Hey, maybe the Atlantic City Council reads this blog. It looks like they’re suddenly saying the same thing I was two weeks ago about Pinnacle. From the AC Press:
In November 2006, the Sands Casino Hotel closed its doors to make way for incoming Pinnacle Entertainment Inc.
At the time, Pinnacle Chairman Dan Lee said the developer would not rush into building its $1.5 billion to $2 billion megaresort, hoping to avoid the construction mistakes and cost overruns plaguing its casino in St. Louis.
But few thought at the end of 2008 the company would still be taking its time.
A slumping U.S. economy and a global credit crisis altered the company's plans to build, but the Sands' demolition has left a huge hole in the city's line of towering Boardwalk casinos, once filled with jobs and business, albeit foundering.
The project's uncertainty, accompanied by a now-stagnant eyesore, is building frustration among city officials, who now are looking for ways to push development.
Councilman Dennis Mason said Sunday he and his colleagues are considering establishing a redevelopment agreement with Pinnacle to impose construction deadlines.
“They had an operating casino running. They buy it, crush it and take all the jobs away. Now they can’t build,” Mason said with frustration. “That thing could still be up and operating.”
Mason acknowledged the resort lacks the authority to force the developer into such an agreement, but hinted there are ways of cementing the deal. He declined to elaborate.
Atlantic City Council may impose construction deadlines in light of Pinnacle delays
That seems ominous–“hinted there are ways of cementing the deal.” Just leave it at that.
Also, there’s a great unintentionally funny quote later in the article, where it’s said that the guy who owns the adult bookstore “never screwed anybody out of anything.” I guess technically he hasn’t, but he’s certainly profited from people screwing each other.
Then another AC Councilman takes a bold swipe at the whole notion of property rights:
“These speculators holding their land strictly for their own personal gain, they should be bowled over,” City Councilman Bruce Ward said.
So getting fair market value for land you own is suddenly verboten? Someone get that guy a copy of Atlas Shrugged.