A petition has been filed with the Division of Gaming Enforcement for approval of an agreement between ACH, formerly known as the Atlantic City Hilton, and its lenders which seeks to resolve matters related to its foreclosure and allow ACH to continue operation.
Under 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.
The 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.
The 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.
