Things are going better for Resorts Atlantic City and the property will undergo a million renovation of its Ocean Tower Hotel rooms.
The project is being financed through a mortgage on the property, officials said in a press release.
“The reality of it is that the last couple of years have been extraordinarily good for us,” Resorts CEO Mark Giannantonio said in the release.
In 2014, Resorts reported $2.5 million in gross operating profit. It was the property’s first annual profit since 2008. Last year, the casino saw a profit of $15.6 million.
The casino will use $11 million of the mortgage money to renovate 144 rooms by Memorial Day, Giannantonio said. Renovations will include new bathrooms, furniture and windows. The casino plans to have all 400 rooms of its Ocean Tower renovated by the end of 2017.
Cleveland-based KeyBank, agreed to lend up to $20 million to Resorts, which has had the benefit of carrying little debt.
