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The Casino Control Commission released documents Wednesday outlining the financial condition of Resorts Atlantic City. Over the past two years the gaming company has struggled to compete with neighboring casinos, by refurbishing the facility, updating gambling equipment and achieving cost savings, but can not continue to operate.
Resorts Atlantic City was the first U.S. casino to open outside of Nevada 31 years ago in May of 1978.
The company’s financials show a 78.7 percent decline in gross operating profits coming in at $700 thousand and an unpaid mortgage note of $381 million that has been outstanding since October 2008.
“The company has incurred recurring net losses, is in default of its loan agreements and has a net working capital deficiency,” Resorts wrote in its quarterly financial report.
The commission is expected to approve a deal allowing the resort to transfer ownership to its lenders, on Thursday.
Co-owners Colony Capital LLC will give up its interest in the casino to partner Nicholas Ribis, who will manage the casino and own the gambling equipment. The lenders have formed a new corporation, RAC Atlantic City Holdings LLC and are expected to receive a gaming license at the time of transfer.
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