Pinnacle Atlantic City Officially Hosed
More shoes are dropping in Atlantic City, this time Pinnacle Entertainment has officially and indefinitely cancelled the large project to be built on the remnants of the Sands AC.
Pinnacle blames Pennsylvania's slot parlors, the passage of a proposition to allow slot machines in Maryland, the Bader Field RFPs and the credit market.
The Company's plans to construct a major facility along Atlantic City's famed Boardwalk are on indefinite hold due to credit market conditions and an evolving competitive environment, including approval of a state constitutional amendment on November 4 permitting 15,000 slot machines in nearby Maryland; the three additional casinos being planned or under construction in Philadelphia and eastern Pennsylvania; and Atlantic City's recent request for proposals for one or more casinos to be built on Bader Field, a recently decommissioned municipal airport that straddles two of the three major feeder routes into Atlantic City.
Is this a ploy to mobilize more eminent domain seizures or is PNK really done with AC? If they are done, I move that the City cease all related eminent domain proceedings and lean on PNK to sell immediately.
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