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Pinnacle Abandons Ship

By Chuckmonster on Friday, 6th March 2009 3:29pm
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This is really really unfortunate news, Pinnacle Entertainment honcho Dan Lee has pretty much abandoned ship on their proposed redevelopment of the Sands AC parcel.

Someday, hopefully, it's a better world or somebody shows up and gives us a good price. Obviously with 20-20 hindsight, I wish we didn't buy the land in Atlantic City.

We've been a little hard on Dan over the last year, but after taking a quick visit to Pinnacle's Belterra Casino Resort & Spa in Indiana last week, we couldn't help but be impressed by what they had done.

The question now is, who - if anyone - is going to have the balance sheet to buy and build in this economy.

Paging Mr. Wynn... Mr. Wynn pick up the chocolate with white pinstripe phone...

More at the Press of AC.

Comments & Discussion:

What's so surprising. Maybe this was a deal that was never supposed to happen. Maybe they thought one of the entities that kicked their but on the Aztar deal would pop up again to keep them out of town. Then PNK could move on to Phila. Co., their real goal.The acquisition agreement contains non-solicitation, fiduciary out and termination fee provisions. ACE Hi is not permitted to solicit other acquisition proposals, but for 45 days may negotiate with anyone that submits unsolicited proposals if the ACE Hi board believes that such a proposal is, or is reasonably likely to result in, a proposal that is more favorable to the ACE Hi stockholders. If within such 45-day period, the ACE Hi board determines that an alternative proposal is more favorable to the ACE Hi stockholders, ACE Hi is permitted to terminate the acquisition agreement with Pinnacle upon payment of a $10 million termination fee. In addition, entities affiliated with Mr. Icahn, including AREH and AREP Sands, have agreed to pay to Pinnacle all of any additional value received by such entities through an overbid.Pinnacle expects to close its purchase of The Sands/Traymore site by the end of the year.From the Sept 2006 press release on Sands purchase.

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