Sands Remains An Oasis
Pinnacle Entertainment announced in its Feb. 5 earnings statement that it has abandoned plans to build a casino where the Sands Casino Hotel once stood in Atlantic City and will instead sell the 19-acre parcel.
Pinnacle bought the Sands for $270 million in 2006 and imploded it October 2007. However, it put plans on hold in late 2008 to build a new $1.5 billion resort there. The site is now up for sale but Pinnacle’s interim CEO wouldn’t disclose the asking price.
Meanwhile, the casino operator lost money in the fourth quarter. Pinnacle lost $242 million, or $4.03 per share, compared with a loss of $297.7 million, or $4.97 per share, in the prior-year period.