# @cowmissing on YouTube - **Type:** Video - **Original URL:** https://youtube.com/watch?v=tVYS2mjjBXc - **Gondola URL:** https://gondola.cc/posts/75901503-cowmissing-youtube - **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/85fa1dc0b4.jpg - **Posted:** 2024-12-16T19:09:45.000+00:00 - **Account Owner:** Cow Missing (@CowMissing) — https://gondola.cc/CowMissing ## Caption Resorts International, founded as the Mary Carter Paint Company, transformed remarkably from a struggling paint manufacturer to a major hotel and casino industry player. Established in New Jersey, the company was acquired in 1958 by a group of investors, with James Crosby, the son of one of the investors, taking the helm. As its paint business declined, the company pivoted to real estate and resort development, acquiring 1,200 acres near Freeport, Bahamas, in 1962 and a majority stake in Paradise Island in 1966. By 1968, it divested its paint division, rebranding as Resorts International and focusing entirely on hospitality and gaming ventures. The company pioneered large-scale resort developments, building a bridge to Paradise Island and constructing hotels, restaurants, and the Paradise Island Casino, which opened in 1967. Resorts International continued to diversify, with ventures such as owning the Biff Burger fast food chain, Marine World/Africa USA theme park, and an experimental shrimp farm in Mexico. It also entered the aviation sector, acquiring Chalk's International Airlines in 1974, which operated until 1991. Resorts International achieved a historic milestone in 1978 by opening Resorts Casino Hotel in Atlantic City, New Jersey, the first legal casino outside Nevada. The property was an immediate success, driving company revenues from $59 million in 1977 to $407 million in 1979. Resorts assumed management of El Casino in Freeport to expand its footprint in 1978, although it sold this property in 1983. The same year, the company began constructing the ambitious $250 million Taj Mahal casino in Atlantic City. However, competition and economic challenges led to declining profits for Resorts Casino Hotel after 1979. Efforts to diversify included bids to acquire major airlines like Pan American World Airways and Trans World Airlines and lobbying for casino legalization in various states. In 1986, the unexpected death of James Crosby made Resorts a takeover target. Donald Trump purchased a controlling stake in 1987, becoming chairman and pledging to complete the Taj Mahal, whose budget had ballooned to $930 million. Financial difficulties led to a dramatic 1988 takeover battle between Trump and television producer Merv Griffin. The conflict culminated in Griffin acquiring Resorts for $365 million, while Trump retained ownership of the Taj Mahal. Griffin's tenure was hampered by debt from high-interest junk bonds, forcing the company into Chapter 11 bankruptcy in 1989. Through restructuring, Griffin reduced debt, sold the Paradise Island property, and renamed Griffin Gaming & Entertainment in 1995. The rebranding reflected Griffin’s vision to expand into entertainment sectors like television and live events. 1996 Resorts was sold to Sun International for $293 million in stock and assumed debt. Sun used the acquisition to enter the Atlantic City casino market and incorporated its Mohegan Sun casino interests into the renamed Sun International North America. Resorts International’s influence extended beyond hospitality. Its private security subsidiary, Intertel, established in 1970, ensured the integrity of its casino operations and provided security for high-profile clients, including Howard Hughes and the Shah of Iran. Intertel also played a key role in investigating significant crises, such as the Chicago Tylenol murders and the Bhopal disaster. Despite financial turbulence and multiple ownership changes, Resorts International remains a landmark name in the evolution of the global casino and entertainment industry. Its legacy includes pioneering casino development in Atlantic City, transforming Paradise Island into a premier tourist destination, and setting a standard for integrated resort operations. Once a prominent hotel and casino company, Resorts International underwent several ownership changes before its assets were sold off or rebranded. The company's flagship property, Resorts Casino Hotel in Atlantic City, is owned by DGMB Casinos and operated by Mohegan Gaming & Entertainment. DGMB Casino, LLC, a New Jersey limited liability company, owns and operates Resorts Casino Hotel in Atlantic City. The company is primarily owned by DGMB Casino Holding, LLC, with a 99.5% direct ownership stake and a 0.5% indirect stake through DGMB Casino SPE Corp., the managing member. In 2012, MGA Gaming NJ, LLC acquired a 10% non-managing membership interest in DGMB Casino Holding and entered into a management agreement for the company. Eva Gabor #ResortsInternational #CasinoHistory #AtlanticCity #ParadiseIsland #GamingIndustry #HotelAndCasino #CasinoLegacy #DonaldTrump #MervGriffin #CasinoDevelopment #CasinoOwnership #ResortsCasinoHotel #IntertelSecurity #ParadiseIslandBahamas #CasinoPioneers #TajMahalCasino #CasinoAcquisitions #MoheganGaming #SunInternational #DGMBCasinos #AtlanticCityCasinos #ResortsDigitalGaming #CasinoEvolution #HistoricCasinos #GamingManagement #cowmissing ## Stats - **Views:** 629 - **Likes:** 12 - **Shares:** 0 - **Comments:** 2 ## Credits No public credits are recorded here. This does not identify who made the post. ## Tags casinodevelopment, intertelsecurity, hotelandcasino, gamingmanagement, mohegangaming, gamingindustry, casinoownership, resortsdigitalgaming, paradiseisland, cowmissing, historiccasinos, casinoevolution, casinoacquisitions, tajmahalcasino, casinolegacy, resortscasinohotel, resortsinternational, casinohistory, atlanticcitycasinos, donaldtrump, dgmbcasinos, paradiseislandbahamas, casinopioneers, atlanticcity, suninternational, mervgriffin --- Copyright (c) Gondola