Pinnacle Entertainment and Atlantic Coast Entertainment Holdings said they have signed a definitive agreement under which Pinnacle agreed to purchase the entities that own The Sands and Traymore sites in Atlantic City, N.J. from entities affiliated with financier Carl Icahn for approximately $250 million. 
Pinnacle Entertainment payd an additional $20 million for certain tax-related benefits and additional real estate.
Pinnacle Entertainment plans to design and build an entirely new casino hotel on the site, which would be among the largest and most spectacular resorts in the region.
Mr. Icahn stated, “After spending many months reviewing various projects for this property, it became patently clear that a shutdown of The Sands was necessary and inevitable to make room for a great new casino. We also concluded that this was the most propitious time to undertake this shutdown given the robust employment environment in Atlantic City. This new casino will be a great plus for Atlantic City and the state of New Jersey.”
The transaction is subject to the satisfaction of customary closing conditions. The transaction is not subject to financing.
