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Colony Capital remains in control of Atlantic City Hilton

The Atlantic City Hilton won’t revert back to its original name, at least not right away.

A state judge in New Jersey left Colony Capital in control of the Boardwalk casino even though the investment firm hasn’t made a mortgage payment on it since last year.

Mortgage trustee U.S. Bank National Association wants the court to place the Atlantic City Hilton in receivership, designating another party to operate the casino and pursue its sale.

The lender is also pursuing receivership of two Colony-owned Mississippi casinos in that state’s court.

Houston-based Landry’s Restaurants, which owns the Golden Nugget resorts in Las Vegas and Laughlin, wants to purchase the Atlantic City Hilton through receivership and change the name of the property to the Golden Nugget.

The casino now known as the Hilton first opened as the Golden Nugget in December 1980, when Steve Wynn owned the property. He sold his interest in 1987.

 

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