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Pinnacle Bets Big on Sands
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Pinnacle Entertainment(PNK Quote) said it will purchase the Sands casino and a neighboring boardwalk hotel site in Atlantic City for $270 million from billionaire Carl Icahn.
Pinnacle plans to implode the site and build a new casino resort on the 18 acres of waterfront land. The lofty price of $15 million per acre points to the popularity of Atlantic City, as the city continues a transition from its seedy past into the Las Vegas of the East. The Sands is one of Atlantic City's oldest and smallest casinos. The deal is set to close in 70 days.
The price tag includes $20 million of tax-related benefits and additional real estate. ...
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