The chairman of Pinnacle Entertainment Inc. reassured New Jersey gaming regulators last week that his company remains serious about building a new casino, despite uncertainty about the financing and timing of the project.
Chairman Dan Lee said Pinnacle has already invested USD 400 million in land, design work and other expenses and is waiting for the global credit crunch to finally ease before it seeks construction financing for a megaresort that could cost „in the billions.“
Offering a glimpse of the project, Lee said the complex likely would include three hotels totaling 3,000 rooms – more than any existing Atlantic City casino. Tight credit markets that have made it difficult and expensive to borrow money have put Pinnacle’s project in a holding pattern.
Pinnacle has assembled a development site of more than 20 acres, including where the Sands stood before it was imploded last fall to make room for the proposed casino. In response to questions from the CCC, Lee stressed the company has no plans to sell the land.