Resorts Price $35 Million
Thursday, September 2nd, 2010Some more information has come out about Dennis Gomes plans to purchase Resorts Casino, including how much the city’s oldest casino costs in today’s market.
Gomes and his partner, Morris Bailey, a New York real-estate developer, are buying to property for a bargain basement $35 million.
Consider that just three years ago Resorts refinanced for $360 million in loans.
Bailey’s partnership with Gomes was also disclosed for the first time Wednesday.
Bailey, who grew up in Atlantic City told The Wall Street Journal:
“I think there’s a point in time when it’s time to go in, and now is the time,” Mr. Bailey said “Atlantic City will be able to re-create itself now. Will it ever get back to its peak in gaming? Probably not. But based on the value structure, the economics are better now than they ever were.”
For the Journal’s story go here.
To read AC Weekly’s recent interview with Gomes, go here.
![jim in kitchen BLOG[1] St. George's Pub owner Jim Fowler in his new environmentally friendly kitchen.](http://blogs.atlanticcityweekly.com/ac-central/files/2010/09/jim-in-kitchen-BLOG1.jpg)
As Hurricane Earl moves toward the East Coast of the United States, the Federal Emergency Management Agency (FEMA) is taking aggressive actions to prepare for the storm and is coordinating closely with state and local officials along the East Coast to help support their response as needed. FEMA is also encouraging all East Coast residents to take steps now to prepare for possible severe weather in the coming days.


Many attendees wore “Save the Meadowlands” T-shirts and it was clear the horse racing industry was widely supported (we suspect a bus trip from the north, but we can’t prove it).