NJ's 1st casino to turn over keys to lenders
November 19, 2009 10:27 AM
ATLANTIC CITY, N.J. -- America's first casino to open outside Nevada is expected to hand itself over to its lenders Thursday because it can't pay the mortgage.
Resorts Atlantic City in New Jersey hammered out a deal with its lenders to let them own the casino in return for canceling nearly $381 million in debt.
The lenders, including Wells Fargo, have formed a new corporation, RAC Atlantic City Holdings LLC. It is expected to be approved Thursday afternoon as the casino's new owners, and could receive a casino license on the spot.
The deal would close in about a week.
(Copyright 2009 by The Associated Press. All Rights Reserved.)
