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Resorts Atlantic City gets new owner

ATLANTIC CITY, New Jersey -- Atlantic City's oldest casino is set to get a new owner, according to the Philadelphia Inquirer.

Resorts Atlantic City, which has not made a payment on its $360 million mortgage since October 2008, will be controlled by its lenders.

A deal was reached last month where the lenders agreed to cancel nearly $381 million in debt, according to the Inquirer.

Resorts is the first casino in Atlantic City to be taken over by a lender.

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