Winners, Losers in Atlantic City
When we came across the words "Win/Loss Statement" on the Resorts Atlantic City casino Web site today, we thought it an extraordinary admission of candor. After all, "Column Financial, a commercial mortgage subsidiary of Credit Suisse, filed a petition [today] with the state Casino Control Commission asking permission to foreclose on the casino, which has not paid its mortgage since October," according to the AP. (The "Win/Loss" button is for the casino's patrons to keep from running afoul of the Internal Revenue Service.)
"Resorts said in a filing with state regulators," again according to AP, "that it was unable to make its November payment on a $10 million loan that is backed by a $360 million mortgage on the property, 'due to the extreme impact of the current economic conditions'."
As of this afternoon, the casino will stay open, according to Column (a subsidiary of Credit Suisse), although it wants Resorts' owners to either get square on the mortgage or surrender the casino's title.
That casino, by the way, was Atlantic City's first, opening in 1978.
By Scott Vogel |
January 22, 2009; 3:05 PM ET
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