Gaming News

Resorts CEO hopes to save casino

ATLANTIC CITY, New Jersey -- As reported by The Press of Atlantic City: "Nick Ribis, a gaming executive known for his fiery and combative personality, is starting to sound like the captain who vowed never to give up his stricken ship. He has no intentions of surrendering ownership of his casino.

"He hopes to save Resorts Atlantic City from lenders who are threatening to foreclose on the city's oldest casino after it defaulted on a $360 million mortgage.

"'Just because things get difficult doesn't mean you walk away,' Ribis, vice chairman and chief executive officer of Resorts, said in an interview with The Press of Atlantic City.

"To pull this one off, Ribis may have to call upon the dealmaking skills he honed about 20 years ago while helping his former boss, Donald Trump, salvage his shaky casino empire when banks and bondholders were demanding their money.

"Ribis somehow has to come up with the cash to satisfy a group of Resorts' lenders led by Column Financial Inc. But Resorts' 2009 budget does not include money to resume making interest payments on the Column mortgage..."

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