Court can’t transfer casino license to new Revel owner
ATLANTIC CITY (AP) — Another day, another difficulty for the new owner of Atlantic City's former Revel casino.
New Jersey's Division of Gaming Enforcement says Glenn Straub's Polo North Country Club cannot simply assume Revel's casino license in bankruptcy court. In a filing Monday, the casino regulators say Straub needs to be approved for his own license to operate a casino, adding he is not currently authorized to possess gambling equipment such as the slot machines still inside the building.
The state filing came as an objection to a motion in bankruptcy court for Polo North to assume certain contracts from Revel — which includes the shuttered casino's license.
"No transfer or assignment of any of the licenses, authorizations, approvals and certificates sought to be assumed and assigned by the Debtors' motion can be ordered by this court," the DGE wrote in its filing.
Owners of casinos in New Jersey have to apply for a license from the state Casino Control Commission, which decides whether to grant it after a lengthy background investigation by the gaming enforcement division. A gaming enforcement spokeswoman said recently that Straub had filed some of the materials needed to be considered for a license, but that his application was not yet complete. Agency officials were not immediately available for comment Monday.
The state says as soon as power is restored to the building, which is expected later this week, Straub must have an employee with a casino key employee license on premises to take responsibility for the gambling equipment and plans for keeping it secure.
Utility company ACR Energy Partners shut off service to the building on April 9 — two days after Straub took possession — in the absence of a contract for future service there. Last week, both sides agreed on a temporary two-week deal to re-power the building, with Straub paying $262,500.
The Florida developer bought Revel on April 7 for $82 million. He had hoped to have at least part of it reopened by the start of the summer season, but each successive delay is making that appear more unlikely.
Straub did not immediately respond to a request for comment Monday.
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