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Pinnacle Entertainment Agrees to Buy Property for $250 Million The Sands in Atlantic City will soon be nothing but dust in the wind. Pinnacle Entertainment came to agreement with Atlantic Coast Entertainment Holdings, the owners of The Sands, to purchase the 26-year-old Sands for $250 million. Pinnacle will also spend an extra $20 million for additional real estate.
The purchase gives Pinnacle approximately 18 continuous acres at the heart of Atlantic City, with extensive frontage along the Boardwalk, Pacific Avenue, and Brighton Park. Pinnacle plans to design and build an entirely new casino hotel on the site, and according to the company, it will be among the largest and most spectacular resorts in the region.
The Sands is one of Atlantic City’s oldest and smallest properties. It will shut down within 70 days the deal is closed. The transaction is subject to the satisfaction of customary closing conditions, but not financing. Pinnacle expects to close its purchase by the end of the year.
Pinnacle owns many casinos across the country, including the Belterra Casino Resort and Spa in Indiana, L’Auberge du Lac Hotel and Casino in Louisiana, Boomtown Casino New Orleans, Boomtown Casino and Hotel Reno, as well as an online casino. It also owns casinos in the Bahamas and Argentina.
The Sands Casino Hotel was a casino and hotel that operated from August 13, 1980 until November 11, 2006 in Atlantic City, New Jersey.
It was formerly known as the Brighton Hotel & Casino. It consisted of a 21-story hotel tower with 532 rooms and a 5-story podium housing the 57,045 ft (17,387 m) casino and various other amenities.
It was adjacent to Claridge Atlantic City and its parking garage was adjacent to the Madison Hotel.
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