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November 9, 2009

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Five resorts delaying expansion

Wednesday, Oct. 31, 2001 | 9:57 a.m.

ATLANTIC CITY -- Resorts Atlantic City casino is backing off plans for a $125 million expansion, becoming the fifth New Jersey casino to postpone or suspend an expansion project since the Sept. 11 terrorist attacks.

"There's no way we can go to the markets and finance what we have," said casino Chairman Nicholas Ribis. "We have to wait until the markets change, and nobody believes that will happen until next year, and when it does open we have to look at what is the cost of our money," he told the Press of Atlantic City.

Resorts, New Jersey's first casino hotel, announced plans last June for a 30-story, 496-room hotel tower.

Park Place Entertainment Corp., which owns four casinos in Atlantic City, has put expansion projects at Bally's Park Place, Caesars Atlantic City and the Atlantic City Hilton on hold, and Aztar Corp. is delaying the start of work on a $225 million expansion.

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