Pinnacle Voices Opposition to Casino Plans for Bader Field
Pinnacle Entertainment Incorporated said that they will abandon their plan to build a $1.5 billion Boardwalk Resort Casino if the former airport of Atlantic City is to be rezoned for casino development.
During a meeting with Gov. Jon S. Corzine on August 8th, 2007, Pinnacle Chairman and CEO Daniel R. Lee said that it will be a huge mistake to allow casino development at Bader Field instead of developing other areas in Atlantic City.
Lee's view during a meeting regarding Pinnacle's earning for the second quarter of the year shows the fear of most casinos in the Boardwalk on the possibility of facing a stiff competition if casino development will be allowed in Bader Field.
Pinnacle Entertainment from Las Vegas is currently remodeling the old Sand Casino and Hotel into a brand new casino facility. Pinnacle hopes to open the casino 2011 or 2012. Revel Entertainment has plans for construction of a $1.5-$2 billion casino located in the South Inlet section adjacent to the Showboat Casino Hotel.
Revel hopes to open the casino in 2011. There have been different reports whether Bader Field will be rezoned for casino development or not. Mayor Bob Levy has commissioned a committee in May to study the options for Bader.
But in June 2007, the executive director of the state Casino Reinvestment Development Authority Thomas D. Carver said that they are thinking of offering additional casino services at Bader Field.
The Bader Field issue was also discussed in a meeting by Trump Entertainment Resorts Incorporated. Trump Entertainment CEO Mark Juliano said that even if Bader Field is rezoned for casino development, it will take years before actual construction can start because of environmental problems that could hamper building in the site.
Aside from that, it was reported that Gov. Corzine has a private talk with casino mogul Steve Wynn about the chances of having Mr. Wynn construct a casino at Bader Field together with other companies. Gov. Corzine's spokesman Brendan Gilfillan did not confirm the report.
Wynn has been looking for the chance to build a massive casino project in Atlantic City similar to the Bellagio and the Mirage. But that dream did not push through back in the 1990's when his company was bought by MGM Grand.
Lee, who previously worked for Wynn warned how Wynn would +take control of the H-Tract and passed it off as part of the MGM-Mirage deal. Lee said that if Bader Field will be really made into a casino site, it should be auctioned off at a high price.
10/16/2007 03:44 PM
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