GOMES GAMING | News | Press Release - Aug. 23, 2010
Dennis C. Gomes, Prominent Casino Industry
and Visionary, Returns to Atlantic City, NJ
Purchase of Resorts Casino Hotel
Atlantic City, New Jersey ( August 23, 2010) -- Gomes Gaming, Inc. announced today that it has entered into an agreement with RAC Atlantic City Holdings LLC to purchase the Resorts Casino Hotel (“Resorts”) in Atlantic City, New Jersey.
Dennis C. Gomes, Founder, CEO and President of Gomes Gaming, Inc., and Aaron Gomes, Senior Vice President of Gomes Gaming Operations, have extensive experience in operating and improving results at casinos in many jurisdictions including Atlantic City. Mr. Gomes was instrumental in turning around both the Tropicana Casino and Resort and the Trump Taj Mahal located on the Atlantic City Boardwalk.
Mr. Gomes started his career in law enforcement as a Division Chief with the Nevada Gaming Control Board and was later the Chief of Special Investigations for the New Jersey Division of Gaming Enforcement (“DEG”). During his tenure with the DGE, Mr. Gomes led the 1978 investigation for the original licensing of Resorts, the very casino he is now purchasing more than 30 years later. His law enforcement career in the gaming industry is extensive and one of his most noteworthy investigations served as the basis for the 1995 Oscar-nominated motion picture “Casino,” starring Robert De Niro, Sharon Stone, and Joe Pesci.
During his 30-year career, Mr. Gomes has managed or served as CEO of more than 14 gaming properties across the United States. He has successfully managed casino operations for gaming industry titans Steve Wynn, Donald Trump, and Barron Hilton. Given his proven track record for casino turnarounds, the NY Times published an article about Mr. Gomes that outlines many of his successes and that refers to him as “Mr. Fix-it.”
Gomes Gaming, Inc. plans to return the Resorts Casino Hotel to profitability and its historic role of prominence in the Atlantic City market. “I believe in this property,” said Mr. Gomes. “It heralded the beginning of casino gaming in the East and has always had a special place in my heart. It is an exciting place with a lot of history and we are going to bring it back to life with even more energy and vitality than it possessed at its creation in 1978. I promise everyone that it will ultimately be the place to be and to be seen and will be the center of fun and excitement in our fabulous city. I have a passion for Atlantic City and believe in its future. I have disagreed with the doom and gloom analysts who have painted a bleak picture of our city. We have lost some market share because of the convenient locations of slot parlors in Pennsylvania, Delaware and New York, but in the long run, Atlantic City will prevail. It is the only resort destination on the East Coast that can offer a multitude of gaming choices combined with retail, entertainment and dining experiences in one convenient location with beautiful beaches along a magnificent ocean setting. I have a strong belief that customers who have left Atlantic City for the convenience of slot parlors closer to them will tire of that experience and return to the fun and excitement that Atlantic City has to offer.”
Over the past year, Mr. Gomes has been one of the driving forces behind the Atlantic City Mayor’s Task Force and plans to continue working with the committee to revitalize Atlantic City. “I am also encouraged by the recognition of our Governor and legislators that Atlantic City is a tremendous asset to the State of New Jersey and its economy. They realize the need for the government to partner with the casino industry in order to nurture and revitalize Atlantic City during the national economic downturn we are facing.”
The purchase agreement is subject to approval by the New Jersey Casino Control Commission and customary closing conditions.
Resorts Casino Hotel includes two hotel towers with a combined 942 guest rooms, including 74 suites. The casino offers approximately 100,000 square feet of gaming space and approximately 45,000 square feet of convention, ballroom and meeting space including a 1,250-seat cabaret-style theater. Resorts also features a nightclub, two players clubs, 20,000 square feet of retail space, eight restaurants, two cocktail lounges, and an indoor pool with a retractable roof. Resorts also has 10.5 acres of land available for additional expansion.
Paul Faver of JB Real Estate Investment Group LLC provided acquisition advice to Gomes Gaming, Inc. in connection with the transaction. Cantor Fitzgerald & Co. served as financial advisors. Cooper Levenson provided legal services.
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