SEARCH NEWS:

 

Pinnacle's casino start date pushed back

"Construction will start no earlier than 2010 - if ever - on the now-cleared land where the old Sands Casino Hotel once stood, Pinnacle Chairman Dan Lee said Wednesday while giving a cautious update on the project. L

"ee put the odds of Pinnacle ever building the new casino at 50 percent, conceding that the property may be sold and his company could pull out of Atlantic City if the credit crisis continues.

"...Lee noted that it will take at least a year or two just to arrange the financing, a difficult task right now amid the global credit crunch that has all but dried up funding for major casino projects.

"...Pinnacle originally planned to start construction this year, with a grand opening in late 2011 or early 2012. Three months ago, Lee disclosed that Pinnacle would delay construction until 2009 because of turmoil in the credit markets. On Wednesday, the company pushed back the timetable again, to 2010..."

< Back