Who Owns Resorts Casino in Atlantic City?

A Comprehensive Guide to Ownership and Operation

Resorts Casino Hotel, one of Atlantic City's most iconic and historic gambling destinations, has witnessed a captivating journey of ownership and management over the decades. This article delves into the intricate web of companies and individuals who have played a pivotal role in shaping the casino's legacy.

Early Beginnings: From IGT to Merv Griffin

The story of Resorts Casino dates back to 1978, when it became the first legal casino to open in Atlantic City. It was owned and operated by International Gaming Technology (IGT), a company specializing in slot machines and other gaming equipment.

In 1981, Merv Griffin, the legendary television host and game show creator, purchased Resorts Casino from IGT for an estimated $40 million. Griffin brought his unique brand of entertainment to the casino, hosting celebrity events and performing his signature song, "The Love Boat."

Trump Entertainment Resorts: A Controversial Era

In 1988, Donald Trump acquired Resorts Casino for $90 million. The deal marked the beginning of a turbulent era for the casino, as Trump's flamboyant personality and business practices often drew controversy.

Under Trump's ownership, Resorts Casino underwent several renovations and expansions, including the addition of a 23-story hotel tower. However, the casino faced financial challenges and legal disputes under Trump's leadership.

Hilton's Brief Stint: A Change in Direction

In 1998, Hilton Hotels Corporation purchased Resorts Casino from Trump for $240 million. Hilton aimed to transform the property into a more upscale destination, targeting high-end gamblers and business travelers.

Hilton's ownership was short-lived, as the company sold Resorts Casino just two years later to Colony Capital, a private equity firm.

Colony Capital and the "New Resorts": A Return to Entertainment

Colony Capital acquired Resorts Casino in 2000 for $230 million. The company embarked on a major renovation and expansion project, adding a new casino floor, retail space, and entertainment venues.

Under Colony Capital's ownership, Resorts Casino regained its focus on entertainment, hosting concerts, theatrical performances, and sporting events. The casino also became a popular destination for conferences and conventions.

Mohegan Gaming & Entertainment: The Current Owner

In 2019, Mohegan Gaming & Entertainment purchased Resorts Casino from Colony Capital for $240 million. Mohegan, an established casino operator with properties in Connecticut and Pennsylvania, plans to invest heavily in Resorts Casino, expanding its casino floor, adding new restaurants, and creating a state-of-the-art sportsbook.

Investment and Development: A Bright Future

Under Mohegan's ownership, Resorts Casino is poised for a promising future. The company has announced plans for a $400 million expansion and renovation project, which will enhance the casino's gaming, dining, and entertainment offerings.

Mohegan's commitment to innovation and customer service is evident in its plans for Resorts Casino. The company aims to create a world-class destination that caters to both local residents and visitors from around the world.

Key Takeaways: Tracing Ownership and Evolution

Stories of Ownership and Impact

Merv Griffin's Entertainment Legacy:

Merv Griffin's brief ownership of Resorts Casino had a lasting impact on the property's reputation as an entertainment destination. His hosting of celebrity events and performances brought a touch of Hollywood glamour to Atlantic City.

Donald Trump's Controversial Tenure:

Donald Trump's ownership of Resorts Casino was marked by both success and controversy. While he expanded the casino and added amenities, his business practices and personal life often made headlines.

Mohegan's Vision for the Future:

Mohegan Gaming & Entertainment's acquisition of Resorts Casino signals a new era of investment and development. The company's plans for a major expansion and renovation show its commitment to creating a world-class destination in Atlantic City.

Effective Strategies for Casino Ownership:

• Focus on Entertainment and Amenities: Casinos that offer a diverse range of entertainment options, dining experiences, and amenities are more likely to attract and retain customers.
• Invest in Renovations and Expansions: Regular upgrades and expansions keep casinos fresh and exciting, ensuring that they remain competitive in a constantly evolving industry.
• Cultivate Relationships with High-Value Players: Casinos should establish loyalty programs and tailor their services to cater to high-stakes gamblers who generate the majority of revenue.
• Embrace Innovation and Technology: Casinos that stay at the forefront of gaming technology, such as cashless transactions and mobile betting, are better equipped to meet the evolving needs of customers.

Step-by-Step Guide to Assessing Casino Ownership:

1. Research Ownership History: Determine who has owned the casino in the past and trace any changes in ownership over time.

2. Analyze Financial Performance: Review the casino's financial statements and industry reports to assess its profitability and stability.

3. Evaluate Management Team: Investigate the experience and qualifications of the casino's management team to ensure that they are capable of running the business effectively.

4. Consider Market Position: Research the competitive landscape in Atlantic City and assess the casino's position within the market.

5. Assess Development Potential: Determine whether the casino has potential for future expansion and renovations that can enhance its value.

