Feb. 5 (Bloomberg) -- Pinnacle Entertainment Inc., the owner of seven U.S. casinos, dropped plans to build a casino in Atlantic City, New Jersey, and is selling the land.
Pinnacle will sell about 19 acres on the seaside boardwalk, after it wrote down the land by $160 million in the fourth quarter, the Las Vegas-based company said today in a statement.
Atlantic City gambling revenue tumbled a record 13 percent last year, the third straight annual decline, after Pennsylvania and Yonkers, New York, allowed slot machines. Pennsylvania is moving to add table games such as poker and blackjack, and other states are considering casinos. Six of the 11 New Jersey casinos are bankrupt or restructuring debt and development has stalled.
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