Resorts, Morgan Stanley settle lawsuit

15 January 2008

ATLANTIC CITY, New Jersey -- As reported by the Press of Atlantic City: "Two combatants have settled their high-stakes courtroom drama involving allegations of double-dealing and corporate intrigue in a $2 billion casino project.

"Resorts International Hotel Inc. had sued Wall Street investment bank Morgan Stanley in January 2007, claiming it had improperly used a former Resorts Atlantic City executive to gain an inside track on the casino land.

"Representatives of Resorts and Morgan Stanley confirmed Monday that the U.S. District Court case was settled in December, although a confidentiality agreement bars them from divulging the terms.

"...The lawsuit claimed that Morgan Stanley had secretly worked with former Resorts President Audrey S. Oswell to acquire a 20-acre parcel along the Boardwalk in 2006 for $74 million. Since that time, Morgan Stanley has entered into a partnership with Revel Entertainment Group to develop the oceanfront property into a Las Vegas-style megacasino scheduled to open in late 2010.

"...In settling the case, Morgan Stanley most likely agreed to pay Resorts a sizable cash award, according to Charles A. Ercole, a Philadelphia attorney who represents Oswell..."

Related Links

Morgan Stanley Gaming Vendor Information

copyrighted material written for and appeared exclusively in The Press of Atlantic City

Featured Vendors


TribalHub 26th Annual TribalNet Conference Sept 15-18, 2025 at Grand Sierra Resort and Casino in Reno, Nevada	Casino Schedule Ease Full Featured & customizable for the complex scheduling needs of table games & other casino depts

Indian Gaming Tradeshow & Convention Indian Gaming Tradeshow & Convention - the premier event for the Inian Gaming Industry.	Regulatory Management Counselors, PC Over 45 years of experience serving the legal and regulatory needs of casino industry clients

Prezzee Prezzee provides digital gift cards from top brands to reward loyal guests and employees.	Slot Machines Unlimited Exporter of IGT, Williams, AVP, Trimline, Aristocrat, Konami, Bally, & parts over 20 yrs experience

Imagine This Imagine This #1 Source for Player Gifts. Over $50 million in stock ready to ship! Let us serve you!	REDW Business & Financial Resources, LLC Improve Your Odds of Success: Trust in REDW’s Tribal Casino Operations & Audit Experts!

Casino City Press A leading publisher and distributor of casino and gaming business data and market research reports.	Oklahoma Indian Gaming Association (OIGA) Conference The biggest little show in Indian gaming! Save the date: July 14-16, 2025 Oklahoma City

Texas Slots & Gaming Wholesale gaming reimagined. Texas Slots & Gaming is your sustainable gaming partner.	Rymax Marketing Services, Inc. Leader in creating award winning player & employee loyalty programs & events proven to increase ROI

Players Pal Revolutionize the way you connect with your casino players with the Players Pal mobile app	Sunkist Graphics, Inc. Specializing in the creation of best-of-breed gaming graphics - slot glass, sign faces, and more

Casino Network 20+ years experience selling refurbished slot machines, parts & glass for all major brands	Betson Imperial Parts & Service Your one stop shop for all your gaming and OEM needs!

Concept 3, LLC Custom Creations, Unmatched Value – Elevating Brands with Quality & Savings Since 2004