Revival pledged for first casino

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Gomes said his goal is to bring Resorts "back to its former glory."

Not all of the existing workers will be around for the revival attempt.

Nearly all the 2,022 employees are in the process of re-applying for their jobs.

Gomes said he expects about 80 percent of the current staff will stay in place, though typically at lower pay levels.Food service employee Chuck Urban, noting that his income relies heavily on tips, said he's been rehired, but with his hourly wage of $8.74 per hour slashed to $4.50."The people rehired have been told they're on 90 days probation. I've been there 23 years. I'm married with three young children, but it's like I'm starting over," Urban said. "It's shaky. Everybody is walking on eggshells. Some people don't know if they're hired back. This is right before Christmas and the holidays."Gomes said the shakeup came from a need to reduce payroll, adding, "If these legacy costs remain, there's a possibility this property could be back in the same condition it is now."When Resorts became available for sale instead of touching off a bidding war, a common occurence for boardwalk properties in previous years it led to a firesale.Gomes and New York real estate developer Morris Bailey are purchasing Resorts for $31.5 million, a deep discount from the $144.8 million sales price Resorts fetched in 2001.The casino shows a net loss of $13.7 million for this year's first nine months, according to reports filed with the state Casino Control Commission. Its gaming revenue has dropped 18.2 percent compared with last year.Regulators said they are skeptical of the takeover company's projections but on Wednesday gave Gomes and Bailey permission to complete the deal.In a financial stability report issued by the Division of Gaming Enforcement, regulators noted the new ownership "is projecting a significant turnaround through its operation of the property, which may be achieved but will be difficult to realize in full in light of overall economic conditions, Atlantic City's market performance in recent years and competitive forces in the gaming industry."Resorts was owned by Colony Capital LLC before lenders took over the property last year.Linda Kassekert, chairwoman of the Casino Control Commission, said Resorts is still worth betting on."Dennis Gomes is no stranger to this market," Kassekert said. "His return and the innovative ideas and enthusiasm he brings are welcomed."

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Revival pledged for first casino - Asbury Park Press