Sands Casino, Atlantic City NJ
The Sands Casino was built in 1980. "At its peak, the Sands headlined top entertainers, such as Frank Sinatra, Sammy Davis Jr., Cher, Bob Dylan, Robin Williams, Whitney Houston & Eddie Murphy, among others." It is located between Indiana and MLK (formerly Illinois), east of Pacific Ave.
Pinnacle Corp bought it for $270 million in 2006 from Carl Icahn. They closed it in 2007, throwing 2200 employees out of work. The Sands Casino was imploded on October 18, 2007, leaving a large 20-acre vacant piece of prime real estate. The land still remains vacant today after plans for a replacement casino fell through.
Pinnacle will leave town with little more than a gigantic empty dirt lot to show for its efforts. The barren site overlooking the Boardwalk has infuriated city officials and generated debate about possibly using the land for a parking lot or entertainment attractions.“If you look at that area, it would be fair to compare it to Berlin after the war,” police Chief John J. Mooney III said in a December interview. “That whole neighborhood has been decimated by the demolition.”
--http://www.pressofatlanticcity.com/news/press/atlantic_city/article_5187d040-1273-11df-be6c-001cc4c002e0.html
Today, the land is worth only $30-$35 million, but even at that price Pinnacle is having trouble closing the deal.
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