144 Views

TEN Atlantic City owner files lawsuit against New Jersey

Billionaire property developer Glenn Straub has reportedly filed a lawsuit against the state of New Jersey amid allegations that the coming annual tax bill for his shuttered TEN Atlantic City venue is over $3 million higher than it should be.

According to a report from The Press of Atlantic City newspaper, Straub filed the action with the Atlantic County Superior Court on October 14 and is arguing that the dormant Atlantic City property should be taxed as an empty building devoid of any business rather than as a working casino.

Previously known as the Revel Casino Hotel Atlantic City, TEN Atlantic City cost $2.4 billion to build in 2012 but it closed only two years later after filing for a second round of Chapter 11 bankruptcy protections. Straub spent $82 million to purchase the 6.3 million sq ft venue via his Polo North Country Club real estate vehicle in August of 2015 but has since struggled to re-open the 1,399-room Boardwalk property.

The newspaper explained that at issue is a controversial payment in lieu of tax (PILOT) arrangement that officials passed last November that seeks $120 million in collective 2017 compensation from all of Atlantic City’s casinos. It detailed that this scheme was reportedly designed to steady the city government’s often wildly-fluctuating tax collection base, which was one of the main reasons why its finances were taken over by the state almost two years ago.

As such, The Press of Atlantic City reported that Straub’s 2017 tax bill for TEN Atlantic City is currently expected to stand at more than $8.3 million but his lawsuit claims that the venue should be exempt from the PILOT scheme and have its charges lowered to around $5.1 million.

“It’s crazy,” Straub reportedly told the newspaper. “It’s not a casino because the state says we need a license. They are penalizing us millions and millions of dollars. The whole PILOT is like putting a Band-Aid over a seven-inch-deep cut.”

TEN Atlantic City owner files lawsuit against New Jersey was last modified: October 27th, 2017 by Adam Morgan


Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Latest Posts

New Bay 101 Casino opens in San Jose, CA
Poker
642 views
Poker
642 views

New Bay 101 Casino opens in San Jose, CA

admin - November 2, 2017

In California, after undergoing a $53 million expansion and relocation, the new Bay 101 Casino in San Jose that now calls North First Street home, had its…

Juergen Trager wins Delaware Poker Championship main event
Poker
440 views
Poker
440 views

Juergen Trager wins Delaware Poker Championship main event

admin - November 2, 2017

The seventh annual Delaware Poker Championship was held at the Dover Downs Hotel and Casino over the weekend and saw more than 1,500 players compete in nine…

Doors to Casino By Vanshaw locked amid ongoing dispute with landlord
Casino closures
371 views
Casino closures
371 views

Doors to Casino By Vanshaw locked amid ongoing dispute with landlord

admin - November 1, 2017

In Canada, a six-year-old rental dispute between casino operator Vanshaw Enterprises Limited and landlord Mayfield Investments Limited reportedly came to a head on Monday with the doors…

888poker’s XL Eclipse series begins this Sunday
Poker
321 views
Poker
321 views

888poker’s XL Eclipse series begins this Sunday

admin - October 30, 2017

On September 10th, 888poker will kick off the XL Eclipse, a much-anticipated online poker series set to offer a ton of poker gaming action. On the 10th,…

IGT’s Fort Knox on CrystalCurve now live at Sugar Creek Casino in OK
Latest Casino and Gambling News
334 views
Latest Casino and Gambling News
334 views

IGT’s Fort Knox on CrystalCurve now live at Sugar Creek Casino in OK

admin - October 27, 2017

The popular Fort Knox Video Slots by UK-based multinational gaming company, International Game Technology PLC (IGT) (NYSE: IGT), were recently introduced at the Wichita and Affiliated Tribes-owned…

XL Eclipse charity events raise over $40,000
Poker
582 views
Poker
582 views

XL Eclipse charity events raise over $40,000

admin - October 24, 2017

Over the past few days, 888poker has offered players a unique poker series in which to enjoy known as XL Eclipse. Within this tournament series, players had…

Ex Atlantic City casino to become a water park
Casino closures
496 views
Casino closures
496 views

Ex Atlantic City casino to become a water park

admin - October 15, 2017

The Atlantic Club, one of the first Atlantic City casinos to throw in the towel among the five who closed-up shop in 2014, is about to be…

Carl Icahn plans to sell the shuttered Trump Taj Mahal Casino in Atlantic City
Casino closures
492 views
Casino closures
492 views

Carl Icahn plans to sell the shuttered Trump Taj Mahal Casino in Atlantic City

admin - October 13, 2017

Billionaire business magnate and investor Carl Icahn (pictured) issued a statement on Monday indicating that his company, Trump Taj Mahal Associates, Inc, will sell the shuttered Trump…

Astra Games inks new distribution agreement with E-Systems
Gaming Industry News
340 views
Gaming Industry News
340 views

Astra Games inks new distribution agreement with E-Systems

admin - October 12, 2017

UK-based innovator and world-class gaming machine manufacturer, Astra Games, has renewed its distribution agreement with E-Systems GmbH, a German-based distributor of casino equipment. Under the terms of…

Cyprus to initiate first-ever gambling study
Latest Casino and Gambling News
533 views
Latest Casino and Gambling News
533 views

Cyprus to initiate first-ever gambling study

admin - October 12, 2017

The National Betting Authority (NBA) of Cyprus revealed on Monday that the island country in the Eastern Mediterranean will be conducting what will reportedly be its first…