Pinnacle to Build New Hotel/Casino After Buying, Tearing Down The Sands

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Message was posted: 08:51 Sep 6th, 2006

User: PayingRake
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Casino news from http://www.cpnonline.com/

Pinnacle Entertainment Inc. will buy The Sands and Traymore sites in Atlantic City, N.J., from Atlantic Coast Entertainment Holdings Inc. for $250 million. The deal has yet to close, but Pinnacle has plans to tear down The Sands and construct a new hotel and casino on the property.

Jeff Vasser, executive director of the Atlantic City Convention & Visitors Authority estimated the new hotel will have 2,000 rooms, a significant increase from the 500 rooms The Sands now has. "From a destination point of view, The Sands has been a small property and underutilized in the market," Vasser told CPN. "Having another major resort is going to be huge for us.

As part of the transaction, ACE Hi will be required to close the hotel/casino within 70 days of the deal's close. The Sands is 26 years old and is one of the original gaming resorts to open in the area, although the hotel is not located along the desirable boardwalk. With the purchase of the Traymore sites, that connect The Sands and the boardwalk, Pinnacle will be able to better position the hotel/casino.

Pinnacle declined to comment on the transaction as there are 45 days left before the deal is solidified.

Carlton Geer, senior vice president of the global gaming group for CB Richard Ellis Inc. said this announcement further proves that companies, while looking for opportunities to grow their business, are limited in potential locations. "Las Vegas, Atlantic City and Mississippi have become ever more important gaming markets in the United States as opportunities for further development (in other locations) decrease," Greer told CPN this afternoon.

Pinnacle to Build New Hotel/Casino After Buying, Tearing Down The Sands

Message was posted: 09:51 Sep 6th, 2006

User: JimmyS
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Progress can't be stopped they say but I play at the Sands when I go to AC. Nice, small little poker room that always had a game and never was to crowded. Nice daily tournaments and I liked the atmosphere. Hate to see it go.

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