Sale of Resorts Atlantic City casino finalized

ATLANTIC CITY, N.J. (AP) - December 7, 2010

Veteran casino executive Dennis Gomes and New York real estate developer Morris Bailey paid $31.5 million for the struggling gambling hall, which was taken over a year ago by its lenders when the former owners stopped making mortgage payments.

The pair will re-brand the casino with a Roaring '20s theme to take advantage of interest in "Boardwalk Empire," the hit HBO series about Prohibition-era Atlantic City.

Those changes should take effect around New Year's Eve, and a grand reopening is planned for Memorial Day weekend.

Most of Resorts' 2,000-plus employees had to take pay cuts in order to keep their jobs.

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