Resorts Hotel Casino in beleaguered Atlantic City has officially been put up for sale — but any deal won’t include the casino’s gaming license.
Sources said the property’s lenders hired Eastdil Secured to market the 932-room hotel. But prospective buyers will first have to contend with Nicholas Ribis, who manages the property and holds its casino license.
Ribis got it when casino operator Colony Capital turned over its 95 percent stake and management of the property to Ribis, who held a 5 percent stake.
Sources said he is expected to be among those bidding for the hotel, which is seen fetching no more than $50 million.
The casino was Atlantic City’s first gambling spot when it opened in 1978, but has fallen on hard times with the rest of the city.
Lenders took over the property last year after it failed to generate enough cash to service its mortgage.
