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.