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Nevada Casino Operator Buys Atlantic City Casino-Hotel29 March 2001ATLANTIC CITY, New Jersey –– As reported by the Associated Press: "…Colony Capital LLC, a private investment firm with $6 billion in assets, won regulatory approval Wednesday to buy Resorts Atlantic City for $140 million. Colony also owns Lake Tahoe-based Harveys Casino Resorts. "The state Casino Control Commission voted 4-0 to grant a temporary casino license to Colony Capital and its chairman, Thomas J. Barrack Jr., allowing the sale of the 133-year-old Boardwalk landmark. "…Unfazed by the casino's struggles under current owner Sun International, Barrack is counting on former Trump Hotels CEO Nicholas Ribis and Resorts President Audrey Oswell to help resurrect Resorts' fortunes. "He told regulators he believes Resorts can effectively compete with the other casinos by stressing its history and its elegance -- `a return to classics,' he said -- and by bolstering the confidence of the 2,800-employee work force. "…Ribis, 55, who left Trump's organization last June, will be directly competing against his former employer in his new role as vice chairman of the Resorts operating committee. "He downplayed any rivalry Wednesday. `I had a great run with Mr. Trump. He's a great guy. He's still my friend.' |