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Sands Atlantic City

Sands Atlantic City was a casino and hotel that operated from August 13, 1980 until November 11, 2006 in Atlantic City, New Jersey. It was formerly known as the Brighton Hotel & Casino. It consisted of a 21-story hotel tower with 532 rooms and a 5-story podium housing the 57,045 sq ft (5,299.7 m2) casino and various other amenities. It was adjacent to The Claridge Hotel and its parking garage was adjacent to the Madison Hotel.

Sands Atlantic City
Location Atlantic City, New Jersey
Address 119 S Indiana Ave, Atlantic City, NJ
Opening dateAugust 13, 1980
Closing dateNovember 11, 2006; 16 years ago (November 11, 2006)
ThemeDesert
No. of rooms532
Signature attractionsCopa Room
Notable restaurantsMedici
Casino typeLand-based
Previous namesBrighton Hotel & Casino

History

Construction and opening

The first Brighton Hotel (originally named the Brighton Cottage) was opened in 1876 on the site that would eventually become the Sands.[1][2] It was demolished in 1959.[3]

The Brighton Hotel & Casino was built at a cost of $70 million[4] by Greate Bay Casino Corporation, controlled by two local businessmen, Eugene Gatti and Arthur Kania. It opened on August 13, 1980.[5][6] The Brighton was the fourth property to open following the 1977 legalization of casinos in Atlantic City, and the first to be built from the ground up, rather than as a renovation of an existing hotel.[7] The developers hoped that the Brighton's quiet atmosphere and small size, about half that of the city's other casino hotels, would prove attractive to high rollers.[1][7] Early marketing featured Bert Parks as a spokesman, and the slogan "Brighton Up".[1]

After less than a month in operation, Holiday Inns agreed to buy the Brighton for $121 million in cash and stock plus assumption of the property's $37 million mortgage.[8][9] Holiday Inns pulled out of the deal a month later.[9] As the Brighton headed into its first winter, the city's low season, it faced severe cash flow problems, with lower monthly revenue than all its competitors.[1]

Pratt era (1981–1998)

The Brighton was rescued in the first months of 1981 by $10 million in financing from Inns of the Americas (a Dallas-based hotel operator, owned by the Pratt brothers) and financiers Burton and Richard Koffman.[10] Inns of the Americas and the Koffmans went on to buy a 60 percent interest in the Brighton from Gatti and Kania for $30 million in May 1981.[4] Inns of the Americas had recently bought the Sands Hotel on the Las Vegas Strip, and immediately renamed the Atlantic City property under the well-known Sands name.[11] The property soon became profitable under its new ownership.[12]

The Pratts soon sold the Sands in Las Vegas back to its previous owner,[13] but the Atlantic City property retained the Sands name under a licensing agreement,[14][15] despite no longer having any affiliation with its namesake.

In 1982, arcade game manufacturer Williams Electronics began an effort to take over the Sands, buying Gatti and Kania's shares, and agreeing to buy the Koffmans' shares.[16] A white knight soon appeared, in the form of Drew National Corp., a New York-based conglomerate, which agreed to buy the Koffmans' interest.[17] The deal foundered when Drew's major shareholders, Robert Bass and his brothers, refused to make financial disclosures required by the gaming licensing process.[18] A restructuring was eventually completed in 1985, with the Sands wholly owned by Pratt Hotel Corporation, which in turn was 52%-owned by Pratt's former shareholders, 35% by the Southmark Corporation of Texas, and 10% by Drew's shareholders.[18]

At its peak, the Sands headlined top entertainers, such as Frank Sinatra, Tony Bennett, Cher, Liza Minnelli, Bob Dylan, Robin Williams, Whitney Houston, and Eddie Murphy, among others. However, Sands was soon eclipsed by newer Atlantic City casinos and, at the time of its closing, had become the smallest of the city's 12 casinos.

