But new owner Colony Capital, which bought the property a few years ago from Kerzner International (formerly Sun International), has been using its very deep pockets to aggressively expand Resorts--a 400-room, 27-story tower is slated to open in June, boosting the hotel to almost 900 rooms, for example. And that could be just the beginning.
Indeed, the private firm has just acquired an adjacent 12-acre site from Kerzner with the intention of even further expanding the property. Company officials have declined to disclose what they're paying for the site, which is currently being used as a parking lot, but industry sources put the price tag in the $40-million range.
Colony Capital officials are also being coy about their plans, promising only to unveil their intentions later this year.
"We are planning something that I am excited about," Nicholas Ribis, Resorts' vice chairman and part owner, told the Casino Control Commission during a hearing on the land sale. The CCC has to approve all such transactions involving casino/hotel properties here.
"But I can't talk about it yet," Ribis continued. "I believe in Atlantic City, and I think it has to grow. The expansion of the marketplace has to happen. Buying this land will give us a clear field for development, which you will be hearing about in the next three to six months."
Short of actual plans, the speculation locally is that what Resorts has in mind involves more rooms and more gaming at the very least. There is also some speculation that a joint venture could be in the works involving a separate hotel/casino property linked to the existing Resorts Atlantic City.
Resorts officials also say they will be launching a new marketing campaign for the hotel next month. Among other things, the property is expected to return to its original name, Resorts International.
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