In a town whose fortunes depends on people losing, it's somehow fitting that the news that Pinnacle Entertainment has pretty much decided to scrap it's proposed $1.5 billion mega-resort creates a slew of losers.
In a town whose very existence depends on the concept of losing, it's somehow fitting that the news that Pinnacle Entertainment has pretty much decided to scrap it's proposed $1.5 billion mega-resort creates a slew of losers.
Sure, Pinnacle has lost several hundred million--the cost of buying and demolishing the increasingly legendary Sands Hotel & Casino. But the list of those on the crummy end of the stick doesn't end there.
There are the thousands of fine, hard-working employees who lost their jobs when Pinnacle opted to close the Sands in preparation of its demolition. And the small crew of Pinnacle staffers who have been forced to stand by helplessly and witness the death of a dream that has been their raison d'etre the past few years.
Then there's Atlantic City itself, which pinned its hopes of a glittering future on projects like Pinnacle's proposed grand beach-themed resort. And that there will be a gaping hole for the forseeable future in the heart of the Boardwalk's casino strip hardly helps propel the town's reputation as a first-class entertainment destination.
So what will happen to that hole? Dan P. Lee, the Pinnacle exec in charge of the AyCee development was quoted as saying his company is hoping a buyer will be found. Given the current credit crunch--and the grim prospects of a quick recovery--that doesn't seem likely at the moment.
Which means the losing streak will continue.