ATLANTIC CITY — On a scale of one to 10, Glenn Straub and the rest of his management team at the shuttered Revel Casino Hotel are giving themselves a TEN.
That’s the new name for the more than 6 million-square-foot property, which has been closed since 2014. The newly rebranded property is expected to open during the first quarter of 2017, according to a release from the resort’s management group.
The new name depicts the highest standard of achievement and is recognized as the benchmark of quality and excellence, according to the management team. Previously, Straub had offered $10,000 to anyone who could come up with the new name for Revel. There was no word if the money would be given to someone.
“In many ways, TEN is about a resurgence and commitment to the virtues of Atlantic City as a vintage East Coast destination while boldly redefining entertainment in today’s society,” Robert Landino, CEO of TEN, said in a statement Monday. “TEN joined with our infinity logo represents our mission to provide the highest-rated amenities and our daily endeavor to offer an infinitely perfect escape for our guests, families and businesses.”
The property will be run by Landino, an engineer and developer from Connecticut, and Alan Greenstein, a former chief financial officer at Revel. While in his role at the former Revel, Greenstein spent five years in the pre-opening planning phase and two years in operations. Revel closed two years after it opened.
“I am keenly aware of what systems and strategic business processes are needed to make TEN a success internally and externally,” Greenstein said. “I know what works and what did not, and would not have returned if not for TEN’s strong forecasted financial model and all-star executive team. It is the most spectacular resort that I have seen in my career, and I am determined to make it a success.”
Since the concept of Revel was first discussed, it has been beset with issues. The property’s original opening was delayed and didn’t live up to state and local officials’ expectations of it being a game-changer for the city.
“Rebranding a property is always a challenge, especially in the case of the former Revel, which opened under a unique set of circumstances,” said Robert Ambrose, an instructor at the Center for Hospitality and Sport Management at Drexel University. “Revel will be a classic case study in hospitality for years to come.”
Rebranding a property is a way of giving it a new image, said Rummy Pandit, executive director of the Lloyd D. Levenson Institute of Gaming, Hospitality and Tourism at Stockton University.
“When you rebrand a property, you are starting from scratch in a way,” Pandit said. “You are always going to have an issue with some people knowing it by its previous name, but that isn’t always a bad thing, because there is at least some awareness of you existing in the market place. One of the challenges with rebranding is that you have to clearly develop and target market segments all over again.”
The property features 13 restaurants, a 32,000-square-foot spa, 55,000 square feet of retail space and a parking garage with more than 7,000 spaces.
“A rebrand can work using product diversity, clever marketing concepts and the support of the customer base they will be targeting,” Ambrose said. “Atlantic City is a city in transition, still learning from the success and failure of past outcomes. Many of these expensive private initiatives will depend on the collective success of the city.”
Since purchasing the resort in April 2015 for $82 million from a bankruptcy court, Straub has served as de facto spokesman for the site, but he is noticeably absent from the statement about the rebranding of the property.
Straub had previously claimed the former megaresort was ready to open June 15, despite the company lacking several key permits.
Over the past couple of weeks, Straub has said agencies like the Casino Reinvestment Development Authority are holding up the reopening of the facility.
“TEN is a Las Vegas-quality resort directly on the beach. The name will get you in the door,” Greenstein said. “The experience will keep you coming back.”
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