Gee, it only took two and a half months of planning board hearings for the local paper to pick up on the eminent domain move by Atlantic City and Pinnacle. No wonder there's so much corruption in that town. Absolutely no one is paying attention.
I never understood the wisdom of buying a profitable (even if small) business, especially a casino business, and making it a condition of sale that the seller close it before settlement. What's that all about? Is that something they teach in business school?
I remember Pinnacle being hot in pursuit of a Philadelphia gaming license in late '06. They thought they had a lock on it. The licenses were handed out in December that year and Pinnacle lost out, as I recall, because they owned an Atlantic City property. Even though it was a closed property, no less. Do you think there were some really bad corporate decisions here? Don't you think they would have kept the Sands opened until they knew for sure whether they got the Philly license? All they had to do was change the name of the place. The CCC would have granted a provisional operating license. Or am I missing something here?
They said there would be a big new place, along the lines of a Borgata, opening by 2010 on the old Sands site; then 2011 or maybe 2012. Now it very likely will never happen. The much touted 'developmental pipeline' seems to be full of pipe dreams and sand.
So let see, we have 2100 plus people out on the street, having to find new work, probably in non-casino jobs, at a fraction of what they used to make, probably without the benefits they used to have. But hey, that's business, right?
Then we have the center area of the boardwalk that looks like a slum. Area businesses are taking a major hit.
And Pinnacle is asking the city to blight the area to force businesses and residents to sell to them for peanuts so they can sit on the land and wait to see what happens in the credit markets. Do I have this right?