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LA's Colony Capital to Buy Atlantic City Casino & Resort Hotel

LOS ANGELES-Privately held Colony agrees to pay $140 million for Resorts International Hotel & Casino on New Jersey's fabled Boardwalk. It also gets an option to buy an adjacent parcel of land for $40 million.

By Erin Cassin | Updated on October 31, 2000

LOS ANGELES-A private opportunity fund based here has agreed to buy the landmark Resorts International Hotel & Casino in Atlantic City for about $140 million, barely one-third the amount the current owner has pumped into the troubled gaming palace over the past several years.

The buyer is LA-based Colony Capital, headed by maverick investor Tom Barrack. The seller is Sun International, a Bahamas-based company operated by South African magnate Sol Kerzner, who bought the casino-hotel from entertainer Merv Griffin a number of years ago.

As part of the deal, Colony Capital will retain an option to buy a piece of land next to the development for $40 million. The transaction is expected to close early next year.

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