Resorts Atlantic City Faces Foreclosure Threat
Looks like Atlantic City's oldest casino hotel, Resorts Casino Hotel, now risks foreclosure, highlighting how New Jersey's flailing gambling industry.
On Thursday, Column Financial, a commercial lending subsidiary of Credit Suisse Group, filed a petition with the New Jersey Casino Control Commission seeking to begin foreclosure proceedings against the property, or take ownership of it. According to the petition, the casino hasn't paid its mortgage since October.
The state, which licenses and regulates casinos, must approve the lenders' efforts to foreclose on the property. State regulators will review the petition and put it on the agenda for a future meeting, said New Jersey Casino Control Commission spokesman Daniel Heneghan.
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Posted by Jay Brewer at January 23, 2009 9:22 AM
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