Pinnacle To Sell Casino Land In Atlantic City At A Nearly $240 Million Loss: ReportLand Was Acquired In 2006 For $270M, To Be Sold Now For $30.6M |
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Pinnacle Entertainment, which had once planned to build a massive new casino in Atlantic City, reportedly has agreed to sell the plot of land where the casino was supposed to be lifted up from the ocean front, according to Thursday reporting from the Press of Atlantic City.
The firm bought the land, which had a casino on it, for $270 million in 2006, but now is ditching the property for just $30.6 million. The 20-acre site was where the Sands Casino Hotel once stood, before Las Vegas-based Pinnacle knocked it down in 2007.
Selling the real estate for such a loss comes not long after Revel casino, which opened just last year, said it plans to file for Chapter 11 bankruptcy protection. Another recent financial transaction that was somewhat surprising was Trump Plaza selling for $20 million.
Equally as unexpected, but not negative for the gaming industry at large, was PokerStars moving to purchase the struggling Atlantic Club Casino Hotel.
Despite the casino industry horrors hitting Atlantic City, the tourism spot might have just received a shot in the arm from the legalization of online gaming in New Jersey last month. Some in the state are also pushing for sports betting. Though, it remains to be seen whether these new activities, once/if realized, will turn fortunes around.
Atlantic City, which has been slumping since 2006, currently has 12 brick-and-mortar casinos.
For more news and tournament information from New Jersey, check out its state page.
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