Panel to consider Atlantic City Hilton rescue plan
In return, lenders will foreclose on and take ownership of two casinos in Mississippi that Colony owns and will wipe out the mortgage debt for ACH. The casino had been known as the Atlantic City Hilton until the hotel giant ended a licensing deal.
The deal also calls for an additional infusion of us$ 9.3 million in cash for the casino when lenders release insurance proceeds from an August 2009 flooding claim.
Atlantic City's casinos saw their gross operating profits fall by more than 13 % in the third quarter of this year, hurt by a three-day closure due to Hurricane Irene. The 11 casinos collectively earned operating profits of us$ 182.1 million. That's down from the us$ 209.8 million they earned in the third quarter of 2010.
The casinos' net revenue for the quarter was us$ 933.8 million, a 9 % decline from the third quarter of last year.
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