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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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082889
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08288900.006
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1990-09-17
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BUSINESS, Page 57Business NotesCASINOSWho 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.