ATLANTIC CITY--- The Casino Control Commission, on Thursday evening, unanimously signed off on the plan - Resorts Casino Hotel will now be owned by Resorts Atlantic City Holdings LLC. (RAC), a newly formed entity made up of the ailing casino's financial lenders including Wells Fargo.

Tonights vote by the CCC, coming one year after Resorts stopped paying interest on its $360 million dollar mortgage, is in many respects an endorsement of a consensual agreement between the lending companies and longtime Resorts C.E.O. Nicholas Ribis.

Under the plan, Ribis will continue to run the day-to-day operations of the casino, but all debt, estimated at around $381 million, will be erased. RAC will also make an immediate infusion of $8 million dollars of new capital.

Perhaps the biggest component of the takeover plan, and the biggest dilemma for the CCC is the granting of a one year casino license to RAC.

"...The Act really wasn't fashioned to deal with circumstances like this," said CCC Chair, Linda Kassekert, "....our major goal here was to make sure the property is stable because that's what we're required to do under the Act, to make sure that employees are working because we don't want to see more people out of work."

After the meeting, Ribis said he was very optimistic about turning Resorts around, "....its a good partnership between myself and the banks, we're going to focus on business, we're going to work together, we're going to make this property better than it already is."

The Casino Control Commission also stated that RAC must make every effort to sell the property during the initial one year license term. The CCC does have the latitude to renew the license for up to three years, but a 36 month deadline has been established in which RAC must 'dispose of the asset'.