Plans to build a mega casino looking like a giant BEACH HOUSE have been put on hold because of the credit crunch.
“We’re on the beach, and it’s a great distinguishing factor for our project versus some of the newer gaming facilities or projects in the region,” said a spokesman for developers Pinnacle Entertainment.
Now the company says it will move slowly move toward its goal of building the massive Atlantic City complex instead of jumping right into it.
“As a practical matter, we can’t finance this think today anyway,” said company chairman Dan Lee, Pinnacle chairman.
“We’re kind of going into a little bit of a holding pattern while we spend small amounts of money on legal fees and stuff like that to try to inch toward a project that can be built as the capital markets recover.”
The news comes as other existing casinos in Atlantic City and Las Vegas are feeling the squeeze as people trim their budgets.
Last month, Casino Update reported how ordinary punters hit by the soaring cost of home loans and fuel have voted with their feet with this summer, seeing Vegas suffering its slowest season on record.