ATLANTIC CITY, NJ-Pinnacle Entertainment appears to be ending its protracted bid to build a major casino here.
The firm has filed papers with the U.S. Securities and Exchange Commission stating that it has reached a deal to sell its casino development site here to an unidentified buyer for $30.6 million, according to the Associated Press.
“We own approximately 19 contiguous acres in the heart of Atlantic City, with extensive frontage along The Boardwalk, Pacific Avenue and Brighton Park,” the company writes in its filing. “During the fourth quarter of 2012, we entered into a definitive agreement to sell our land holdings in Atlantic City for total consideration of approximately $30.6 million, subject to a financing contingency. The transaction is expected to close by the end of the first quarter of 2013.”
Pinnacle acquired the former Sands Casino Hotel in 2006 for $270 million. In 2007 the Las Vegas-based firm imploded the Sands and announced plans to develop a new casino with a beach house theme. However, those plans never got off the drawing board due to the struggling economy and changing fortunes of the Atlantic City gaming industry. See story in Bloomberg Business Week.
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