The Sands joined with the neighboring Claridge Hotel and Casino to build an elevated moving sidewalk, opened in 1988, to bring visitors from the boardwalk to the two properties.[19]

Pratt Hotel announced plans in 1987 to build a sister property called the Sands Boardwalk at the site of the unfinished Penthouse Boardwalk Hotel and Casino, while the existing property would be renamed as the Sands Park.[20] Later reports had the new property's name as the Hollywood Hotel and Casino,[21] or the Sands Hollywood.[22] The plan was killed when Penthouse instead sold the site to Donald Trump in March 1989.[23]

The Sands took over the long vacant Jefferson Hotel, adjacent to its parking garage, in 1989, to be converted into administrative offices.[24]

In the early 1990s, as legalized gambling spread to new states, the Pratts established Hollywood Casino Corp. (HWCC) to develop new casinos under the Hollywood Casino name.[25] At the time of its initial public offering in 1993, HWCC owned an 80 percent stake in Pratt Hotel.[26]

A second-floor gaming area was opened in 1994, with a ribbon-cutting by Governor Christie Whitman.[27] The extra 26,000 square feet (2,400 m2), including a new racebook, gave the Sands the fourth largest casino in Atlantic City.[27]

The Sands announced a new plan in 1994 to rebrand itself as a Hollywood Casino within two years.[28] A video store was opened at the property,[29] along with the film-themed "Epic Buffet", decorated with props from classic movies.[30] The rebranding was never completed.

As the Sands's high debt load and poor cash flow dragged down its parent company, HWCC decided in 1996 to divest itself of the property.[31] At year's end, all of HWCC's stock in Pratt Hotel was distributed to HWCC shareholders, and Pratt Hotel was renamed as Greate Bay Casino Corporation.[32]

Bankruptcy and Icahn era (1998–2006)

In 1998, the Sands filed for bankruptcy protection.[33] While in bankruptcy, it was not required to make its $25 million in annual payments to bondholders, freeing up cash for a minor expansion.[34] The Sands spent $10 million to buy the adjacent Midtown-Bala Hotel, which had separated it from Pacific Avenue, the main thoroughfare running parallel to the boardwalk.[35] The Midtown-Bala was demolished to make way for a new entryway and porte-cochere,[34][36] which were unveiled in June 2000.[37]

Park Place Entertainment and financier Carl Icahn put forth competing plans to take over and reorganize the company.[38] Icahn's plan was selected by the bankruptcy court,[39] and the business was reorganized in September 2000 as the publicly traded GB Holdings Inc., with Icahn owning a 65 percent share.[40] The Claridge also filed for bankruptcy in August 1999,[41] and Icahn fought to gain control of it as well, hoping to combine its operations with those of the Sands, but Park Place instead won ownership of the Claridge and merged it into Bally's.[42][43] Icahn later transferred most of the interest in the Sands to another of his companies, American Real Estate Partners, sending GB Holdings into bankruptcy in September 2005.[44]

The Sands took over the adjacent historic Madison Hotel in 2000 under a lease agreement.[15] By adding the Madison's units to its room count, the Sands was allowed to expand its casino floor by 10,000 square feet (930 m2).[15] The Sands spent $25 million on a renovation of the Madison, completed in 2005, turning the hotel's 230 rooms into 126 suites.[45]

In May 2006, American Real Estate Partners purchased the vacant former site of the Traymore Hotel from Harrah's Entertainment for $61 million.[46] The Traymore site separated the Sands from the boardwalk, which had always hampered the Sands's ability to expand, and reduced its attractiveness to potential buyers.[47] Icahn indicated that he might use the Traymore site for an expansion of the Sands, or might bundle it together with the Sands for sale.[46][47]

In September 2006, Pinnacle Entertainment agreed to buy the Sands and the Traymore site for a total of $250 million, with plans to close and demolish the Sands, and build a larger casino.[47] The Sands closed on November 11, 2006, and the sale to Pinnacle was completed days later.[48]

The building was imploded at 9:37 p.m. Eastern Daylight Time on October 18, 2007;[49] the first-ever casino-hotel implosion on the East Coast. It was accompanied by a fireworks show and numerous parties along the boardwalk. Coincidentally, Sands was demolished less than 24 hours after the death of the last surviving member of the Rat Pack, comedian Joey Bishop.

Sands Atlantic City was the last casino in North America to bear the famous Sands moniker until the new Sands Casino Resort Bethlehem opened on May 22, 2009.

