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Veteran gaming executive Dennis Gomes is set to receive an approval this week from New Jersey Casino Manage Commission for his proposal to acquire Resorts Atlantic City. Marketplace observers stated Mr. Gomes is fearlessly taking the challenge to do what a number of other popular gaming, enjoyment, and Real Estate specialists failed to accomplish in the past years: to lead the oldest casino in Atlantic City into a turnaround.
Mr. Gomes is partnering with Morris Bailey, the New York house mogul, to obtain the troubled New Jersey-based casino for about $35 million. They aim to buy the gaming home from a consortium of lenders headed by Wells Fargo Bank. Resorts Atlantic City was taken above by the group of lenders in December last year after its former operator Colony Capital LLC, which purchased the casino in 2001 for $140 million, failed to repay a $360 million home loan and was dragged to foreclosure.
Mr. Gomes stated Resorts Atlantic City is set to cease operations if it would not be purchased by him. He disclosed numerous programs he holds for his potentially new acquisition. Dewavegas login The name would be retained, but it would be subjected to a rebranding scheme. The new management would also cut costs significantly by trimming salaries of existing staff, who intend to maintain their jobs. More specifics of such programs are set to be disclosed when Mr. Gomes faces the Casino Manage Commission of the state.
The Casino Handle Commission is a five-member panel. It functions as the primary regulatory entire body that oversees the $three.9 billion casino industry of Atlantic City in New Jersey. The commission is expected to instantly approve the proposed ownership switch.
Resorts Atlantic City had dismal monetary results in the previous months. The casino home has, so far, incurred a reduction of $13.seven million from January to September. The company's revenue has declined by 18.2%, which is, so far, the steepest revenue drop incurred by all 11 gaming halls in the city.
The former owner of Resorts, Colony Capital LLC, is headed by industry mogul Tom Barrack, who was as soon as tagged as the ‘Greatest Actual Estate Investor of the World' by no less than the prestigious Fortune Magazine. http://the-avenir-condominiums.com/if-you-would-like-new-bingo-sites/ Mr. Barrack and his company walked out from their overall investments in the casino in the course of the loan provider takeover. Resorts Atlantic City has had several owners in the past.
For much more Real Estate news and developments, visit ForeclosureConnections.com.
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