Takeover nears for Resorts Atlantic City

Oct 13, 2009 1:58 AM
Industry Insider by Ray Poirier |

Full licensing for bondholders seems to be the final action needed for a new company to take over financially-strapped Resorts Atlantic City.

The property, the first casino built in the U.S. outside Nevada, is owned by Colony Capital LLC, which has gaming interests in several jurisdictions including Nevada at the Las Vegas Hilton Hotel/Casino, and partners.

Under a takeover plan, Colony Capital would give up its interest in the casino to co-owner Nicholas Ribis, who will manage the casino and continue to own some of the gambling equipment in Resorts.

The new company formed by the bondholders has been identified as RAC Atlantic City Holdings LLC. The company hopes to be licensed this week.

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