Pinnacle canceled its planned casino in 2010,[50] and sold the land in 2013 for $29.5 million to a group of local developers who planned to build a casino or family entertainment attraction.[51]

Facilities

As of 1999, the Sands's buildings had 628,000 square feet (58,300 m2) of floor space on 4.5 acres (1.8 ha) of land, with facilities including:[52]

  • a 57,296-square-foot (5,323.0 m2) casino with 2,025 slot machines and 99 table games
  • a 15,963-square-foot (1,483.0 m2) racebook
  • a 20-story tower with 532 hotel rooms, including deluxe "Plaza Club" rooms on the 17th through 19th floors
  • an 850-seat showroom
  • a two-story food court with eleven vendors
  • a spa and salon in the top two floors of the tower
  • an eleven-story parking garage with 1,738 spaces
  • administrative offices housed in the nine-story Jefferson Hotel building
  • a five-bay bus terminal
  • the People Mover, an elevated moving sidewalk, connecting the Sands and the Claridge to the boardwalk

Events

Boxing matches were held at the casino.[53]

References

  1. ^ a b c d George Anastasia (January 26, 1981). "The Brighton: Struggling with bad odds". Philadelphia Inquirer. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  2. ^ Martin Paulsson (1996). The Social Anxieties of Progressive Reform: Atlantic City, 1854-1920. NYU Press. p. 25. ISBN 0814766439. from the original on 2022-07-27. Retrieved 2014-12-27 – via Google Books.
  3. ^ James D. Ristine (2008). Atlantic City. Arcadia Publishing. p. 56. ISBN 978-0738557045. from the original on 2016-04-06. Retrieved 2014-12-27 – via Google Books.
  4. ^ a b "Casino transfer in Atlantic City set". New York Times. AP. May 9, 1981. from the original on 2014-12-21. Retrieved 2014-12-20.
  5. ^ "New Atlantic City casino is sold to Holiday Inns". New York Times. AP. September 9, 1980. ProQuest 423985990.  – via ProQuest (subscription required)
  6. ^ George Anastasia (January 22, 1981). "Troubled - Brighton secures aid". Philadelphia Inquirer. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  7. ^ a b Donald Janson (August 17, 1980). "New hotel a symbol for Atlantic City". New York Times. ProQuest 423964605.  – via ProQuest (subscription required)
  8. ^ "New Atlantic City casino is sold to Holiday Inns". New York Times. AP. September 9, 1980. ProQuest 423985990.  – via ProQuest (subscription required)
  9. ^ a b "Holiday Inns quits Jersey casino deal". New York Times. AP. October 14, 1980. ProQuest 423992188.  – via ProQuest (subscription required)
  10. ^ George Anastasia (February 10, 1981). "$10 million rescue is readied for Brighton casino". Philadelphia Inquirer. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  11. ^ George Anastasia (May 15, 1981). "Troubled Brighton casino changes name to the Sands". Philadelphia Inquirer. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  12. ^ Donald Janson (May 2, 1982). "Sands casino set to expand". New York Times. from the original on 2014-12-21. Retrieved 2014-12-20.
  13. ^ Al Delugach (March 24, 1987). "Sosnoff may add partners in bid to acquire Caesars World". Los Angeles Times. from the original on 2014-12-29. Retrieved 2014-12-28.
  14. ^ Form 10-K: Annual Report (Report). GB Holdings, Inc. March 31, 1997. p. 5. from the original on August 27, 2017. Retrieved August 27, 2017 – via EDGAR.
  15. ^ a b c Las Vegas Sands Corp. v. Ace Gaming, LLC, 713 F. Supp. 2d 427 (United States District Court, D. New Jersey May 24, 2010).
  16. ^ Brian P. Sullivan (January 6, 1983). "Boardwalk battle - Sands Casino, newly in the chips, is the target of takeover struggle". Philadelphia Inquirer. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  17. ^ Harry M. Gould, Jr. (December 24, 1982). "The Sands appears to have blocked a takeover bid". Philadelphia Inquirer. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  18. ^ a b Lisa Iervolino (April 2, 1985). "Drew deck shuffled for casino bid" (PDF). Yonkers Herald Statesman. (PDF) from the original on 2022-07-27. Retrieved 2014-12-21. Part 2 2022-07-27 at the Wayback Machine
  19. ^ David Johnston (June 12, 1988). "Amid acclaim, A.C. unveils moving sidewalk". Philadelphia Inquirer. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  20. ^ Donald Janson (November 8, 1987). "Sands is to build a 2d casino hotel in Atlantic City". New York Times. from the original on 2014-12-22. Retrieved 2014-12-21.
  21. ^ Mike Schurman (March 30, 1988). "Plans unveiled for new casino in Atlantic City". Philadelphia Inquirer. from the original on 2016-03-03. Retrieved 2014-12-21.
  22. ^ "Sands casino rebuffed in a move against Trump". New York Times. AP. September 25, 1988. Retrieved 2014-12-21.
  23. ^ David Johnston (March 21, 1989). "Penthouse sues over A.C. deal". Philadelphia Inquirer. from the original on 2016-03-04. Retrieved 2014-12-21.
