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AC casino construction won't be rushed

2 March 2007

ATLANTIC CITY, New Jersey – As reported by the Press of Atlantic City: "Pinnacle Entertainment Inc. will take its time building a $1.5 billion megaresort in Atlantic City to avoid the construction mistakes and cost overruns plaguing its new casino in St. Louis, its chief executive says.

"Daniel R. Lee, Pinnacle's chairman and chief executive officer, estimated it will be four or five years before the new casino opens at the site of the old Sands Casino Hotel. Previously, the Las Vegas-based company said it would shoot for a 2011 grand opening, but also left open the possibility of 2012.

"…By moving at a deliberate pace, Pinnacle hopes to tightly control its construction costs in Atlantic City so it can avoid the types of problems it has had at its new casino in downtown St. Louis. Pinnacle disclosed Thursday that the cost of the Lumiere Place casino has gone up from $430 million to an estimated $475 million to $495 million. Costs have risen as Pinnacle continues to make changes to the project, which is scheduled to open late this year.

"…Pinnacle bought the Sands last year for $250 million and closed it on Nov. 11 to make room for development of its new casino. Slot machines and gaming tables from the Sands will be used in other Pinnacle casinos across the country…"

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