Veteran gaming executive Dennis Gomes is set to receive an approval this week from New Jersey Casino Control Commission for his proposal to acquire Resorts Atlantic City. Market observers mentioned Mr. Gomes is fearlessly taking the challenge to do what a number of other well-known gaming, entertainment, and Genuine Estate specialists failed to achieve in the previous many years: to lead the oldest casino in Atlantic City into a turnaround.


Mr. Gomes is partnering with Morris Bailey, the New York home mogul, to buy the troubled New Jersey-based mostly casino for about $35 million. They aim to buy the gaming house from a consortium of lenders headed by Wells Fargo Bank. Resorts Atlantic City was taken over by the group of lenders in December final yr following its former operator Colony Capital LLC, which purchased the casino in 2001 for $140 million, failed to repay a $360 million mortgage and was dragged to foreclosure.

Mr. Gomes mentioned Resorts Atlantic City is set to cease operations if it would not be purchased by him. He disclosed several ideas he holds for his probably new acquisition. The title would be retained, but it would be subjected to a rebranding scheme. The new management would also reduce expenses considerably by trimming salaries of current employees, who intend to keep their jobs. A lot more particulars of such plans are set to be disclosed when Mr. Gomes faces the Casino Control Commission of the state.

The Casino Control Commission is a five-member panel. It functions as the main regulatory physique that oversees the $3.9 billion casino market of Atlantic City in New Jersey. The commission is anticipated to instantaneously approve the proposed ownership switch.

Resorts Atlantic City had dismal monetary outcomes in the past months. link alternatif 7meter The casino residence has, so far, incurred a reduction of $13.7 million from January to September. The company's revenue has declined by 18.two%, which is, so far, the steepest revenue drop incurred by all eleven gaming halls in the city.

The former proprietor of Resorts, Colony Capital LLC, is headed by market mogul Tom Barrack, who was when tagged as the ‘Greatest Genuine Estate Investor of the World' by no less than the prestigious Fortune Magazine. Mr. Barrack and his company walked out from their all round investments in the casino in the course of the loan company takeover. Resorts Atlantic City has had many owners in the past.

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