SCHEDULE 13D
Amendment No.
RESORTS INTERNATIONAL, INC.
common stock
Cusip # 761185404
Filing Fee: Yes
Cusip # 761185404
Item 1: Reporting Person - FMR Corp. - (Tax ID: 04-2507163)
Item 4: PF
Item 6: Commonwealth of Massachusetts
Item 7: 1,119,606
Item 8: None
Item 9: 6,794,555
Item 10: None
Item 11: 6,794,555
Item 13: 18.29%
Item 14: HC
PREAMBLE
The filing of this Schedule 13D is not, and should not be deemed
to be, an admission that such Schedule 13D is required to be filed. See
the discussion under Item 2.
Item 1. Security and Issuer.
This statement relates to shares of the Common Stock, $0.01 par
value (the "Shares") of Resorts International, Inc., a Delaware
corporation (the "Company"). The principal executive offices of the
Company are located at 1133 Boardwalk, Atlantic City, New Jersey 08401.
Item 2. Identity and Background.
This statement is being filed by FMR Corp., a Massachusetts
Corporation ("FMR"). FMR is a holding company one of whose principal
assets is the capital stock of a wholly-owned subsidiary, Fidelity
Management & Research Company ("Fidelity"), which is also a
Massachusetts corporation. Fidelity is an investment adviser which is
registered under Section 203 of the Investment Advisers Act of 1940 and
which provides investment advisory services to more than 30 investment
companies which are registered under Section 8 of the Investment Company
Act of 1940 and serves as investment adviser to certain other funds
which are generally offered to limited groups of investors (the
"Fidelity Funds"). Fidelity Management Trust Company ("FMTC"), a
wholly-owned subsidiary of FMR Corp. and a bank as defined in Section
3(a)(6) of the Securities Exchange Act of 1934, serves as trustee or
managing agent for various private investment accounts, primarily
employee benefit plans and serves as investment adviser to certain other
funds which are generally offered to limited groups of investors (the
"Accounts"). Various directly or indirectly held subsidiaries of FMR
are also engaged in investment management, venture capital asset
management, securities brokerage, transfer and shareholder servicing and
real estate development. The principal offices of FMR, Fidelity, and
FMTC are located at 82 Devonshire Street, Boston, Massachusetts 02109.
Edward C. Johnson 3d owns 34.0% of the outstanding voting common
stock of FMR. Mr. Johnson 3d is Chairman of FMR Corp. The business
address and principal occupation of Mr. Johnson 3d is set forth in
Schedule A hereto.
The Shares to which this statement relates are owned directly by
eight of the Fidelity Funds, and by nine Accounts.
The name, residence or business address, principal occupation or
employment and citizenship of each of the executive officers and
directors of FMR are set forth in Schedule A hereto.
Within the past five years, none of the persons named in this Item
2 or listed on Schedule A has been convicted in any criminal proceeding
(excluding traffic violations or similar misdemeanors) or has been a
party to any civil proceeding and as a result thereof was or is subject
to any judgment, decree or final order enjoining future violations of,
or prohibiting or mandating activities subject to , federal or state
securities laws or finding any violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The Fidelity Funds received 5,171,730 Shares of common stock
pursuant to the Company's prepackaged plan of reorganization filed under
Chapter 11 of the United States Bankruptcy Code (the Plan of
Reorganization"). The Shares were received as an exchange for
$146,740,010 principal amount of the old series notes. In addition, the
Fidelity Funds currently own 116,400 Shares of common stock from a
previous reorganization of the Company.
The Accounts of FMTC received 1,506,425 Shares of common stock
pursuant to the Company's prepackaged plan of reorganization filed under
Chapter 11 of the United States Bankruptcy Code (the Plan of
Reorganization"). The Shares were received as an exchange for
$42,742,500 principal amount of the old series notes.
Item 4. Purpose of Transaction.
The Fidelity Funds and the Accounts acquired the Shares through
the conversion of certain debt to equity in the Company's Chapter 11
Bankruptcy proceeding.
Fidelity and FMTC, respectively, may continue to have the Fidelity
Funds and the Accounts purchase Shares subject to a number of factors,
including, among others, the New Jersey gaming regulation, and the
availability of Shares of sale at what they consider to be reasonable
prices and other investment opportunities that may be available to the
Fidelity Funds and Accounts.
Fidelity and FMTC, respectively, intend to review continuously the
equity position of the Fidelity Funds and Accounts in the Company.
