Casino deal set to close

0 Comments | Philadelphia Inquirer, The, November, 2006 | by Suzette Parmley

The latest effort to develop a new casino in the $5 billion Atlantic City gambling market is expected to take another step forward today when an investor group closes on an $85 million deal to purchase 11 acres from the Atlantic City Hilton Casino Resort. Led by former Caesars Entertainment Inc. chief executive officer Wallace R.

Barr and by a former head of the New Jersey Casino Reinvestment Development Authority, the group plans to build a small casino with a hotel and retail space on the site along the famed Boardwalk. "Everything is done on our end. We expect the transaction to close today," said a spokesman for Resorts International Holdings L.L.C., the parent company of the Atlantic City Hilton. The executive spoke on condition of anonymity. Barr said he had no comment...

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