Atlantic City Casino Sold For $250 Million to Pinnacle

The Sands Casino and Hotel as well as a neighboring site has reached an agreement to sell the centerpiece of the Atlantic City Boardwalk to Pinnacle Entertainment Inc. for $250 million.

Carl Icahn, the majority owner, took control of the Sands back in 2000 and Pinnacle agreed to buy the property and additional real estate located near the Sands.

The Sands, which is 26 years old is going to be completely redone from the ground up and will be replaced by much larger casino hotel than what currently exists.

Pinnacle Entertainment already has casinos in operation in the Bahamas, Louisiana, Nevada, and Argentina and is set to acquire 18 acres in the deal with a strech along New Jersey's famous Atlantic City Boardwalk.

The new casino is not set to be done and open until at least 2010 said Pinnacle spokeswoman Pauline Yoshihashi.

September 6, 2006
Posted By Vincent Tapoglia III
Staff Editor, CasinoGamblingWeb.com    Previous Page | Internet Gambling | Top Online Casinos | Submit News!