Colony Capital completes acquisition of Resorts Atlantic City |

Colony Capital completes acquisition of Resorts Atlantic City

The Associated Press

ATLANTIC CITY, N.J. (AP) – A Los Angeles-based investment firm has completed its $140 million acquisition of Resorts Atlantic City.

Colony Capital LLC closed its deal with Sun International Hotels Ltd. on Wednesday. It comes one day after Colony agreed to sell Harvey’s Casino Resorts of Lake Tahoe, Nev., to Harrah’s Entertainment Inc. for $625 million.

Former Trump Hotels CEO Nicholas Ribis, who will oversee the Resorts operation, said Colony plans to add a 500-room hotel tower and is examining the possibility of developing a 10-acre property next door that is now used for surface parking.

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