ATLANTIC CITY, N.J., Oct. 19 /PRNewswire-FirstCall/ -- Pinnacle Entertainment, Inc. last night cleared the way for its planned multi-billion-dollar gaming resort at the heart of the famed Boardwalk with a spectacular implosion of the former Sands Casino Hotel. The nitroglycerin- fueled blast marked the first nighttime implosion in New Jersey and first-ever casino-hotel implosion on the East Coast.
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Today, all that remains of the Sands is more than 100,000 tons of rubble from the casino and the 21-story hotel tower, which is scheduled to be removed in 5,000 truckloads for recycling into road construction material.
"The implosion is a milestone event in the history of Atlantic City and of Pinnacle Entertainment," said Daniel R. Lee, chairman and chief executive officer of Pinnacle Entertainment. "Our plans can now move forward to develop a project that will help transform the Atlantic City gaming, hospitality and convention industry."
Kim Townsend, Chief Executive Officer of Pinnacle Atlantic City, said, "This celebration marks the end of our first year in Atlantic City, and underscores our commitment to the community and the region. We look forward to building a new-generation gaming resort that will add to the success, energy and excitement of Atlantic City."
More than 700 guests of Pinnacle attended the implosion, including Gov. Jon S. Corzine, other prominent state and local public officials, members of the New Jersey and Atlantic City business, labor and civic communities, and members of the company's corporate family. Thousands of members of the public witnessed the implosion from the Atlantic City beach and Boardwalk, with hundreds of other spectators watching from the roofs and windows of nearby resorts.
The event, planned with great attention to every detail, began at 9:15 p.m. when Ms. Townsend introduced the governor and Mr. Lee for brief remarks. At 9:30 p.m., Fireworks by Grucci, the top name in fireworks entertainment, set the stage with a six-minute, state-of-the-art fireworks show, the largest rooftop fireworks display ever in New Jersey.
The countdown began following the fireworks, concluding as Mr. Lee and Gov. Corzine jointly pressed a plunger for the 17-second implosion.
In preparation for the implosion, Controlled Demolition, Inc. (CDI) set 550 charges on the 1st, 2nd, 5th, 10th and 15th floors of the Sands. During the months prior to the implosion the demolition team lead by R.E. Pierson Construction Co., and also including CDI and Paulus, Sokolowski & Sartor (PS&S), undertook preparatory mechanical demolition, materials recycling and removal of debris.
The Sands covered approximately 6.5 acres of Pinnacle Atlantic City's current 20-acre site. The Sands, which opened in 1980 as the Brighton Casino Hotel, was among the smallest of the city's casino hotels, and was acquired by Pinnacle in November 2006.
About Pinnacle Entertainment
Pinnacle Entertainment, Inc. owns and operates casinos in Nevada, Louisiana, Indiana, Missouri, Argentina and The Bahamas; owns a hotel in Missouri; and has significant insurance claims related to a hurricane-damaged hotel and casino complex previously operated in Biloxi, Mississippi. The Company is building a $500 million casino hotel in downtown St. Louis, scheduled to open in December. Pinnacle also has a second casino development project under construction in the St. Louis, Missouri area. The opening of both Missouri casinos is dependent upon final approval by the Missouri Gaming Commission. Pinnacle is currently developing a second casino resort in Lake Charles, Louisiana, to be called Sugarcane Bay; anticipates developing a casino resort in Baton Rouge, Louisiana, to be called Riviere; and has submitted a proposal for a casino resort in Kansas City, Kansas, subject to various approvals. Additionally, Pinnacle owns a casino site at the heart of the famed Boardwalk in Atlantic City, New Jersey, on which it plans to build a major new casino resort.
All statements included in this press release, other than historical information or statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, including statements regarding the Company's future growth, construction projects and budgets/timelines, potential job and tax revenue creation, and new development opportunities, are based on management's current expectations and are subject to risks, uncertainties and changes in circumstances that could significantly affect future results. Accordingly, Pinnacle Entertainment cautions that the forward-looking statements contained herein are qualified by important factors that could cause actual results to differ materially from those reflected by such statements. Such factors include, but are not limited to: (a) the Company's substantial funding needs in connection with its development, expansion and other capital-intensive projects will require it to raise substantial amounts of money from outside sources; (b) the Company's Atlantic City project presents many risks, and it may not realize the financial and strategic goals that are contemplated from the development; (c) because the Company has considerable leverage, future cash flows may not be sufficient to meet its financial obligations and the Company might have difficulty obtaining additional financing; (d) the Company may not meet the conditions for receipt or maintenance of gaming licensing approvals, including for our St. Louis City and County projects, Sugarcane Bay and Baton Rouge projects, some of which are beyond our control; (e) the Company's proposal for the Kansas City project is subject to competitive bidding and the Company may not be selected by the Unified Government of Wyandotte County/Kansas City, Kansas; (f) the terms of the Company's credit facility and the indentures governing its subordinated indebtedness impose operating and financial restrictions on the Company; and (g) other risks, including those as may be detailed from time to time in Pinnacle Entertainment's filings with the Securities and Exchange Commission ("SEC"). For more information on the potential factors that could affect the Company's financial results and business, review the Company's filings with the SEC, including its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K.
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