On December 10, 2009, it was announced that Resort International was not able to pay the mortgage for more than a year for the Atlantic City property and made a deal to have the loan canceled and surrender the property to RAC Atlantic City Holdings L.L.C. (which is owned by the lenders, Wells Fargo and others). In 2010, former Tropicana Casino and Resort President Dennis Gomes announced the Trop's intentions to purchase Resorts Atlantic City for $35 million in cash from the lenders who took over after Colony Capital defaulted. The casino was taken over by DGMB Casinos, a company headed by Dennis Gomes, in December 2010, days before the casino was scheduled to shut down.