REPORT: PINNACLE PROPERTY LIKELY TO BE SOLD AT DISCOUNT

An abandoned casino project in Atlantic City could provide an investor with a great deal. The Press of Atlantic City reports the Pinnacle project, which was at the site of the old Sands Casino, is likely going to go for a steep discount. Estimates say the land could be sold for as much as 70 percent less than the purchase price. The land is zoned to be a casino project. The report says the company is hopeful it could unload the land by the end of the year. Pinnacle paid $270 million for the Sands property.