Resorts International

After the death of its longtime chairman, James Crosby, in 1986, the company was briefly controlled by Donald Trump, before being acquired by Merv Griffin in 1988.

[11] The company made efforts towards acquiring Pan American World Airways in 1969, but backed down after Congress intervened to make such a takeover more difficult.

[7] By early 1986, Resorts was reported to be exploring expansion options in West Virginia, Florida, and Louisiana, where it was participating in lobbying efforts to legalize gambling, and searching for potential casino sites.

[24] The Taj Mahal had encountered construction problems, and Crosby's heirs, lacking experience in large development projects, doubted their ability to complete it successfully.

[25] Real estate developer Donald Trump, who owned two Atlantic City casinos, beat out several other bidders to purchase a controlling stake in the company from Crosby's family for $79 million in July 1987.

[33] Less than a year after Griffin's takeover, Resorts began defaulting on interest payments to bondholders, due to the company's high debt load and inability to sell undeveloped real estate assets.

[35][36] As part of the deal, Griffin also invested $25 million in cash, the company again became publicly traded, and the Paradise Island property was put up for sale.

[36][37] Proceeds from the Paradise Island sale, expected to top $250 million, would have allowed Resorts to reduce its debt load to a level that could be serviced by cash flow from the Atlantic City property.

[41] Griffin hoped the new name would emphasize his connection to show business, as the company sought to expand into television and live entertainment.

[52] Resorts financed the establishment of Intertel in 1970, as an outgrowth of Crosby's efforts to keep the company's Bahamas casino free of organized crime influence.

[54] Its other high-profile work included providing security for Howard Hughes,[55] investigating the Chicago Tylenol murders and the Bhopal disaster,[56][57] and arranging safe passage to the Bahamas for the Shah of Iran and deposed Nicaraguan dictator Anastasio Somoza.