The Deal
Wednesday, November 25, 
10:46 am

Pinnacle to take out Sands with a bang

  Share     E-Mail    Discussion    Print Story

Facade of the Sands ACRather than quashing buyout rumors, Pinnacle Entertainment Inc. executives are promoting tonight's implosion of the Atlantic City Sands, which will make way for an 18-acre casino resort on the New Jersey city's famed boardwalk set to open in 2011. Pinnacle bought the bankrupt casino in November 2006.

However, some neighbors are attempting to stop the big show, reportedly the first East Coast casino implosion ever, on the grounds it will pollute the air with asbestos and other toxins. A delay would be bad news for Pinnacle because it could push back the casino's opening, which would pit it directly against MGM Mirage's even bigger project, which will span 77 acres in AC's marina district and is slated to open in 2012.

Rumors of a Pinnacle buyout first surfaced in 2006 after Columbia Sussex Corp. won a bidding war with Pinnacle for Aztar Corp., parent of the Tropicana. — Matthew Wurtzel

See story about implosion and lawsuit from The Philadelphia Inquirer
See story about MGM Mirage from Dealscape
See earlier story about Sands bankruptcy from TheDeal.com
See earlier story about Aztar deal from TheDeal.com

Continue reading below

Also on Dealscape





Post a comment





The Deal Pipeline

Deal Video


Inside The Deal: Pro Football Hall of Famer Steve Young tells us why quarterbacks make good PE investors.


More video...

Crisis On Wall Street
Technology
Deals of The Decade

Community

Industry Insight

REIT IPO deja vu

Real estate sponsors that might wish to undertake an IPO will need to consider a wide variety of issues and begin to take action long before the first filing with the SEC.


Industry Insight

Loan-to-buy

Paulson's proposal to purchase an equity stake in Yellow Pages publisher Idearc is the second time in recent months an investor group has used its prepetition debt position to execute a bargain price 'exit LBO.'


Industry Insight

Managing your shareholder base

Growth companies and their PE sponsors should be wary of the pitfalls that arise when they layer on tiers of preferred stock.


footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg


©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.