2010-09-01 15:24:27 -

Gomes Gaming, Inc. announced today that it will partner with JEMB Realty Corporation in the pending acquisition of the Resorts Casino Hotel (“Resorts”) in Atlantic City, New Jersey. Gomes Gaming last week announced an agreement to acquire the Resorts from RAC Atlantic City Holdings LLC. Financial terms of the acquisition, which does not rely on any external funding, were not disclosed.

Founded in 1990 by Morris Bailey and Joseph L. Jerome, JEMB Realty Corporation is a leading private real estate development and management company in North America with approximately $4 billion in assets, including in resort and hotel, residential, retail, office, self storage, power and industrial assets. Founded in 2005 by Dennis C.

Gomes, Gomes Gaming is a leading operator of

gaming properties. JEMB and Dennis Gomes will be equity partners in acquiring Resorts and the property will be operated by Gomes Gaming Inc.

Morris Bailey said, “We have long been contrarian investors, and we think this is the right time to invest in Atlantic City. Taking advantage of its superb location and unique infrastructure, we believe Atlantic City can once again be the premier destination location on the East Coast. We are excited to be in partnership with Dennis Gomes, whose extensive experience in operating and improving results at casinos is well known, and JEMB is prepared to make the necessary investment to build on Resorts’ untapped potential to create a truly world-class entertainment environment. Having grown up in Atlantic City, I have a personal connection to the community and look forward to developing this, as well as other properties, as we continue to diversify our real estate business and build a substantial hospitality and gaming company.”

“We are thrilled to be working with JEMB on this exciting project,” said Dennis C. Gomes, President and CEO of Gomes Gaming. “Resorts is fundamentally an excellent property, and we are looking forward to investing to reestablish it as an exciting destination location.”


The purchase agreement is subject to approval by the New Jersey Casino Control Commission and customary closing conditions. The acquisition is expected to be completed by year-end.

Resorts Casino Hotel includes two hotel towers with a combined 942 guest rooms, including 74 suites. The casino offers approximately 100,000 square feet of gaming space and approximately 45,000 square feet of convention, ballroom and meeting space including a 1,250-seat cabaret-style theater. Resorts also features a nightclub, two players clubs, 20,000 square feet of retail space, eight restaurants, two cocktail lounges, and an indoor pool with a retractable roof. Resorts also has 10.5 acres of land available for additional expansion.

About Gomes Gaming, Inc.


Gomes Gaming, Inc. has been in existence since 2005 and is owned and led by Dennis C. Gomes, President and CEO and his son Aaron Gomes, Senior Vice President of Operations. Dennis is respected and known nationally as a visionary operator in the gaming industry. Dennis and his expert management team have operated casinos and resort projects throughout the United States, and they are dedicated to providing an exceptional gaming experience for customers in first-class casino operations. For additional information on Gomes Gaming, please visit www.gomesgaming.com : .

About JEMB Realty Corporation


JEMB Realty Corporation is a leading privately held New York real estate development and management company with a distinguished track record of acquiring, upgrading and repositioning commercial, retail and residential properties in key North American markets. With its subsidiary Busac Real Estate ( www.busac.com : ) in Montreal, Canada, JEMB owns and operates over 8.2 million square feet of commercial space in North America including such prominent assets as Herald Center, Herald Towers, 150 Broadway and 75 Broad Street in Manhattan; Regatta Bay in Annapolis, MD; Pocono Manor Inn & Golf Resort in Pennsylvania; The James Center office complex in Richmond, VA; 375 McCarter Highway in Newark, NJ; Place Dupuis and 1200 McGill College in Montreal, Canada; the Galleria Corporate Center in Scottsdale, AZ; and other strategically located properties. JEMB has broadened its reach into the lending business and formed Basis Investment Group, LLC. As JEMB's debt investment arm, Basis originates and acquires senior debt, mezzanine debt and B-note opportunities. JEMB also has a significant investment in building the Astoria Energy Plant in Queens, NY, New York City’s newest power plant. For additional information on JEMB Realty, please visit www.jembrealty.com : .



Sherry Amos and Associates, LLCSherry Amos, 609-703-1947orSard
Verbinnen & CoJim Barron / Carrie Bloom212-687-8080