Resorts International Holdings
Encyclopedia
Not to be confused with the Las Vegas, Nevada based casino/resort operator MGM Resorts International.
Resorts International Holdings, LLC (RIH), also known as Colony Resorts Holdings (CRH) is an affiliate of Colony Capital, LLC based in Las Vegas
, Nevada
. RIH was created by Colony Capital in 2000 after it purchased Resorts Atlantic City
from Sun International
for $144 million. The holding company was created with the goal of snapping up declining casinos for a bargain price and then running them as efficiently and profitably as possible without investing too much capital. In the words of company president Nick Ribis: "I paid $90,000 per room, and Wynn's rooms cost $1 million! If I charge $130 a night I make tons of money! He has to get over $300!"
In 2001 Resorts International Holdings purchased Las Vegas Hilton
from Caesars Entertainment
for $280 million and in 2005 it purchased four more properties from Caesars and Harrah's for a total of $1.24 billion prior to the Harrah's buyout of Caesars. The four properties are: Bally's Tunica, Resorts Casino Tunica
, Ameristar Casino East Chicago
and Atlantic City Hilton
.
In April 2007 Resorts International Holdings sold Resorts East Chicago to Ameristar for $675 million realizing a profit on its investment.
On December 10, 2009, it was announced that Resort International wasn't able to pay the mortgage for more than a year for the Atlantic City property and made a deal to have the loan canceled and surrender the property to RAC Atlantic City Holdings L.L.C. (which is owned by the lenders, Wells Fargo
and others).
The company's president is Nick L. Ribis who entered the casino industry in 1980's as Donald Trump's attorney and later his advertising executive. Roger Wagner is its chief operating officer. Wagner served as chief operating officer of Binion's Horseshoe
from 1998 to 2004.
Resorts International Holdings, LLC (RIH), also known as Colony Resorts Holdings (CRH) is an affiliate of Colony Capital, LLC based in Las Vegas
Las Vegas metropolitan area
The Las Vegas Valley is the heart of the Las Vegas-Paradise, NV MSA also known as the Las Vegas–Paradise–Henderson MSA which includes all of Clark County, Nevada, and is a metropolitan area in the southern part of the U.S. state of Nevada. The Valley is defined by the Las Vegas Valley landform, a ...
, Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
. RIH was created by Colony Capital in 2000 after it purchased Resorts Atlantic City
Resorts Atlantic City
Not to be confused with the Las Vegas, Nevada based casino/resort operator Resorts International Holdings.Resorts Casino Hotel is a hotel and casino in Atlantic City, New Jersey. Resorts was the first casino hotel in Atlantic City, becoming the first legal casino outside of Nevada in the United...
from Sun International
Sun International South Africa
Sun International is a resort hotel chain from South Africa created by Sol Kerzner, probably best known for its Sun City Resort near Johannesburg and Pretoria in the North West Province....
for $144 million. The holding company was created with the goal of snapping up declining casinos for a bargain price and then running them as efficiently and profitably as possible without investing too much capital. In the words of company president Nick Ribis: "I paid $90,000 per room, and Wynn's rooms cost $1 million! If I charge $130 a night I make tons of money! He has to get over $300!"
In 2001 Resorts International Holdings purchased Las Vegas Hilton
Las Vegas Hilton
The Las Vegas Hilton is a hotel, casino, and convention center in Las Vegas, Nevada. It is a joint venture between Colony Capital, which owns 60 percent, and New York City-based REIT Whitehall Street Real Estate Funds, which owns the remaining 40 percent...
from Caesars Entertainment
Caesars Entertainment
Caesars Entertainment may refer to:* Caesars Entertainment, Inc., the now defunct company that was Park Place Entertainment, Bally's, and formerly the gambling arm of Hilton Hotels, and purchased by Harrah's Entertainment...
for $280 million and in 2005 it purchased four more properties from Caesars and Harrah's for a total of $1.24 billion prior to the Harrah's buyout of Caesars. The four properties are: Bally's Tunica, Resorts Casino Tunica
Resorts Casino Tunica
Resorts Casino Tunica is a 200 room hotel and a casino located in Tunica Resorts, Mississippi. It is one of three casinos located in the "Casino Strip" area, along with Sam's Town Hotel and Gambling Hall, Tunica and Hollywood Casino Tunica...
, Ameristar Casino East Chicago
Ameristar Casino East Chicago
Ameristar Casino Hotel East Chicago is a casino located in East Chicago, Indiana. It is currently owned by Ameristar Casinos.- History :The casino was originally founded by Showboat Casinos as Showboat East Chicago. In 1998, Harrah's Entertainment bought Showboats Casinos, renamed Showboat East...
and Atlantic City Hilton
Atlantic City Hilton
ACH, formerly Atlantic City Hilton, is a casino and hotel located on the Boardwalk in Atlantic City, New Jersey. After a rebranding and remodeling in Spring 2012, it will become Atlantic City's first true "locals casino".-History:...
.
In April 2007 Resorts International Holdings sold Resorts East Chicago to Ameristar for $675 million realizing a profit on its investment.
On December 10, 2009, it was announced that Resort International wasn't able to pay the mortgage for more than a year for the Atlantic City property and made a deal to have the loan canceled and surrender the property to RAC Atlantic City Holdings L.L.C. (which is owned by the lenders, Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
and others).
The company's president is Nick L. Ribis who entered the casino industry in 1980's as Donald Trump's attorney and later his advertising executive. Roger Wagner is its chief operating officer. Wagner served as chief operating officer of Binion's Horseshoe
Binion's Horseshoe
Binion's Horseshoe, also known as the Horseshoe Casino or simply The Horseshoe, was a hotel and casino located in downtown Las Vegas, Nevada on what is now the Fremont Street Experience. The casino was named for its founder, Benny Binion and had 366 rooms, three restaurants and a rooftop pool.The...
from 1998 to 2004.