Straub offered lifeline for opening TEN casino by Lesniak

0
36

New Jersey Senator Ray Lesniak has introduced a new legislation that would reportedly make it easier to open Atlantic City’s TEN Casino, a short time after its owner Glenn Straub was told by the New Jersey Casino Control Commission (NJCCC) that he would need a New Jersey license before he is allowed to launch the property. According to the proposed state senate bill S3001, hotel owners in Atlantic City will be allowed to lease portions of their hotels to casino operators if “certain circumstances” are met.

Back in 2015, Straub bought the former $2.4 billion Revel Casino through a bankruptcy court for $82 million. The casino hotel was rebranded as TEN Casino this September and former executives from the Trump Taj Mahal were hired to help run the 6-million square feet property.

However, a week before the Gaming Enforcement Division filed a report to the NJCCC on Straub’s suitability for licensure, Straub’s company filed a petition asking for a ruling that his company didn’t need a license and later a court action to require of the NJCCC to decide on whether he needs a license, which the Commission did a week ago.  He contended that since the casino will be leased to a third party, why was he asked for a license, to which the Commission responded by ruling that it was according to the law. Straub then said that his company would appeal the decision.

However, according to the new bill, which doesn’t have a hearing date, for now, Straub will not be required to get a casino license if he is leasing his casino operations to a third party. According to Lesniak, it made no sense to make a landlord undergo the same long review process that casino operators would, thus creating an obstacle for the opening and development of business operations and employment.

Straub offered lifeline for opening TEN casino by Lesniak was last modified: February 8th, 2017 by Alex Lanter