The Pinnacle Entertainment Group had plans of developing a mega casino complex near the boardwalk on the plot of land that is now the "burial site" for the Sands Atlantic City. The project was billed at an estimated $2 Billion and now it is nothing more than an idea that will never be.
The reality is that Pinnacle still owns the land, but word from the Company Chairman Dan Lee has said, unofficially that is, that the company plans on selling the land for fair market value in this time of not so good fair market values. The project was to be a mega resort in the theme of a beach house to rest on the boardwalk and really press a new era in the casino market for Atlantic City.
Several issues were pointed out to be the reason behind the Pinnacle move. First the economy in general. People just don't have money and what they do have they aren't spending it. Second, the Atlantic City economy in general. With a double whammy of increased competition from neighboring states and jurisdictions the noose is tight for what customers they can get. Last, the move for Atlantic City to develop off boardwalk gaming halls, for example the development of the Bader Field area in the city.
The reality is that Pinnacle still owns the land, but word from the Company Chairman Dan Lee has said, unofficially that is, that the company plans on selling the land for fair market value in this time of not so good fair market values. The project was to be a mega resort in the theme of a beach house to rest on the boardwalk and really press a new era in the casino market for Atlantic City.
Several issues were pointed out to be the reason behind the Pinnacle move. First the economy in general. People just don't have money and what they do have they aren't spending it. Second, the Atlantic City economy in general. With a double whammy of increased competition from neighboring states and jurisdictions the noose is tight for what customers they can get. Last, the move for Atlantic City to develop off boardwalk gaming halls, for example the development of the Bader Field area in the city.
So what now for Atlantic City as the bloom is definitely off the rose. Keep tuned to see the continuing saga.
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