  24. ^ Joseph Tanfani (June 8, 1989). "Sands to convert A.C.'s Jefferson to casino offices". Press of Atlantic City. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  25. ^ Sammy Fretwell (February 28, 1994). "Texas man betting on big payoffs if S.C. legalizes gambling". The State. Columbia, SC. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  26. ^ Fred Faust (May 29, 1993). "Hot shots: Two of three offerings of gambling stock win big this week". St. Louis Post-Dispatch. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  27. ^ a b Daniel Heneghan (July 2, 1994). "Sands casino addition opens with fanfare, eager gamblers". Press of Atlantic City. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  28. ^ Debra Dowling (March 27, 1994). "Sands bets on power of Hollywood". The Star-Ledger. Newark, NJ. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  29. ^ Seth Goldstein (November 18, 1995). "Hollywood Casino betting on sell-through". Billboard. from the original on July 27, 2022. Retrieved November 20, 2020 – via Google Books.
  30. ^ Bill Kent (July 16, 1995). "Buffet by DeMille". New York Times. from the original on 2022-07-27. Retrieved 2014-12-21.
  31. ^ Martin Zimmerman (December 19, 1996). "Hollywood Casino to spin off its 80% interest in Pratt Hotel". Dallas Morning News. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  32. ^ "Hollywood Casino Corporation announces the spin off of Pratt Hotel Corporation to Hollywood Casino shareholders" (Press release). Hollywood Casino Corp. December 18, 1996. from the original on 2014-12-21. Retrieved 2014-12-20 – via The Free Library.
  33. ^ "Owner of Sands Casino files for bankruptcy". New York Times. January 6, 1998. from the original on 2014-12-21. Retrieved 2014-12-20.
  34. ^ a b Joe Weinert (April 27, 1999). "Sands seeks to raze hotel for entryway". Press of Atlantic City. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  35. ^ Joe Weinert (September 26, 1999). "Casino Notes". Press of Atlantic City. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  36. ^ Joe Weinert (September 30, 2000). "Sands says goodbye to bankruptcy, hello to Icahn". Press of Atlantic City. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  37. ^ "Red carpet rolls out amid the red ink". The Times. Trenton, NJ. AP. June 24, 2000. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  38. ^ John Curran (March 8, 2000). "Park Place, Icahn boost stakes for bankrupt Atlantic City casino". Las Vegas Sun. Retrieved 2014-12-20.
  39. ^ "Icahn's Sands plan gets nod from judge". Los Angeles Times. AP. July 29, 2000. from the original on 2014-12-24. Retrieved 2014-12-20.
  40. ^ "Billionaire financier Carl Icahn pulls Sands out of bankruptcy". AP. September 30, 2000. from the original on 2014-12-21. Retrieved 2014-12-20 – via Casino City Times.
  41. ^ "Claridge, as expected, seeks Chapter 11 reorganization". Press of Atlantic City. August 17, 1999. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  42. ^ Judy Dehaven (August 31, 2001). "Against the tide - The tiny Sands tries to stay afloat amid rival casinos' wave of expansion". The Star-Ledger. Newark, NJ. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  43. ^ "N.J. allows 2 casinos to merge". Philadelphia Inquirer. AP. January 1, 2003. from the original on July 27, 2022. Retrieved July 27, 2022 – via NewsBank.
  44. ^ Erin Marie Daly (January 30, 2007). "Court OK's GB Holdings' Ch. 11 plan". Law360. from the original on 2014-12-22. Retrieved 2014-12-21.(subscription required)
  45. ^ "Madison makeover". Casino Connection AC. May 2005. Archived from the original on 2014-12-22. Retrieved 2014-12-22.
  46. ^ a b Donald Wittkowski (June 15, 2006). . Press of Atlantic City. Archived from the original on March 29, 2015.  – via HighBeam (subscription required)
  47. ^ a b c Suzette Parmley (September 6, 2006). . Philadelphia Inquirer. Archived from the original on 4 March 2016. Retrieved 2014-12-20.
  48. ^ "Pinnacle Entertainment closes purchase of Sands/Traymore site in Atlantic City, N.J." (Press release). Pinnacle Entertainment. November 17, 2006. from the original on 2014-12-21. Retrieved 2014-12-20 – via PR Newswire.
  49. ^ "WPVI-TV/Action News implosion coverage". from the original on 2007-10-21. Retrieved 2007-10-19.
  50. ^ Donald Wittkowski (July 30, 2010). "Pinnacle land in Atlantic City likely to sell for 70 percent less than purchase price". Press of Atlantic City. from the original on 2016-03-03. Retrieved 2014-12-20.
  51. ^ Jennifer Bogdan (November 6, 2013). "Former Sands Casino Hotel site sells for $29.5 million". Press of Atlantic City. from the original on 2016-03-04. Retrieved 2014-12-20.
  52. ^ City of Atlantic City v. Ace Gaming, LLC, pp. 7-9, 21-24 (Tax Court of New Jersey June 5, 2006).Text
  53. ^ "Boxing is making a comeback in Atlantic City". pressofatlanticcity.com. from the original on 2019-03-25. Retrieved 2019-03-24.

