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Atlantic City Resorts' $40 Million Deal Approved

18 March 2004

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Resorts Atlantic City won regulatory approval Wednesday for a $40 million financing that will buy 10 acres next door.

"The land, once home to the Chalfonte Hotel, includes a five-acre block with 305 feet of Boardwalk frontage now leased for parking.

"General Counsel Nicholas Amato gave members of the Casino Control Commission no idea of what Resorts will do with the parcel. Vice Chairman Nicholas Ribis in January hinted of 'exciting' plans for a major project that would be disclosed by July.

"…Resorts will fund the purchase through a five-year note to the seller, former Resorts owner Kerzner International Ltd. (formerly Sun International). Resorts now leases the land from Kerzner…"

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