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Atlantic City Resorts Unpacks its Hotel Plans

25 February 2002

ATLANTIC CITY -- As reported by the Pressplus of Atlantic City: ``In perhaps the clearest sign yet that the local casino industry has recovered from Sept. 11, Resorts Atlantic City will proceed with its $125 million hotel expansion.

``Resorts had indefinitely postponed the project in late October, citing bad financial markets after the terrorist attacks. The project never broke ground.

```The high-yield markets have improved dramatically since Sept. 11 and our investment banker, Merrill Lynch, is confident, along with us, that this would be a good time to do a funding,' Resorts Vice Chairman Nicholas Ribis said Friday.

``...Resorts intends to demolish its North Tower, which has 166 substandard, motel-style rooms, to make room for an elegant hotel tower. For about 20 months, Resorts would be 22 rooms shy of the minimum.

``...Resorts said it intends to begin razing the North Tower on May 20. The new tower should be open in February 2004, the casino said.

``...Ribis said Colony never lost confidence in the city's future, despite its decision to postpone Resorts' expansion..."

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