Depending upon future evaluations of the business prospects of the
Company and upon other developments, including, but not limited to,
general economic and business conditions and money market and stock
market conditions, Fidelity may determine to cease making additional
purchases of Shares or to increase or decrease the equity interest in
the Company by acquiring additional Shares, or by disposing of all or a
portion of the Shares.
Neither Fidelity nor FMTC has any present plan or proposal which
relates to or would result in (i) an extraordinary corporate
transaction, such as a merger, reorganization, liquidation, or sale of
transfer of a material amount of assets involving the Company or any of
its subsidiaries, (ii) any change in the Company's present Board of
Directors or management, (iii) any material changes in the Company's
present capitalization or dividend policy or any other material change
in the Company's business or corporate structure, (iv) any change in the
Company's charter or by-laws, or (v) the Company's common stock becoming
eligible for termination of its registration pursuant to Section
12(g)(4) of the 1934 Act.
Item 5. Interest in Securities of Issuer.
Although Item 5 assumes that FMR, Fidelity, and FMTC, beneficially
own all 6,794,555 Shares, reference is made to Item 2 for a disclaimer
of beneficial ownership with respect to the securities which are
"be.neficially owned" by the other corporations.
(a) FMR beneficially owns, through Fidelity, as investment
adviser to the Fidelity Funds, 5,288,130 Shares, or approximately 14.23%
of the outstanding Shares of the Company, and through FMTC, the managing
agent for the Accounts, 1,506,425 Shares, or approximately 4.05% of the
outstanding Shares of the Company. Neither FMR, Fidelity, FMTC, nor any
of its affiliates nor, to the best knowledge of FMR, any of the persons
name in Schedule A hereto, beneficially owns any other Shares. The
combined holdings of FMR, Fidelity, and FMTC are 6,794,555 Shares, or
approximately 18.29% of the outstanding Shares of the Company.
(b) FMR, through is control of Fidelity, investment adviser to
the Fidelity Funds, and the Funds each has sole power to dispose of the
Shares. Neither FMR nor Mr. Johnson has the sole power to vote or
direct the voting of the 5,288,130 Shares owned directly by the Fidelity
Funds, which power resides with the Funds' Boards of Trustees. Fidelity
carries out the voting of the Shares under written guidelines
established by the Funds' Board of Trustees. FMR, through its control
of FMTC, investment manager to the Accounts, and the Accounts each has
sole voting power and dispositive power over the 1,119,606 Shares owned
by the Accounts.
(c) Except as set forth in Schedule B, neither FMR, or any of
its affiliates, nor, to the best knowledge of FMR, any of the persons
named in Schedule A hereto has effected any transaction in Shares during
the past sixty (60) days.
Item 6. Contract, Arrangements, Understandings or Relationships With
Respect to Securities
of the Issuer.
Neither FMR nor any of its affiliates nor, to the best knowledge
of FMR, any of the persons named in Schedule A hereto has any joint
venture, finder's fee, or other contract or arrangement with any person
with respect to any securities of the Company.
Item 7. Material to be Filed as Exhibits.
Not Applicable.
This statement speaks as of its date, and no inference should be
drawn that no change has occurred in the facts set forth herein after
the date hereof.
Signature
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is
true, complete and correct.
FMR Corp.
DATE: May 12, 1994 By: /s/Arthur Loring
Arthur Loring
Vice President-Legal
SCHEDULE A
The name and present principal occupation or employment of each
executive officer and director of FMR Corp. are set forth below. The
business address of each person is 82 Devonshire Street, Boston,
Massachusetts 02109, and the address of the corporation or organization
in which such employment is conducted is the same as his business
address. All of the persons listed below are U.S. citizens.
POSITION WITH
PRINCIPAL
NAME FMR CORP. OCCUPATION
Edward C. Johnson 3d President, Chairman of the
Director, CEO Board and CEO, FMR
Chairman &
Mng. Director
J. Gary Burkhead Director President-Fidelity
Caleb Loring, Jr. Director, Director, FMR
Mng. Director
James C. Curvey Director, Sr. V.P., FMR
Sr. V.P.
William L. Byrnes Vice Chairman Vice Chairman, FIL
Director & Mng.
Director
Robert C. Pozen Sr. V.P. & Gen'l Sr. V.P. & Gen'l
Counsel Counsel, FMR
Mark Peterson Exec. Exec.
V.P.-Management V.P.-Management
Resources Resources, FMR
Denis McCarthy Sr. Vice Pres. - Vice Pres., Chief
Administration, Financial Officer,
Chief Financial FMR
Officer
