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Pinnacle Entertainment Purchases Area In Atlantic City For Casino
Pinnacle Entertainment (NYSE: PNK) today announced it has completed its purchase of The Sands and Traymore sites in Atlantic City, N.J. from entities affiliated with financier Carl Icahn for approximately $250 million, plus an additional $20 million for certain tax-related benefits and additional real estate. The purchase includes approximately 18 contiguous acres at the heart of Atlantic City, with extensive frontage along the Boardwalk, Pacific Avenue and Brighton Park. Pinnacle intends to build a new destination resort on the site that would be among the largest and most exciting casino hotels in the region.
As part of the transaction, The Sands hotel-casino was closed on Nov. 11. The closure of the 26-year-old casino, which was among the oldest and smallest in the city, was necessary to allow the construction of a new, much larger facility as soon as possible. "We look forward to designing and developing a world-class resort on this spectacular site," said Daniel R. Lee, Pinnacle's Chairman and Chief Executive Officer."
"We have a great deal of work ahead of us, and look forward to creating thousands of new jobs, millions in tax revenues and other lasting benefits for Atlantic City and the entire region. We are continuing to work with gaming regulators on our licensing application. "We have not yet set dates for site demolition or for the groundbreaking of the new project, but we are moving quickly," Mr. Lee continued. "We will keep state and regional authorities apprised of our progress as we begin our design and development phase."
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