TEN Atlantic City Launches Online Play Money Website, but Resort Remains Closed
Posted on: March 29, 2017, 11:00h.
Last updated on: March 29, 2017, 07:46h.
TEN Atlantic City is officially open for business, but there was no grand welcoming party for the resort that’s been closed since September of 2014. That’s because the actual property, formerly known as Revel, isn’t really back in operation.
While the 47-story Boardwalk property remains dark as owner Glenn Straub continues to fight state regulators for the appropriate licenses and permits, TEN Atlantic City has launched an online play money gaming site. The platform (play.tenacnj.com) debuted this week with slots and table games, but real cash winnings aren’t at stake.
Users are allocated free credits to play with when they create an account. Should they lose all their virtual “money,” their bankroll is reloaded the following day. If one simply can’t wait 24 hours to continue losing play money, they can spend their real cold-hard cash by purchasing additional credits.
$7,000 in virtual credits goes for $4.90, while the fun money high roller can shell out $199 for a $900,000 bankroll.
The Press of Atlantic City caught up with Straub this week who said he was unaware that the online site went live.
TEN Thousand Problems
Two years ago, Straub purchased the former Revel in bankruptcy court for the deeply discounted price of just $82 million, a substantial cut from the property’s original owners who dumped $2.4 billion into building the 1,399-room resort. But over the last 24 months, the Florida-based developer has learned of the difficulties in doing business in Atlantic City.
State and local government agencies including the Casino Control Commission, Division of Gaming Enforcement, and Casino Reinvestment Development Authority all have a hand in trying to stabilize, and ideally revitalizing, Atlantic City. However, the layers of bureaucracy have clouded the process of buying and reopening a casino.
Straub has been in the process of adding new amenities to TEN, such as bicycle and ropes endurance courses. Changes to the resort’s blueprint have led to the requirement of new traffic and pedestrian approvals from the state.
Straub also believes he shouldn’t have to directly obtain a gaming license from the state, as he plans to lease the gaming floor’s operations to a third-party. He also doesn’t believe he should have to cooperate in the PILOT program (payment in lieu of property taxes) that the other remaining casinos participate in.
“They don’t know how to not rape you,” Straub told the Associated Press of New Jersey officials. He says to do business in the Garden State, one must “take all your clothes off” and allow the state to take full advantage.
Hard Rock Considered TEN
In the beginning of March, Hard Rock International, owned by the Seminole Tribe of Florida, agreed to purchase the former Trump Taj Mahal from billionaire and current White House informal economic advisor Carl Icahn.
But before Hard Rock looked at the Taj, the company said it expressed interest in buying Straub’s TEN. Straub denies any such talks took place, but admits many entities have made offers since he acquired the resort.
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