Pinnacle Atlantic City
Encyclopedia
Pinnacle Atlantic City was a holding company for a planned resort which was to be located on the former Sands Atlantic City. The property was purchased from investor Carl Icahn
. After the property was bought, Pinnacle gave 60 days' notice to employees of the casino. After the closure of the Sands, Pinnacle sold the hotel supplies at a liquidation sale and destroyed more than $61 million of table chips.
When Pinnacle removed the Sands' slot machines to other Pinnacle properties, a total of $17,193.34 was found, some of which went to taxes and to fund the dismantling of the people mover
that ran from the Boardwalk to Sands Atlantic City, along Brighton Park.
Originally the Pinnacle Atlantic City was slated to open in late 2011 or early 2012 but on March 6, 2009, Pinnacle's Chairman and Chief Executive Officer Dan Lee announced that the project is suspended indefinitely and the company may seek to sell the property.
and on July 30, 2010 in an article in the Press of Atlantic City Pinnacle said that it would be selling its Atlantic City assets and abandoning its casino projects.
Pinnacle Entertainment has also considered building an additional casino on the Bader Field site, but no official announcements have been made.
Carl Icahn
Carl Celian Icahn is an American business magnate and investor.-Biography:Icahn was raised in Far Rockaway, Queens, New York City, where he attended Far Rockaway High School. His father was a cantor, his mother was a schoolteacher...
. After the property was bought, Pinnacle gave 60 days' notice to employees of the casino. After the closure of the Sands, Pinnacle sold the hotel supplies at a liquidation sale and destroyed more than $61 million of table chips.
When Pinnacle removed the Sands' slot machines to other Pinnacle properties, a total of $17,193.34 was found, some of which went to taxes and to fund the dismantling of the people mover
People mover
A people mover or automated people mover is a fully automated, grade-separated mass transit system.The term is generally used only to describe systems serving relatively small areas such as airports, downtown districts or theme parks, but is sometimes applied to considerably more complex automated...
that ran from the Boardwalk to Sands Atlantic City, along Brighton Park.
Originally the Pinnacle Atlantic City was slated to open in late 2011 or early 2012 but on March 6, 2009, Pinnacle's Chairman and Chief Executive Officer Dan Lee announced that the project is suspended indefinitely and the company may seek to sell the property.
and on July 30, 2010 in an article in the Press of Atlantic City Pinnacle said that it would be selling its Atlantic City assets and abandoning its casino projects.
Pinnacle Entertainment has also considered building an additional casino on the Bader Field site, but no official announcements have been made.