Resorts gets OK to turn over keys to lenders

ATLANTIC CITY, N.J. (AP) - November 19, 2009

Resorts Atlantic City hammered out a deal with its lenders to let them own the casino in return for canceling nearly $381 million in debt.

The lenders, including Wells Fargo, have formed a new corporation, RAC Atlantic City Holdings LLC. It was approved by the state Casino Control Commission as the casino's new owner, with a one-year license.

The deal is to close in 10 days. It's the first of its kind in Atlantic City's 31-year history of casino gambling.

On Wednesday, Resorts revealed it owes nearly $337 million more than it has right now.

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