Colony Capital bought the properties seven years ago as part of a $1.24 billion deal that included the Atlantic City Hilton and Harrah’s East Chicago. The Atlantic City Hilton, now ACH, was in danger of foreclosure, but Colony came to a deal with its lenders that would allow them to continue to operate the New Jersey property, as long as they gave up the two Tunica properties.

“Our immediate focus will be to keep the property operations as is, and once the transaction is complete, begin the process of compiling our operating plan for the coming year, which will look to build on the core business that is in place and to develop the potential we see in these two properties,” said  chief operations and marketing officer for Foundation Gaming Les McMackin.

The deal has yet to be approved by Colony’s lenders, but it is expected to be finalized by the end of the month.

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