ATLANTIC CITY, NJ-Pinnacle Entertainment Inc.’s plan to sell a prime casino-zoned property on the Boardwalk here has apparently encountered some delay.
The Las Vegas-based company had stated in a Securities and Exchange Commission filing last year that it had reached a letter of intent with an unidentified buyer and expected to close on the deal by year’s-end 2012. With that deadline passed, there are rumors that the deal has been pushed back.
“There is a rumor that it has been pushed back months,” said Liza Cartmell, president of the Atlantic City Alliance, in a report on the presssofatlanticcity.com.
The company stated in a November 2012 SEC filing, “We have entered into a letter of intent to dispose of our land holdings in Atlantic City and expect to enter into a definitive agreement by the end of the fourth quarter of 2012.”
Joshua Levin, a commercial real estate broker in Atlantic City, said in the report he heard a New York investor has agreed to pay Pinnacle $30 million for the parcel that it has been trying to sell ever since it abandoned plans in 2010 to build a $1.5-billion resort on the property. See story on pressofatlanticcity.com.