The former Sands Casino Hotel site was sold for $29.5 million, less than half of what the site’s assessment was just two years ago.
Pinnacle Entertainment Inc. announced last month that it had sold the 20-acre site to developer Boardwalk Piers, but the sale price was not disclosed at that time. The company has said it plans to build a casino or a family-friendly entertainment complex.
The sale price was disclosed Wednesday morning in Pinnacle’s third-quarter financial results.
Pinnacle acquired the property in 2006 for $270 million with plans to build a $1.5 billion megaresort on the site. Those plans fizzled, and the site has remained vacant for years. Amid a declining market, Pinnacle filed a tax appeal challenging the land’s value and settled the case with Atlantic City in 2011. Previously the land was assessed at $224 million, but the figure was reduced to $65 million in 2011.
The Atlantic City Alliance has used the site to house a temporary art project, including a faux pirate ship and illuminated words. The Alliance has said it will take down the installation when developers are ready to build.
The Casino Reinvestment Development Authority controls planning and zoning within the Tourism District where the site is located and will have oversight over any development plans.
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