Pinnacle kills Atlantic City casino project
pressofAtlanticCity.com — The company that spectacularly imploded the Sands Casino Hotel is pulling out of Atlantic City after its plans for a $1.5 billion gaming resort proved to be a dud.
Dealing another blow to the struggling gaming market, Pinnacle Entertainment Inc. announced Friday it has abandoned its casino project and will sell its Boardwalk property…
Pinnacle cited Atlantic City’s prolonged gaming slump, fierce competition from casinos in surrounding states and the fragile economy as reasons for killing a project that looked less and less likely after it was put on “indefinite hold” in late 2008.
“Atlantic City is no longer a good strategic fit for us, given the current economic outlook, the state of the financing markets and the major capital commitment that would be required,” Pinnacle spokeswoman Pauline Yoshihashi said. “It’s an attractive and well-located site, and may be a better strategic fit for another company.” (more)
