CITY, Oct. 31 /AP Financial/ - Sun International Hotels Inc.
has sold Resorts
Atlantic City Casino for $140 million to a real estate
Los Angeles-based fund, Colony Capital LLC, and Nicholas Ribis,
a former president and chief executive of Trump
Hotels & Casino Resorts, announced the deal October 30.
The sale also includes a $40 million option to buy about 10
acres of undeveloped land next to the casino. The deal is
expected to be finalized sometime this winter.
will serve as the casino's chief executive, and current Resorts
President Audrey Oswell is expected to continue as chief operating
officials declined to comment on the sale Monday. The company
bought Resorts, the city's first casino, in 1996 and had poured
$50 million into renovations.
Colony spokesman said the company has no immediate plans to
expand Resorts. "Colony is clearly interested in gaming
properties, so this is an investment opportunity they decide
to pursue,'' Owen Blicksilver, a Colony spokesman, told The
Press of Atlantic City for Tuesday's editions.
has about $6 billion in four funds, one of which has a controlling
interest in Harvey's Casino Resorts, based in Lake Tahoe.