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Pinnacle Rumors Unfounded
Pinnacle Entertainment, which bought the Sands Casino Hotel property for a mega casino complex that they are going to develop, has been the subject of a number of rumors. One rumor had the company planning to reopen the present Sands property even though it has no slot machines and is in an unsafe condition. The Philadelphia Inquirer ran a rumored story that Pinnacle was going to buy Resorts without checking to see if it was true. Another rumor was that Pinnacle was not gong to build, but would sell their site for a profit and leave town. These and all of the other rumors are completely false according to Pinnacle sources. They are accumulating a strong staff to get ready for the demolition of the Sands building and the development of their new mega casino.
This columnist has reported that Pinnacle has been negotiating with the owners of the Boardwalk property between Dr. Martin Luther King Boulevard and Kentucky Avenue, giving them a two-block footprint on the Boardwalk. Although the sign over Opa Bar & Grill still says, Come to the Sands farewell party, plans are underway to change it to announce Pinnacle's new mega casino. Dan Lee, Pinnacle's top honcho, was in town recently and told his staff that the rumors are just that: rumors.
It certainly looks like they have a schedule in place. They are calling for an implosion in October with construction to begin in the first quarter of '08 with final completion in '11. You can find it in their SEC filing.
If it was just the hotel tower, that's probably true. We've been asked to price the tower, the casino, the garages across the street, and possibly some other buildings. It's messy.
I hope you are right, that means it will be over soon!
Pinnacle bought out the former holding company Ace Hi outright so I imagine that included in the price was all the previous demolition budgets and schedules that were done for ACE HI. The only thing changed is that the Madison Hotel is staying.
The garage is interesting. It is 650,000 sf of pure post tensioned pleasure.
They should just get Mazzocchi in there to LRD the fucker and bring it down that way,I mean for god sake they have that new 200 ft boom why not put the damm thing to work and get some use out of it.
Sands Atlantic City Update
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