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Sands Hotel and Casino
to Close for Renovation
Sept. 5-06
The Sands Hotel in
Atlantic City has caught the eye of Pinnacle Entertainment Inc.
The hotel and casino is set to be purchased by the ambitious
company for $250 million. The location of the Sands has a great
deal to do with its high price. Due to its position on the
Atlantic Coty Boardwalk and the amount of traffic the hotel
accommodates, the hotel is worth its weight in gold.
Not only will
Pinnacle lay down the 250 mil for the casino, the company has also
struck a deal where in it will pay o$20 million additional in
order to receive other real estate and tax related benefits. The
additional properties will be purchased from the Sands previous
owner.
The casino is over
twenty years of age and despite its prime location, the hotel is
relatively small. Pinnacle plans the close the casino down before
they replace it with a larger more accommodating facilitate. The
company hopes to make the Sands a big competitor on the boardwalk.
Pinnacle currently
operates casinos in Nevada, Louisiana, the Bahamas, and Argentina.
It was merely a matter of time before the Las Vegas based
company was able to purchase property in the Atlantic Coty area.
The deal will leave the company with 18 acres of land in
addition to the casino on which to build and expand.
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