Pinnacle Gaming to Buy Sands Atlantic City
Pinnacle Gaming, losers in the bidding war over the Vegas and Atlantic City Tropicana resorts earlier this year have bounced back by purchasing the Atlantic City Sands from billionaire investor Carl Icahn. The price tag for the crunky AC Sands was mere $250 million dollars. Pinnacle gaming has stated that they will probably tear down the Sands and build a new casino resort on the 18-acre parcel of land.
We'll soon see where Pinnacle gets their hooks into Vegas - some say the Riviera, others say Sahara - either way, Pinnacle is eyeballing prime strip property and right now, the only plots that may be for sale are the aforementioned Sahara and Riviera.
Financier Carl Icahn has agreed to sell the Sands casino and adjacent land in Atlantic City, N.J., for $250 million to Pinnacle Entertainment Inc., which plans to build a casino and resort on the 18-acre property.
The Sands, one of the smallest properties at the gambling destination, will be replaced with a much larger casino, Las Vegas-based Pinnacle announced Tuesday. It's the first Atlantic City property for Pinnacle, which owns nine casinos in the U.S. and Latin America.
If Pinnacle is successful in another bid to open a casino in Philadelphia, the two properties could be used to complement each other, said Eric Green, director of research at Penn Capital Management in Cherry Hill, N.J., Pinnacle's fifth-largest shareholder, with more than 2 million shares.
Buying the Sands is "a great transaction for them, and it's a home run if they get Philadelphia," said Green, who expects Pinnacle to build an upscale resort in Atlantic City.
Pinnacle said it expects to close the purchase by the end of the year.
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