Resorts casino fights foreclosure bid

February 16, 2009 8:28:12 AM PST
Admitting it hasn't made loan payments since October, Resorts Atlantic City is trying to fight off foreclosure by arguing that its lenders don't have a casino license and therefore can't own or operate the place. Resorts also plans to set aside $15 million to cover payouts to winning gamblers, payroll and taxes while the two sides battle for control of New Jersey's first casino.

On Wednesday, the state Casino Control Commission will consider a request by Column Financial to either foreclose on the property, or have the owners surrender title to it without having to go through foreclosure.

Resorts International Hotel and its corporate affiliates say Column does not have a casino license, and therefore can't be permitted to take over the casino-hotel.

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