Pinnacle says it expects to have a deal in hand by the end of the year to sell its land. It did not say who the prospective buyer is, or what the price might be.
“The company is progressing toward an agreement to dispose of its land holdings in Atlantic City, and expects to enter into a definitive agreement by year end,” Pinnacle said in its release, A company spokeswoman did not immediately return messages seeking comment.
It will be interesting to see who buys the land and if they decide to build anything on the prime real estate.
In a perfect world a new casino would be erected right away. I’m not sure anyone buying the land is doing it for anything other than a speculative deal and I don’t expect anything to begin being built any time soon.
A gamble that Atlantic City will once again become a prime destination for gaming may be out the door, but that kind of beachfront real estate may be a great investment in the future should Atlantic City decide to focus more on being a shore town than a gaming destination.