Print
Nov 6, 2008 11:26 am US/Eastern
Pinnacle's A.C. Casino Plans On 'Indefinite Hold'
ATLANTIC CITY (AP) ―
-
-
The Sands Hotel and Casino was purchased by Pinnacle Entertainment.
CBS
Pinnacle Entertainment's plan to build a mega-casino worth as much as $2 billion on the Atlantic City Boardwalk is on "indefinite hold" due to worsening competition and the poor economy.
In a news release Thursday morning, the Las Vegas-based casino developer cites the continuing tight credit market, which is making it nearly impossible to borrow money, as well as increasing competition in Pennsylvania and Maryland.
Maryland voters this week approved 15,000 slot machines in five locations, which will further eat into Atlantic City's customer base.
The company is also not happy that Atlantic City is soliciting plans from developers to build casinos on the former Bader Field airport site, further increasing competition within Atlantic City.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
