Pinnacle Entertainment says Atlantic City casino site will sell at ’significant discount’
By Wayne Parry, APThursday, July 29, 2010
Pinnacle: ‘Significant discount’ on AC land sale
ATLANTIC CITY, N.J. — Not too long ago, Pinnacle Entertainment had grand plans for a sparkling new casino resort on the Atlantic City Boardwalk that would cost upward of $2 billion.
On Thursday, the company acknowledged what has long been apparent: It’s going to take a bath selling the land where that now-scrapped resort would have been built.
Carlos Ruisanchez, a company vice president, said the nearly 20-acre site will sell for “a significant discount” from the $340 million Pinnacle paid billionaire investor Carl Icahn for it just two years ago
Pinnacle pulled the plug due to Atlantic City’s struggles with competition, and the sour economy.
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