Pinnacle Casino in AC

[rennyboy]

For the past 6 months or more I have been reading those billboards about the Pinnacle casino coming soon. My friend told me last week he read in some newspaper that AC was on a down slide, revenue wise, and that the Pinnacle may not even open now, anyone else here this?

 

[21forme]

I read last week that the project is on hold due to the credit crunch.

 

[rennyboy]

that is strange, all that expansion going on at several hotels and it seems to be busy even on weekday afternoons, for the plans to be put on hold

 

[shadroch]

Pinnacle was going to borrow close to 1.8 billion for its project. Credit is super-tight right now,and a small uptick in the interest rates is a deal killer.I think there is a lot of posturing going on as well. They can't be very pleased with the Penn National deal to aquire Bader Field and the possibility of several additional casinos being built there.

 

[21forme]

I read recently that Bader Field is currently the most expensive real estate in the country.

 

[geneticfreak]

Just a thought here, but I think I've read somewhere that Harrah's is trying to sell off the Bally's/WWW/Claridge property. Might it make sense for Pinnacle to make a play for that one and at least generate some revenue for a while before developing a new resort? It seems logical to me if the price is right since the properties are next to each other.

 

[shadroch]

What would have made sense would have been to keep the Sands open,giving them a cash flow,but its too late for that now.

 

[21forme]

Perhaps Pinnacle will make a bid for Tropicana.

 

[geneticfreak]

That's a possibility too. I was just thinking of the Bally's complex so they could eventually upgrade the whole area into one massive resort.

 

[ChefJJ]

What would have made sense would have been to keep the Sands open,giving them a cash flow,but its too late for that now.

Definitely.

 

[Ferretnparrot]

I read last week that the project is on hold due to the credit crunch.

i heard the same news on the radio, something about interest rates

 

[feverfive]

I believe Penn National, Pinnacle, and Mohegan Sun have expressed interest in the Tropicana.

Jeff