December 7th, 2010 – by Glen Farmer
On Monday, the sale of Resorts Atlantic City was finalized. This casino, which was the first to be built outside of Nevada, has now changed hands.
Over a year ago, lenders had taken control of Resorts Atlantic City due to a lack of payments made by the former owners.
Dennis Gomes, a reputed casino executive, and Morris Bailey, a real estate developer from New York, had dropped $31.5 million dollars in order to take over the casino.
The casino is set to be redesigned with a new theme, branding the casino in a 20’s style theme. The duo is set to build upon the popularity of “Boardwalk Empire,” the latest best seller from HBO surrounding Atlantic City in the era of alcohol Prohibition.
The rebranding is expected to take effect sometime around New Year’s Eve, and the casino is likely to experience its grand reopening during Memorial Day weekend.
Resorts Atlantic City will continue to operate, but the region has been experiencing financial hardship. Revenue in each of the casinos has been experiencing free falls. Competition from the surrounding region has helped drive revenue down. The renewed casino is expected to show more success than its forebear.