With Governor Chris Christie looking to take over the Atlantic City casino district and turn around what has become a dwindling market, even casino operators that have abandoned the area are hopeful.
Pinnacle Entertainment is one. In 2006 Pinnacle purchased the former Sands casino from investor Carl Icahn and imploded the structure a year later only to abandon plans to rebuild a mega resort complex, when economic conditions began to weigh on the company.
Now four years later, Pinnacle has listed the abandoned 20 acre site on the real estate market. The property is being marketed by Jones Lang LaSalle and is expected to be sold at steep loss.
Pinnacle executives said that they are aware they could take a 70% loss on the $270 million property overlooking the Boardwalk. Atlantic City’s depressed real estate market coupled with the property being any empty field is not likely to receive high bids.
However, Pinnacle is hopeful that they can find a buyer by the end of the year, with MGM Resorts International reaching a deal in the area to sell the land under the Borgata Resort.
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