Former casino executive and investigator for the New Jersey Division of Gaming, Dennis C. Gomes vowed to bring Atlantic City back to life despite the “doom and gloom” surrounding the historic casino market and will start with Resorts Atlantic City.
More than 30 years after participating in making Resorts Atlantic City the first gaming venue to open outside of Nevada in 1978, Gomes has reached an agreement to purchase the struggling casino resort.
While terms of the deal were not disclosed the sale is pending regulatory approval, however with a history of managing more than 14 gaming properties, working with the state’s casino control commission and being a driving force behind the task force aimed at revitalizing Atlantic City, approval is expected to be granted without opposition.
“This is a very positive development for Atlantic City,” commented Linda M. Kassekert, Chairman of the New Jersey Casino Commission.
The multi-tower hotel with 100,000 square feet of gambling space was taken over by Credit Suisse Group AG in December after Colony Capital defaulted on the $360 million loan and has been kept running through the management of Nicholas Ribis, who owned a 5% stake in the property.
“I believe in this property,” said Gomes.
Gomes Gaming, Inc. plans to return the Resorts Casino Hotel to profitability and its historic role of prominence in the Atlantic City market said the press release.
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