CITY – A petition has been filed today
with the Division of Gaming Enforcement for
approval of an agreement between ACH and its
lenders which seeks to resolve matters related
to its foreclosure and allow ACH to continue
agreement culminates a long period of uncertainty
for ACH employees and the City of Atlantic
City,” said Acting Director David
Rebuck. “We are pleased with the efforts
of all the parties in reaching this agreement
aimed at allowing the casino to sustain
its high level of operations while maintaining
the hundreds of jobs of persons employed
the agreement, Colony Investors, a guarantor
of the ACH loan, and the lenders of ACH
are both contributing funds to provide cash
support to ACH. Through its parent company
Resorts International Holdings, LLC (RIH),
ACH is affiliated with two Mississippi casino
properties, Bally's Tunica and Resorts Tunica.
RIH has agreed that the lenders may foreclose
on RIH's interests in the Mississippi properties.
Division has been closely monitoring the
financial situation at ACH since the loan
default and has been actively engaged with
the parties as they sought to reach a resolution.
Division plans to file its response to the
petition early next week. This matter will
be heard at the Casino Control Commission’s
regular monthly meeting scheduled for November
16, 2011. At that time the Division will
present its case regarding the continued
financial stability of ACH.