Resorts opened May 26, 1978 and was Atlantic City’s first casino. In recent years, the property has been struggling somewhat financially. Dennis Gomes, an Atlantic City casino veteran, teamed up with current owner Morris Bailey to buy the casino in December 2010 for $31.5 million after the previous owners defaulted on the mortgage and let lenders take over the casino. They then rebranded the property to give it its current Roaring ’20s theme.
Gomes passed away in February of this year and Resorts management has been having some problems ever since. Resorts officials hope that their new partnership with Mohegan Sun will help turn things around and get the casino where it should be financially.
Mohegan Sun likely will have to go through the New Jersey’s casino licensing process, including in-depth background checks of its executives and finances.