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.
If you’re a fan of the CBS reality television series, The Amazing Race, here is some amazing news. Resorts will offer visitors to Atlantic City a chance to be a contestant on the show on Wednesday, Sept. 29.
When folks in Atlantic City talk about a trip to the White House, they are not talking about a trip to D.C., they are talking about the fabulous sub shop. Now it has been announced that the White House will open a new location at the Trump Taj Mahal next spring. Go 
The Hilton has announced that the Dick Cheney event scheduled for Sept. 18 has been postponed to a later date.
Gomes did not name a price or disclose any financial details of the deal, which was made with RAC Atlantic City Holdings LLC through Gomes Gaming Inc.
Trump Entertainment has teamed up with Geico Racing to host the Offshore Powerboat Association (OPA) “Lightning on the Water” race on Sunday, Sept. 19. The event is free and open to the public. “Lightning on the Water” is hoping to become not only a fixture on the annual summer race card, but the featured event of the series. Go 
