end, albeit one with a completely different name. The new name has yet to be decided.<\/p>\n

Another hitch: Straub doesn\u2019t have a casino license yet, although he has his lawyers working on it.<\/p>\n

“We\u00a0don\u2019t need a casino license, they can argue with us all they want,” maintains Straub, apparently unaware of New Jersey\u2019s stringent regulatory process. “We\u2019re saying we don\u2019t have to have it. I\u2019m the owner of the casino.”<\/p>\n","protected":false},"excerpt":{"rendered":"

The Revel Casino in Atlantic City, like a phoenix from the ashes, will reopen in June in the seaside resort town. New owner Glenn Straub made the pronouncement this week, and even lit up the skies to cement its reality. That strange bright light in the sky over Atlantic City was actually what has been […]<\/p>\n","protected":false},"author":42,"featured_media":34198,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[18],"tags":[],"acf":[],"yoast_head":"\nRevel Casino in Atlantic City Could Reopen Under New Name as Soon as June, New Owner Glenn Straub Says<\/title>\n<meta name=\"description\" content=\"The Revel Casino in Atlantic City is looking at a June reopening with a name change, says new owner Glenn Straub\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/revel-casino-to-reopen-in-atlantic-city-under-new-name\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revel Casino in Atlantic City Could Reopen Under New Name as Soon as June, New Owner Glenn Straub Says\" \/>\n<meta property=\"og:description\" content=\"The Revel Casino in Atlantic City is looking at a June reopening with a name change, says new owner Glenn Straub\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/revel-casino-to-reopen-in-atlantic-city-under-new-name\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2016-03-05T00:30:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2016-03-04T18:40:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/03\/Revel-Pearl-Casino-reopening.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"384\" \/>\n\t<meta property=\"og:image:height\" content=\"512\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/revel-casino-to-reopen-in-atlantic-city-under-new-name\/\",\"url\":\"https:\/\/www.casino.org\/news\/revel-casino-to-reopen-in-atlantic-city-under-new-name\/\",\"name\":\"Revel Casino in Atlantic City Could Reopen Under New Name as Soon as June, New Owner Glenn Straub Says\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-casino-to-reopen-in-atlantic-city-under-new-name\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-casino-to-reopen-in-atlantic-city-under-new-name\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/03\/Revel-Pearl-Casino-reopening.jpg\",\"datePublished\":\"2016-03-05T00:30:23+00:00\",\"dateModified\":\"2016-03-04T18:40:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"The Revel Casino in Atlantic City is looking at a June reopening with a name change, says new owner Glenn Straub\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/revel-casino-to-reopen-in-atlantic-city-under-new-name\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/revel-casino-to-reopen-in-atlantic-city-under-new-name\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/revel-casino-to-reopen-in-atlantic-city-under-new-name\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/03\/Revel-Pearl-Casino-reopening.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2016\/03\/Revel-Pearl-Casino-reopening.jpg\",\"width\":384,\"height\":512,\"caption\":\"The \u201cRevel Pearl\u201d briefly lit up over the shuttered Revel casino resort this week, symbolizing the return of full power to the building, which will ultimately get a new name. 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