Resorts Atlantic City, America’s first casino outside Nevada, to surrender keys to its lenders

NJ’s 1st casino to turn over keys to lenders

ATLANTIC CITY, N.J. — America’s first casino to open outside Nevada is expected to hand itself over to its lenders Thursday because it can’t pay the mortgage.

Resorts Atlantic City in New Jersey 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 is expected to be approved Thursday afternoon as the casino’s new owners, and could receive a casino license on the spot.

The deal would close in about a week.