Pinnacle tells store owner to lower h...

Pinnacle tells store owner to lower his price

There are 5 comments on the Press of Atlantic City story from Sep 26, 2008, titled Pinnacle tells store owner to lower his price. In it, Press of Atlantic City reports that:

Casino developer Pinnacle Entertainment Inc. and a business owner appear far apart in negotiations for property that occupies a prime spot next to a proposed megaresort.

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Since: Feb 08

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#1 Sep 26, 2008
Pinnacle tells store owner to lower his price

(Published: Friday, September 26, 2008)

ATLANTIC CITY - Casino developer Pinnacle Entertainment Inc. and a business owner appear far apart in negotiations for property that occupies a prime spot next to a proposed megaresort.

Kim Townsend, chief executive officer of Pinnacle's Atlantic City operations, said the company has offered
$2.3 million for the Atlantic City News Agency, but the store owner is seeking $3.9 million, down from his original asking price of about $5.5 million.

Townsend said Pinnacle is open to negotiations, but indicated that owner Stuart Weiss must lower his price even more if he hopes to sell the three-story building, at the corner of Pacific Avenue and Dr. Martin Luther King Jr. Boulevard.

"I think both sides would probably say they're not closing the door," Townsend said. "I think we have to be more realistic on price. They have a written offer. That's the way it is."

Pinnacle previously refused to publicly discuss its negotiations with the store, including how much it had offered. But Townsend divulged Weiss' asking price this week following the expiration of Pinnacle's confidentiality agreement with him.

Glenn A. Zeitz, a Haddonfield attorney representing Weiss, did not return calls Thursday seeking comment.

Pinnacle wants to buy the magazine shop and demolish it to create more space for its proposed $1.5 billion to $2 billion gaming project at the site of the old Sands Casino Hotel. The company has spent about $80 million snapping up other private property surrounding the former Sands site, but negotiations with Weiss have been bitter.

Dan Lee, Pinnacle's chairman, has been calling Weiss' business a "really tawdry adult bookstore" while referring to the pornographic material that is sold in addition to the shop's mainstream magazines, newspapers and periodicals.

Lee says Pinnacle's fight with the bookstore illustrates the problems that casino companies have had the past 30 years in trying to acquire "blighted" private property for new resorts that are key to Atlantic City's economic revival.

"If Atlantic City has any hope of reinventing itself and competing with the newer and better casinos in Connecticut, Pennsylvania and, likely, Maryland, then it has to wake up and recognize these businesses for what they are - blights that draw a negative element to an area and that frighten away the average American that is necessarily the bread and butter of every new casino," Lee said in a statement.

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Since: Feb 08

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#2 Oct 10, 2008
More letters, Oct. 10, 2008

Published: Friday, October 10, 2008

Atlantic City Press

Get tougher
on A.C. developers

To mitigate the property-tax burden in Atlantic City, no prospective developer should be allowed to demolish existing ratables unless there is a firm commitment with respect to when prospective new ratables will replace the demolished ratables.

In addition, any existing business that is meeting its obligations required to operate should in no way be subjected to the threat of eminent domain. And agreements to purchase all the properties involved for a planned project should be in place before the first spade of soil is dug or the first existing ratable is demolished.

MARTIN BERLOW

Since: Feb 08

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#3 Nov 6, 2008
At the time Pinnacle was trying to humiliate the store owner into selling through the local paper we now know they were making the decision not to go forward with this project. So what was that all about?
Sexy Italian Girl

Mountainside, NJ

#4 Nov 7, 2008
EminentDomain wrote:
At the time Pinnacle was trying to humiliate the store owner into selling through the local paper we now know they were making the decision not to go forward with this project. So what was that all about?
Pinnacle investors had high hopes for AC!
When Borgata opened it took all the business and made a fortune in a few short years, now lets fast forward, the smoking ban started the decline as we all saw many gamblers heading out of AC to smoking casinos, then this year with the economy tanking, it finished them off, now AC property has no value..sad, but obvious.

Since: Feb 08

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#5 Nov 7, 2008
Pinnacle investors got sand bagged by this company. They talk big and do not deliver and only take care of themselves.

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