Resorts Atlantic City, one of the stalwarts of Atlantic City, is going through a change of hands as it’s lenders move in on taking control of the casino. A year behind on it’s debt repayments, lenders Wells Fargo have formed a new company to take over the ownership of the Resorts casino and manage it’s $381 million debt.

The new company called RAC Atlantic City Holdings will be looking to sell the casino as quickly as possible but concedes that during these economic times where gamblers are still spending very carefully, it will be tough to sell at a good price. Competition remains fierce in Atlantic City with many gamblers limited and tourists now heading to neighbouring Pennsylvania to drop their dollars. The Resorts casino opened back in 1978, and has lately dropped most of it’s best clientele to the new Pennsylvania casinos.

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