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Article: Analyst says megaresort is future of Sands site

Article from:
Press of Atlantic City
Article date:
August 29, 2006
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Copyright

ATLANTIC CITY - The buyer of the Sands Casino Hotel likely will tear down the existing casino to make way for a $1 billion megaresort that would take about three years to build, according to a gaming analyst.

Attorneys for the Sands' owner, billionaire investor Carl C. Icahn, have confirmed that negotiations are under way to sell the casino, but have not yet disclosed the names of potential buyers.

Gaming analyst George L. Smith III of Davenport & Co. said Las Vegas-based Pinnacle Entertainment Inc. appears to be the front-runner for the Sands. Pinnacle has been looking for other ways to enter the Atlantic City market after losing out in May to Columbia Sussex Corp. in a $2.75 billion ...

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