Once described as having one of the most esteemed names in Atlantic City, Sands Casino on the famous Boardwalk yesterday went out with a bang. The implosion, which took less than 20 seconds, followed a firework display and the hotel casino that was originally opened in 1980 as the Brighton Hotel & Casino became a pile of rubble. Sands was sold last year to Pinnacle Entertainment for US$250 million and was closed on 11 November 2006.
Atlantic City became a popular resort when the train line linking it to Philadelphia was opened in 1854. By the early 20th century large hotels were replacing the boarding houses, but by the middle of the century the city was experiencing an economic decline and many of the hotels were either closed or being used as cheap apartments. Voter approval of casino gambling in 1976 brought about the revitalisation of the city.
Pinnacle plans to build a new casino resort on the 18-acre oceanfront site. The project, expected to cost in the region of US$1.75 million, will offer 120,000 sq ft of gambling floor and 2,000 hotel rooms. There will also be convention and meeting space, retail shops and a large concert hall. At the time of its demise, Sands was the smallest Atlantic City casino and had been unable to compete with the modern brand of gambling entertainment provided by newer operations such as the Borgata.
"Atlantic City is one of the top U.S. gaming destinations, and we're looking forward to being a part of the world-famous Boardwalk," said Daniel R. Lee, Pinnacle's Chairman and Chief Executive Officer. "This major new resort will be a key component in our plan to build a national network of gaming properties.”
Pinnacle also has two casino development projects under construction in the St. Louis, Missouri area and is currently developing the Company's second casino resort in Lake Charles, Louisiana, to be called Sugarcane Bay. The company owns and operates casinos in Nevada, Louisiana, Indiana, Missouri, Argentina and The Bahamas. (E-10.19.07)
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