More letters, March 16, 2009

More letters, March 16, 2009

There are 3 comments on the Press of Atlantic City story from Mar 16, 2009, titled More letters, March 16, 2009. In it, Press of Atlantic City reports that:

Regarding the March 7 story, "Pinnacle backs off plan for casino": Does anybody believe that Pinnacle Entertainment Inc.

Join the discussion below, or Read more at Press of Atlantic City.

Since: Feb 08

Location hidden

#1 Mar 16, 2009
More letters, March 16, 2009

(Published: Monday, March 16, 2009)

Good riddance

to Pinnacle in A.C.

Regarding the March 7 story, "Pinnacle backs off plan for casino":

Does anybody believe that Pinnacle Entertainment Inc. was really going to build anything in Atlantic City? From day one, the company never had any specific plans to build anything, and it seems like its real goal was to become Atlantic City's largest parking-lot owner.

Well, mission accomplished - at the expense of 3,000 workers and numerous local businesses.

Pinnacle CEO Dan Lee was like a ringmaster when they imploded the Sands Casino Hotel. It was a great show, but it was followed up with nothing. Now there is actually room for a real circus at the Sands site.

Good riddance to these people from Pinnacle. They came, they saw, they got scared, and they left. I hope the company sells the property to someone with an actual vision.

Pinnacle spent a whole lot of money, and I can't figure out why.



Since: Feb 08

Location hidden

#2 Mar 16, 2009
I always go back to the original press release at the time the sale was announced. It made me think at the time of the Cassius M. Coolidge paintings of Dogs Playing Poker.
OK, Pnk. Start the betting at 250. If anyone raises, by any amount, I'll fold, you fold, and the other guy gets the place. And I'll pay you 10 million in break up fees plus whatever amount the other guy bet above the original 250.
WOW! What a deal. Then you can head off to Philadelphia County which is where you really want to be anyway.
Well, Pnk did not get a Philadelphia County license, despite being the odds on favorite for one of the two licenses, because, BECAUSE, they had an Atlantic City casino.
I suppose the smart thing would have been to reopen the Atlantic City operation until financing was in place for the MEGA CASINO. I'm sure the CCC would have cooperated. But then, what do I know.
"The acquisition agreement contains non-solicitation, fiduciary out and termination fee provisions. ACE Hi is not permitted to solicit other acquisition proposals, but for 45 days may negotiate with anyone that submits unsolicited proposals if the ACE Hi board believes that such a proposal is, or is reasonably likely to result in, a proposal that is more favorable to the ACE Hi stockholders. If within such 45-day period, the ACE Hi board determines that an alternative proposal is more favorable to the ACE Hi stockholders, ACE Hi is permitted to terminate the acquisition agreement with Pinnacle upon payment of a $10 million termination fee. In addition, entities affiliated with Mr. Icahn, including AREH and AREP Sands, have agreed to pay to Pinnacle all of any additional value received by such entities through an overbid.
Pinnacle expects to close its purchase of The Sands/Traymore site by the end of the year."

Posted by: adultbookstore on Mon Mar 16, 2009, 11:57 AM

Since: Feb 08

Location hidden

#3 Sep 21, 2009
So, what's the latest on the AC debacle? Has the old post been torn down and the street widened? Any movement on selling the land or plans to build on it?

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