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Pinnacle AC casino contingent on credit


CNNMoney.com,  Wednesday, February 27, 2008 at 1:04:24 AM

The chairman of Pinnacle Entertainment on Tuesday said the company may abandon its $2 billion mega-casino project on the Boardwalk if credit markets don't improve.

While stressing that the company still expects lending conditions to improve before the anticipated ground breaking in late 2009, chairman and CEO Daniel Lee said Pinnacle could conceivably abandon the project if funding remains difficult for an extended time.

"I've been asked, 'How the hell are you going to build in Atlantic City?'" Lee said on a conference call to discuss the company's year-end earnings. "The answer is if credit markets don't improve, we won't build. We're not going to go broke building in Atlantic City."


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