CASINOS: Who Really Won the Pot?
Entertainer Merv Griffin was hailed as a tough and savvy bargainer last year when he bested billionaire Donald Trump in a battle for control of Resorts International, which owns casino-hotels in Atlantic City and the Bahamas. But now Griffin's plunge into gambling is looking like a dubious bet. Last week Resorts reported a $46.6 million loss for the year's first half. To stay afloat, Resorts may have to reduce sharply the $925 million in debt that Griffin assumed when he acquired the company for about $365 million.
Resorts' aging hotels, which could cost more than $150 million to renovate, have steadily lost business to their glossier neighbors. The rivalry in Atlantic City will grow even more heated next year when Trump opens his $1 billion Taj Mahal hotel and casino, which is situated next door to Resorts' 61-year-old flagship.
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