N.J.‘s first casino to turn over keys to lenders
Published: November 19, 2009
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.
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Reader Reactions
Why don’t they just close the casino and make the investors who made a bad business decision handle the debt ?
theppostman,
Better still, become a Wall Street Money Changer. You immediately become filthy rich and the government cleans up any stinky mess you make.
Banks owning casinos, is bad -
Government owning banks is bad
govenment shouldn’t “own” anything, they can’t run themselves; yet they are going to run healthcare, banks, and now casinos - they killed social security with fradulant siphoning of fund to pay for their own glutenous ways and now, as a citizen of the United states, I am regarded as “the problem” I pay my bills on time and my interest rates go up. I should stop paying my bills for a few months and stop spending money. Then I can get fired, go on unemployment, get assistance, food stamps, free money for 6 months and rent my house back to myself. I can then start a business that makes negative money on paper by getting paid in cash, and get a credit on my taxes that I don’t have to file because I lost money! I love this country.
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