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Atlantic City Casino Construction Proceeds at a Steady Pace
On March 1, 2007, Pinnacle Entertainment announced that they will take their time constructing their $1.5 billion mega-resort/casino in Atlantic City in order to avoid any mistakes and even added building expenses like what happened with their St. Louis casino.
The Chairman of Pinnacle and CEO, Daniel R. Lee, said that it will be around 4 to 5 years before the launch of their brand new casino in place of the Old Sands Casino Hotel. Previously, the Las Vegas-based company said that they will try to open in 2011 or 2012.
Pinnacle also hopes that by moving at a steady pace, they will be able to control the expenses of the new casino in Atlantic City compared to their casino in St. Louis. Last Thursday, they also said that the cost of their Lumiere Place casino in St. Louis had shot up from about $430 million to $475 million to $495 million.
Construction expenses have risen as Pinnacle continues to implement some changes in their St. Louis casino. The Lumiere casino is scheduled to open later this year. Pinnacle Entertainment bought the Sands just last year for about $250 million and closed it last November 11th to construct the new casino.
The slot machines and casino gaming tables from the closed down Sands will be utilized for Pinnacle's casinos all over the country.
Sunday, April 01 , 2007
Gerald Kernighan