P.M. BRIEFING : Resorts Hires Firm to Sell Units
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ATLANTIC CITY, N.J. — Resorts International Inc. took a major step toward selling its three hotels and one casino in the Bahamas, but the company said no sale is imminent.
The casino company announced the hiring of Salomon Brothers investment firm to help sell its Paradise Island properties because of its experience selling hotel and resort properties, said Resorts spokesman Andy Brimmer.
Resorts officials told the state Casino Control Commission in August that they expect to sell the properties by December, 1991, two months before the casino company’s license comes up for renewal. Resorts anticipates the sale will generate between $250 million and $300 million.
Before their August approval of a debt-for-equity plan to take Resorts out of bankruptcy, state casino commissioners said the Paradise Island sale was crucial to the success of Resorts’ restructuring.
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