Pinnacle Selling Casino Site in Atlantic City
Pinnacle Entertainment is selling the land where it once planned to build a $2 billion casino in Atlantic City.
The Las Vegas casino company tells federal security regulators it has reached a deal to sell its nearly 20-acre site to a buyer it did not identify, for $30.6 million.
Pinnacle bought the former Sands Casino Hotel in 2006 for $270 million. It imploded the casino-hotel and made plans for a new casino with a beach house theme.
But those plans never advanced beyond the drawing board as the economy crashed and Atlantic City’s gambling revenue began a six-plus year slump from which it still has not recovered.
The company says the sale of its land should close by the end of this month, assuming financing can be worked out.
(Copyright 2013 by The Associated Press. All Rights Reserved.)