APNewsBreak: Pinnacle proceeding with...

APNewsBreak: Pinnacle proceeding with AC casino

There are 3 comments on the Newsday story from Aug 6, 2008, titled APNewsBreak: Pinnacle proceeding with AC casino. In it, Newsday reports that:

Pinnacle Entertainment plans to hold onto its land on and near the Boardwalk until credit markets improve and it can build its mega-casino project, its chairman said Wednesday.

Join the discussion below, or Read more at Newsday.

Aleks G

Toronto, Canada

#1 Aug 6, 2008
Beach house theme? Everyone is creating a beach theme nowadays for restaurants, clubs and now a casino...
dangerous times

Piscataway, NJ

#2 Aug 6, 2008
Aleks G wrote:
Beach house theme? Everyone is creating a beach theme nowadays for restaurants, clubs and now a casino...
Asked if economic and casino prospects in Atlantic city turned bleaker in August, investors expressed concern.
"The answer is an unequivocal yes," "Much of the optimism about Atlantic City is based on the future and the amount of investment going into our core industry. With that being curtailed or moderated in anyway, Investors most certainly will have to rethink their expectations.
Here's why industry observers must readjust their expectations.
First, the construction pause delays by as much as a year the hiring of Pinicles10,000 or more possible workers, thus postponing a major influx of prospective home buyers into the housing market.
Second, banks' reluctance to lend money on major local casino resorts signal concern that today's wave of would be hotel-casino construction might not generate the kind of massive market expansion prior building booms created, Instead, the new casino resorts might simply eat up existing properties, shifting market share rather than increasing the universe of tourists who visit Atlantic City. Financiers seem to be voting with their dollars for slower economic growth than the 115,000 or newer jobs some gaming analysts predicted for the resort sector through 2012. And if resorts and their vendors need fewer workers, then homebuilders could see fewer customers.
Either way, Atlantic City would see slower job growth than housing experts anticipated when they crafted projections of a solid housing recovery, one with rising sales, increasing prices and dwindling inventory, by mid- to late 2009.
More and more economists seem to think that this recession we're in is going to be a long and painful one, How long it lasts depends on the banking situation.

Since: Feb 08

Location hidden

#3 Aug 8, 2008
AP has lost all credibility with this headline. The AC project is going no where.

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