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$2B Hotel/Casino Picks Seaside Theme

ATLANTIC CITY-However, Pinnacle Entertainment officials are still hedging on when they will start construction for the project.

By Eric Peterson | Updated on August 10, 2008

ATLANTIC CITY-Pinnacle Entertainment officials still aren’t sure when they will actually start construction for their proposed $2-billion hotel/casino project here, but they’ve at least rolled out general plans for the resort’s theme. The theme will apparently be “the beach,” company officials told gaming analysts during a conference call.

While a construction date hasn’t been set yet, analysts were given the news that more detailed plans are in the works, with designs currently being “tweaked,” according to Dan Lee, chairman of the Las Vegas-based Pinnacle. The sticking point right now, according to Lee, is the global credit mess.

“As a practical matter, in these current markets, we can’t finance this thing today,” Lee told analysts. “I don’t think anyone can, if they’re trying to build a big project. We’re in a bit of a holding pattern while we spend small amounts of money on legal fees and things like that as we move forward toward a project we can build when the capital markets recover.”

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