Nov. 06–The former Sands Casino Hotel site was sold for $29.5 million, less than half of what the site’s assessment just two years ago.
Pinnacle Entertainment Inc. announced last month that it had sold the 20-acre site to developer Boardwalk Piers last month, but the sale price was not disclosed at that time. The company has said it plans to build a casino or a family-friendly entertainment complex.
The sale price was disclosed Wednesday morning in Pinnacle’s third quarter financial results.
Pinnacle acquired the property in 2006 for $270 million with plans to build a $1.5 billion megaresort on the site. Those plans fizzled, and the site has remained vacant for years.
The Atlantic City Alliance has used the site to house a temporary art project, including a faux pirate ship and illuminated words. The Alliance has said it will take down the installation when developers are ready to build.