Unveiling the Ownership of Resorts Casino in Atlantic City: A Comprehensive Guide

Who owns Resorts Casino in Atlantic City? This question has been on the minds of many visitors and industry enthusiasts alike. In this comprehensive article, we will delve into the intricate details of ownership, uncovering the individuals and entities responsible for one of the most iconic casinos in the bustling seaside resort of Atlantic City.

Historical Ownership Timeline

Mob Connections and Early Years (1978-1984)

Resorts Casino opened its doors in 1978, becoming the first legal casino in Atlantic City. The original owner was Hyman Katz, a notorious figure linked to organized crime. However, following a federal investigation, Katz was forced to sell his stake in 1984.

Conrad Hotel and Merv Griffin Era (1984-1991)

The Conrad Hotel Group, owned by the late television personality Merv Griffin, acquired Resorts Casino in 1984. Under Griffin's leadership, the casino underwent a major renovation and rebranding.

Sun International (1991-2000)

In 1991, Sun International, a South African casino company, purchased Resorts Casino for $114 million. Sun International made significant investments in the property, including the addition of a new 11-story hotel tower.

Colony Capital and Trump Taj Mahal (2000-2010)

In 2000, Colony Capital, a private equity firm, acquired Resorts Casino from Sun International. Colony Capital also owned the nearby Trump Taj Mahal, which it acquired in 1997.

Caesars Entertainment (2010-Present)

Caesars Entertainment, one of the largest casino operators in the world, purchased Resorts Casino in 2010 for $340 million. Caesars has invested heavily in the property, adding a sportsbook, new restaurants, and a high-end hotel tower.

Current Ownership Structure

Caesars Entertainment is the sole owner of Resorts Casino in Atlantic City. The company owns and operates 15 casinos in Las Vegas and 9 casinos in regional markets around the United States.

Corporate Profile of Caesars Entertainment

Caesars Entertainment is one of the leading gaming and hospitality companies in the world. The company has a market capitalization of $14.6 billion (as of June 2023) and employs over 64,000 people.

Caesars Entertainment's other notable properties include:

• Caesars Palace Las Vegas
• The LINQ Hotel + Experience Las Vegas
• Harrah's Las Vegas
• Horseshoe Casino Hammond
• Harrah's Lake Tahoe

Benefits of Caesars Entertainment Ownership

Caesars Entertainment's ownership of Resorts Casino has brought numerous benefits to the property and its guests. These benefits include:

• Increased investment: Caesars has invested heavily in the property, resulting in upgrades and renovations.
• Enhanced amenities: Caesars has added new amenities, such as a sportsbook, restaurants, and a high-end hotel tower.
• Loyalty rewards: Resorts Casino is a member of Caesars Rewards, one of the most popular loyalty programs in the gaming industry.
• Cross-promotion: Caesars can promote Resorts Casino to its loyal customers at its other properties.

Common Mistakes to Avoid

When discussing the ownership of Resorts Casino in Atlantic City, it is important to avoid the following common mistakes:

• Confusing Resorts Casino with Revel: Resorts Casino is not affiliated with Revel, another casino in Atlantic City that closed in 2014.
• Assuming Resorts Casino is owned by MGM Resorts: MGM Resorts does not own Resorts Casino. The property is owned by Caesars Entertainment.
• Believing Resorts Casino is a private club: Resorts Casino is open to the public. It is not a private club or membership-based organization.

Why Ownership Matters

The ownership of a casino can have a profound impact on its operations, amenities, and guest experience. In the case of Resorts Casino, Caesars Entertainment's ownership has resulted in significant improvements and benefits for guests.

FAQs

1. Who owns Resorts Casino in Atlantic City?
Answer: Resorts Casino in Atlantic City is owned by Caesars Entertainment.

2. When did Caesars Entertainment purchase Resorts Casino?
Answer: Caesars Entertainment purchased Resorts Casino in 2010.

3. How much did Caesars Entertainment pay for Resorts Casino?
Answer: Caesars Entertainment paid $340 million for Resorts Casino.

4. What is the market capitalization of Caesars Entertainment?
Answer: Caesars Entertainment's market capitalization is $14.6 billion (as of June 2023).

5. How many casinos does Caesars Entertainment operate?
Answer: Caesars Entertainment operates 15 casinos in Las Vegas and 9 casinos in regional markets around the United States.

6. Is Resorts Casino part of Caesars Rewards?
Answer: Yes, Resorts Casino is a member of Caesars Rewards, one of the most popular loyalty programs in the gaming industry.

Conclusion

Resorts Casino in Atlantic City has had a colorful and intriguing ownership history. The casino has been owned by a variety of individuals and entities over the years, including mobsters, celebrities, and major casino operators. Today, Resorts Casino is owned by Caesars Entertainment, one of the leading gaming and hospitality companies in the world. Caesars Entertainment's ownership has brought numerous benefits to the property and its guests, making Resorts Casino one of the most popular destinations in Atlantic City.