- Glenn Straub’s refusal to pay the accumulated debt causes judge to place a lien on his TEN Casino
- Recent developments indicate that Straub might be looking to sell the Atlantic City property in a near future
Glenn Straub, the owner of the Atlantic City TEN Casino, has been delivered some bad news by Julio Mendez, a Superior Court Judge, who decided to place the property under a lien for unpaid CRDA debt in the amount of $62,000.
The debt has been accumulating since 2015, when Straub took a position that he should be exempt from CRDA because the Casino Control Commission (CCC) wouldn’t allow him to reopen the casino. Sticking to his guns, Straub went on to sue the state agency, but it seems the courts don’t agree with his position.
Standing his ground
The Florida developer has repeatedly refused to pay the so-called SID money, which CRDA uses to improve the safety and cleanliness of the city. Straub is also convinced that he doesn’t need a gambling license for his property, as he plans to lease it to a third party. However, according to New Jersey laws, the company that owns a gambling establishment must have a valid casino license.
Back in 2015, Glenn Straub bought the former Revel Casino Hotel for an extremely low price. His battle has been ongoing since then, as his views on ’embellishing’ the city don’t agree with those of the authorities. Namely, the developer believes that the best way to improve the city is to reopen the shuttered businesses and restore the former glory of Atlantic City.
And, while Straub maintains that his position is mostly provoked by the state’s unfavorable stance to businesses, there are those who see this only as an excuse to avoid paying anything he possibly can.
Atlantic City struggle continues
In the light of the recent developments and the fact Straub refuses to open TEN for business as just a hotel, the rumors have been spreading that he will probably be looking to sell the property in the near future. New Jersey Governor Christie believes this would probably in the best interest of all parties involved, as he believes Straub isn’t capable of delivering on his promises.
The TEN episode is just another chapter in the story of Atlantic City struggle over the recent years. Once a major gambling hub in the United States, the city has been through a rough patch that saw a number of iconic casinos close their doors for good.
This year, however, things have finally started to take the turn for the better, as casinos in Atlantic City have been reporting significantly increased profits in relation to the last year. The total year-on-year growth for the first quarter of 2017 was 30.4%, finally showing some much needed positive trends.
Surprisingly enough, it seems that regulated online gambling, the prospect which many land-based operators dreaded, actually helped the industry start to recover. Lately, online gambling in the state has often been referred to as an “eighth casino,” in addition to the still functioning seven land-based venues.
Whether TEN will find its place in the grand scheme of things remains to be seen. Be it with Straub or someone else in the driving seat, people of Atlantic City could benefit from another casino venue, if the owners are able to set the things properly and have the right vision.