Two To A Flush
It seems that the swish and swirl of the sinking Atlantic City casino biz is too attractive of a vortex to stay away from. Over the past week it's become an 'everyone into the pool!' affair, turning the casino commode into Caddyshack-esque mayhem.
I'll Take 'Casino Bankruptcy Proceedings' For $1.25B, Alex. With a B.
Trump Entertainment is without question the lowest floating Baby Ruth in this array of floaters. They've stopped paying debts eons ago leaving investors holding the bag... at least until bankruptcy court proceedings begin... *ahem*.
Be the ball, Donny.
I'll Take 'Casino Foreclosures' For $10M, Alex
Now, Resorts AC has jumped into the pool, by defaulting on its mortgage payments, causing financial backer Column Financial div of Credit Suisse to begin foreclosure proceedings against owner Colony Capital.
Apparently, Merv's old joint has been in Jeopardy since October, suspending its mortgage payments at about the same time John McCain suspended his presidential campaign... and we know how that turned out don't we?
I'm definitely more than a little surprised by this... wasn't Colony Capital in the running to buy the Tropicana AC but six short months ago?
PS. Thanks to reader Josh for sending in a bunch of news items while we've been busy tending to other stuff.
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