The Golden Nugget Atlantic City was built, owned and operated by Golden Nugget Companies before selling it to Bally's Entertainment Corporation, which changed the name to Bally's Grand Casino/Hotel. The sale was prompted by founder Steve Wynn's frustration with gaming regulators in New Jersey. 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 and later renamed Caesars Entertainment. In 2005, Harrah's Entertainment merged with Caesars Entertainment and sold the property to Colony Capital, LLC.