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Credit Suisse Group takes over Atlantic City's oldest casino
Monday, December 21, 2009 at 12:59:30 PM
Credit Suisse Group AG has taken over New Jersey's oldest casino, becoming the second European bank in 16 months to claim ownership of a defaulting U.S. gambling resort.
Colony Capital LLC last week handed over Resorts Atlantic City's deed to mortgage holders led by Credit Suisse's Column Financial in lieu of foreclosure, after missing payments on a $360 million loan since November 2008. Credit Suisse had bundled $175 million of the loan into a commercial mortgage-backed security sold to other investors, according to documents filed with New Jersey's casino control commission.
Resorts, the first U.S. casino outside of Nevada when it opened in 1978, becomes Atlantic City's first bank-owned casino. Deutsche Bank AG is paying to complete and open the $3.9 billion Cosmopolitan Resort & Casino in Las Vegas since it foreclosed on a $760 million loan to developer Ian Bruce Eichner last year.
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