After the Hilton Hotels Corporation acquired Bally Entertainment, the property was renamed Atlantic City Hilton. In 1998, Hilton Corporation spun off its casino properties into a new company initially called Park Place Entertainment.
In 2000 Nicholas L. Ribis, in partnership with Colony Capital, LLC bought the poorly-performing Resorts Atlantic City for $140 million and created Resorts International Holdings. Then, in 2005, they set out to buy four casino properties across the U.S., including the Atlantic City Hilton, for a combined total of $1.24 billion.
