Friday, March 06, 2009

Our indulgence worth the wait?

This from The Press of Atlantic City.

12:39 p.m. Update - ATLANTIC CITY — After flirting with Atlantic City for more than two years, Pinnacle Entertainment Inc. said today that its proposed casino project is all but dead and it now wants to sell the oceanfront land.
“One day, hopefully, someone shows up and gives us a good price,” Dan Lee, Pinnacle’s chairman and chief executive officer, said of the property during a conference call with analysts.
Pinnacle imploded the old Sands Casino Hotel in fall 2006 to create space for a proposed $1.5 billion, Las Vegas-style casino that was supposed to be among a new generation of Atlantic City megaresorts. However, Pinnacle put the project on hold months ago because of the recession and global credit crisis.
Lee’s comments today all but dashed any hope that Pinnacle would resurrect the project when the economy recovers and the frozen credit markets finally thaw out.
“Obviously, with 20-20 hindsight, I wish we didn’t buy the land in Atlantic City,” he said.


Wow. So, Pinnacle gets rid of the Sands and all the people it employed just to waste the space that is it's now occupying. It would be amazing if companies like this were able to face consequences for doing this to the people who worked there, but in the end there are only going to be angry people, still looking for work while Pinnacle continues to ruin lives.

Remind me never to support this company in any sense.

Here are the casinos Pinnacle owns:
Lumiere Place Casino and Hotels in St. Louis
L'Auberge du Lac Casino Resort in Lake Charles, Louisiana
Belterra Casino Resort and Spa in Indiana
Boomtown Casino in New Orleans
Boomtown Casino in Reno
Boomtown Casino in Shreveport, La.
Casino Magic Properties in Argentina

That is also a list of casinos I will never visit in my lifetime.

Thanks for nothing Pinnacle. Really, thanks a lot. You take thousands of jobs away and then leave when the going gets tough. That's the exact type of company people want to support.

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