The first casino to open in Atlantic City is gambling a transfer of ownership to the mortgage holders may bring viability back to the historic gambling venue.

Resorts Atlantic City opened thirty-one years ago because the first to function following the change in New Jersey law allowing casino gambling. Now, facing foreclosure as earnings plummet, Resorts owners are arranging an unprecedented deal in Jersey gaming by trying to trade the title to the casino to fulfill claims against it.

Both sides have agreed to the deal, which might give ownership to a consortium of lenders, who're forming an organization to run the casino. Colony Capital would surrender all interests within the gambling venue, while partner Nicholas Ribis would stay on as manager, and retain his ownership of the gaming equipment utilized by the casino.

The New Jersey Gaming Control Commission should approve the deal. At question whether the brand new corporation will want a new gaming license, or whether Atlantic City regulators will accept the prevailing license as adequate.

Resorts is thought of as something of a relic, says Atlantic City resident Joe Snead.

"Resorts doesn't have the large capacity one of the crucial modernized casinos do, but it is also historic," says Snead. "Hopefully, whatever happens with the ownership won't change the casino. It is a symbol of Atlantic City's past."

Resorts revenues are off 22 percent from last year, Amazingly enough, the casino actually ranks eighth out of the eleven Jersey casinos in revenue.

Published on August 14, 2009 by JulieWong

Read More... [Source: Atlantic City Casino News]