Gaming News

Resorts Atlantic City risking foreclosure

ATLANTIC CITY, New Jersey -- As reported by The Wall Street Journal: "Atlantic City's oldest casino hotel, Resorts Casino Hotel, now risks foreclosure, highlighting how New Jersey's flailing gambling industry is coming under increasing strain.

"On Thursday, Column Financial, a commercial lending subsidiary of Credit Suisse Group, filed a petition with the New Jersey Casino Control Commission seeking to begin foreclosure proceedings against the property, or take ownership of it. According to the petition, the casino hasn't paid its mortgage since October.

"The state, which licenses and regulates casinos, must approve the lenders' efforts to foreclose on the property. State regulators will review the petition and put it on the agenda for a future meeting, said New Jersey Casino Control Commission spokesman Daniel Heneghan.

"Resorts opened in 1978, and was the first casino to start operating after Atlantic City's decision two years earlier to try to reinvent itself as an East Coast gambling hub. It was built on the site of a historic 1868 hotel, and was once owned by television personality Merv Griffin. It has 942 hotel rooms and a 99,951-square-foot casino floor..."

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