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March 4, 2008

Tight credit hurts casino expansion plans

  • The current crunch is raising questions about whether Atlantic City's $9 billion expansions plans are too much, too fast.
    • By WAYNE PARRY
    Associated Press Writer

    ATLANTIC CITY, N.J. — Unlike gamblers on a hot streak who think the good times will never end, the casinos know better. Yet companies have forged on with plans to spend at least $9 billion on a wave of new casino projects in the country's second-largest gambling destination, even as not-so-subtle signs were surfacing that it might be time to walk away from the table for a while.

    The recent announcement by Pinnacle Entertainment that it may scrap a mega-casino plan worth as much as $2 billion if credit markets don't improve has made the city's casino industry nervous.


     
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