Resorts Atlantic City, a hotel and casino in Atlantic City, New Jersey, has been sold to veteran casino executive Dennis Gomes and developer Morris Bailey for $35 million, the lowest price recorded for a casino in New Jersey.  On Thursday, John Pasqualoni, the chief operating officer, sent a memo to employees that they will be receiving notices on Friday as required by the Worker Adjustment and Retraining Notification Act, or WARN, that some will be losing their jobs when the casino changes hands.  It is unknown yet how many of the 2,124 employees will lose their jobs, but the layoffs will occur on December 1st, the same day Gomes and Bailey are expected to be approved to take over Resorts Hotel and Casino.

Resorts Atlantic City is the first legal casino to be built on the eastern part of the United States, boasting the twenty seven story hotel tower “Rendezvous.”  After Resorts defaulted on its mortgage, the ownership was turned over to its lenders, including Wells Fargo, in return for clearing the $380 million debt.  In an effort to find a buyer as soon as possible, as the lenders, who formed RAC Atlantic City Holdings, had no intention of running the hotel or casino for an extended length of time, Gomes and Bailey struck a deal with RAC in August.