PINNACLE CLOSE TO SELLING FORMER SANDS CASINO LAND

A waterfront Atlantic City property could be changing hands soon. Pinnacle Entertainment announced it is close to selling the former Sands property. According to its third quarter results, “The Company is progressing toward an agreement to dispose of its land holdings in Atlantic City and expects to enter into a definitive agreement by year end. Separately, the Company expects to receive approximately $2.6 million from the New Jersey Casino Reinvestment Development Authority for the redemption of bond credits.” Pinnacle was planning to put a new casino in the resort, but that work stopped with the economy tanking a few years back.