Failing in an attempt to acquireAztar Corp
The deal calls for the closure of the 26-year-old Sands Casino within 70 days of the signing of the agreement, which will allow Pinnacle to knock down and allow construction of a "new, much larger facility as quickly as possible."
The new facility will be part of an ongoing transformation in Atlantic City. With new locals competition in the form of racinos in New York and Pennsylvania, casino operators in Atlantic City are investing heavily to offer a more complete destination resort experience in the vein of the Las Vegas Strip. MGM Mirage
At $15 million per acre, Pinnacle's purchase price is also nearly Las Vegas Strip-like. But since acquisition beats regional rivals Ameristar Casinos
Also, Pinnacle is in the running to acquire one of two slot parlor licenses in nearby Philadelphia. The Atlantic City resort property would enhance the value of the Philadelphia property (and vice versa) by being a logical place to scoot Pinnacle's Philadelphia gaming customers.
In all, this is a big step for one of the premier emerging casino operators.
For related coverage, check out:
- Pinnacle Gambles on Aztar
- Gauging Aztar's Value
- The Casinos of Southern Indiana: Part I, Part II, and Part III
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