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Casino acquisition moving forward
Message was posted: 05:57 Oct 21st, 2006

User: Money Talks Rank: Casino Gold: 569CG Contributor rating: 1240 Status: Offline

Casino news from http://www.courierpostonline.com/ Kim Townsend is glad to be back home. A senior vice president of marketing for Las Vegas-based Pinnacle Entertainment, Townsend is scouting for houses in Egg Harbor Township near her sister's place. She is one of four staffers approved by the Casino Control Commission Wednesday to act as liaison with the Sands as the acquisition of the 26-year-old casino hotel moves forward. In addition, the commission approvals establish procedures to allow Pinnacle to take over and transport slot machines, gaming tables and other equipment, and to pay off Sands gaming markers to customers and control Sands casino records. Pinnacle will take over the Sands November 17, less than a week after the casino hotel closes its doors for good. "This will insure a smooth transition process between now and November 17," Townsend said. "This will lead the project to the construction phase." The Pinnacle-Sands deal is swimming in uncharted waters, said Kenneth F. Oettle, a lawyer representing Pinnacle. "Closing a casino and transfering its assets at the same time has not been done before." Pinnacle, which lost out in its bid to acquire Aztar Corp earlier this year, will demolish the existing Sands to pave the way for a $1.5 billion resort which could break ground by the end of 2008, with an opening date, early in 2011. The investigation by the state Division of Gaming Enforcement found no negative information on the four representatives. A full investigation of all Pinnacle prinicipals - a necessary step before the corporation is deemed qualified to run a casino - is still months from completion. Look for Townsend to be an integral part of the transition team. "I'm just sorry I sold my house in Ocean City six years ago," she said.