Pinnacle Entertainment is selling the property it acquired in Atlantic City for a $1.5 billion gaming resort. The company imploded the Sands Casino Hotel in October 2007 to make way for the oceanfront project but now says that the economy, the city’s gambling slump, and competition from neighboring states have prompted them to abandon plans and sell the land.
"While we are disappointed that Pinnacle will not be building there, the site is a prime piece of real estate in Atlantic City and I am confident that when the economy turns around, that will be a very desirable location for a new developer," Daniel Heneghan, a spokesman for the New Jersey Casino Control Commission, tells The Press of Atlantic City.
