Pinnacle Atlantic City is a holding company for a planned resort located on the site of the former Sands Atlantic City and Traymore Hotel. The property was purchased from investor Carl Icahn. After the property was bought, Pinnacle gave 60 days' notice to employees of the casino. After the closure of the Sands, Pinnacle sold the hotel supplies at a liquidation sale and destroyed more than $61 million of table chips.
When Pinnacle removed the Sand...
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Pinnacle Atlantic City is a holding company for a planned resort located on the site of the former Sands Atlantic City and Traymore Hotel. The property was purchased from investor Carl Icahn. After the property was bought, Pinnacle gave 60 days' notice to employees of the casino. After the closure of the Sands, Pinnacle sold the hotel supplies at a liquidation sale and destroyed more than $61 million of table chips.
When Pinnacle removed the Sands' slot machines to other Pinnacle properties, a total of $17,193.34 was found, some of which went to taxes and to fund the dismantling of the people mover that ran from the Boardwalk to Sands Atlantic City, along Brighton Park.
The Pinnacle Atlantic City casino was slated to open in late 2011 or early 2012, but plans have changed and construction may never begin.
On March 6, 2009, Pinnacle's Chairman and Chief Executive Officer Dan Lee announced that the project is suspended indefinitely and the company may seek to sell the property. ...
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