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Groundbreaking Atlantic City Casino Facing Foreclosure
ATLANTIC CITY, NEW JERSEY --
Resorts Atlantic City, the first casino to open after the city legalized gambling in 1977, may be foreclosed on after operators have fallen behind on the mortgage. If the lenders succeed in taking the casino for missed mortgage payments, it will mark the first time a casino in the state has been foreclosed.
Resorts has not made a mortgage payment since November. Column Financial is the primary lender to whom the balance of the $360 million mortgage is due. As of Wednesday, Column has the permission of the New Jersey Casino Control Commission to start foreclosure.
However, the regulators also told Column representatives they would need to obtain a gaming license should they wish to operate the casino. Resorts CEO Nicholas Ribis sees a light of hope there, and says he will try to negotiate a restructuring of the debt that works out well for both Resorts and Column.
"We have no intention to file for bankruptcy," Ribis told the Press of Atlantic City. "We intend to negotiate an agreement with our lenders that's good for the lenders and the owners."
For now, the casino will continue to operate, with no difference detectable on the gaming floor. Resorts will set aside an agreed $15 million to run operations, and gambling will continue while efforts are made to save an Atlantic City legend.
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