Gomes Gaming, led by veteran casino industry regulator and executive Dennis Gomes, said it agreed to buy the struggling Resorts Casino Hotel in Atlantic City.
Resorts Casino, which operated under the ownership of Wells Fargo-affiliate RAC Atlantic City Holdings, was taken over by lenders in December 2009 after defaulting on $360 million in mortgage loans. The property has 942 rooms in two hotel towers, 100,000 square feet of gaming space and a 45,000-square-foot meeting and convention space.
Gomes has managed or worked as chief executive of 14 different gaming properties around the country, working for such prominent figures as Steve Wynn, Donald Trump and Barron Hilton. He was instrumental in helping turn around the Tropicana Casino and Resort and the Trump Taj Mahal, both located on the Atlantic City Boardwalk.
In 2008, Gomes and Manhattan-based JEMB Realty, entered negotiations to take over Trump Entertainment; however, those talks never materialized into a deal, before they filed for Chapter 11 bankruptcy protection in February 2009.
Gomes recently served on the Atlantic City Mayor’s Task Force to try and revive the struggling gaming business in the resort city. Gomes Gaming is based in Margate City, N.J., just outside Atlantic City.
Cantor Fitzgerald provided financial advice while Paul Faver of JB Real Estate Investment Group advised Gomes Gaming on the deal.
The agreement is pending approval of the New Jersey Casino Control Commission and other normal closing conditions.