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Resorts to Develop Adjacent Site

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Five months away from completing a $115 million hotel expansion, Resorts Atlantic City is developing plans for another major project next door.

"The casino on Friday agreed to buy a 12-acre site it now leases for surface parking, Resorts officials said Wednesday. They did not reveal the price, but previous securities filings disclosed a $40 million agreement.

"'We're planning something next door that I'm excited about but can't talk about now,' Nicholas Ribis, Resorts' vice chairman and minority owner, testified before the Casino Control Com-mission.

"…Resorts and site owner Kerzner International (Resorts' previous owner) expect to complete the sale within two weeks, pending commission approval…"

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