ACH hotel-casino resuscitated

Atlantic City’s financially troubled ACH Casino and Resort is set for rebirth after its parent company Colony Capital LLC, Santa Monica, California, revealed that it plans to invest US$24 million to stave off foreclosure.

The historic hotel-casino, formerly called the Atlantic City Hilton Casino Resort until its licensing agreement with Hilton Worldwide was terminated on May 30, defaulted on its US$414.6 million mortgage in 2009.

As part of the deal with lenders, Colony will allow its Bally’s Tunica and Resorts Tunica hotel-casinos in Mississippi to enter foreclosure.