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Atlantic City casino deal close to completion

The $5 billion Atlantic City gambling market could be about to secure another casino, with a land deal close to being done, according to reports.

An investment group is on the verge of an $85 million purchase of 11 acres from the Atlantic city Hilton Casino Resort, the Philadelphia Inquirer claims.

The group is headed by a series of former industry heads, including former Caesars Entertainment chief executive Wallace R Barr.

A series of similar developments have been agreed in recent months, with Morgan Stanley having purchased 20 acres for $74 million in May, and Pinnacle Entertainment buying the Sands Casino for $250 million on September 5th, the newspaper reports.

Earlier this month it was revealed that Donald Trump and old rival Steve Wynn were in talks regarding a partnership that would allow them to replace the aging Trump Plaza casino resort with a new $3 billion luxury complex.

Resorts International set up the first legal casino in the eastern United States when it opened on the Atlantic City boardwalk in May 1978.


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