Coordinates: 39°21′29″N 74°25′52″W / 39.358°N 74.431°W / 39.358; -74.431

sands, atlantic, city, casino, hotel, that, operated, from, august, 1980, until, november, 2006, atlantic, city, jersey, formerly, known, brighton, hotel, casino, consisted, story, hotel, tower, with, rooms, story, podium, housing, casino, various, other, amen. Sands Atlantic City was a casino and hotel that operated from August 13 1980 until November 11 2006 in Atlantic City New Jersey It was formerly known as the Brighton Hotel amp Casino It consisted of a 21 story hotel tower with 532 rooms and a 5 story podium housing the 57 045 sq ft 5 299 7 m2 casino and various other amenities It was adjacent to The Claridge Hotel and its parking garage was adjacent to the Madison Hotel Sands Atlantic CityLocationAtlantic City New JerseyAddress119 S Indiana Ave Atlantic City NJOpening dateAugust 13 1980Closing dateNovember 11 2006 16 years ago November 11 2006 ThemeDesertNo of rooms532Signature attractionsCopa RoomNotable restaurantsMediciCasino typeLand basedPrevious namesBrighton Hotel amp Casino Contents 1 History 1 1 Construction and opening 1 2 Pratt era 1981 1998 1 3 Bankruptcy and Icahn era 1998 2006 2 Facilities 3 Events 4 ReferencesHistory EditConstruction and opening Edit The first Brighton Hotel originally named the Brighton Cottage was opened in 1876 on the site that would eventually become the Sands 1 2 It was demolished in 1959 3 The Brighton Hotel amp Casino was built at a cost of 70 million 4 by Greate Bay Casino Corporation controlled by two local businessmen Eugene Gatti and Arthur Kania It opened on August 13 1980 5 6 The Brighton was the fourth property to open following the 1977 legalization of casinos in Atlantic City and the first to be built from the ground up rather than as a renovation of an existing hotel 7 The developers hoped that the Brighton s quiet atmosphere and small size about half that of the city s other casino hotels would prove attractive to high rollers 1 7 Early marketing featured Bert Parks as a spokesman and the slogan Brighton Up 1 After less than a month in operation Holiday Inns agreed to buy the Brighton for 121 million in cash and stock plus assumption of the property s 37 million mortgage 8 9 Holiday Inns pulled out of the deal a month later 9 As the Brighton headed into its first winter the city s low season it faced severe cash flow problems with lower monthly revenue than all its competitors 1 Pratt era 1981 1998 Edit The Brighton was rescued in the first months of 1981 by 10 million in financing from Inns of the Americas a Dallas based hotel operator owned by the Pratt brothers and financiers Burton and Richard Koffman 10 Inns of the Americas and the Koffmans went on to buy a 60 percent interest in the Brighton from Gatti and Kania for 30 million in May 1981 4 Inns of the Americas had recently bought the Sands Hotel on the Las Vegas Strip and immediately renamed the Atlantic City property under the well known Sands name 11 The property soon became profitable under its new ownership 12 The Pratts soon sold the Sands in Las Vegas back to its previous owner 13 but the Atlantic City property retained the Sands name under a licensing agreement 14 15 despite no longer having any affiliation with its namesake In 1982 arcade game manufacturer Williams Electronics began an effort to take over the Sands buying Gatti and Kania s shares and agreeing to buy the Koffmans shares 16 A white knight soon appeared in the form of Drew National Corp a New York based conglomerate which agreed to buy the Koffmans interest 17 The deal foundered when Drew s major shareholders Robert Bass and his brothers refused to make financial disclosures required by the gaming licensing process 18 A restructuring was eventually completed in 1985 with the Sands wholly owned by Pratt Hotel Corporation which in turn was 52 owned by Pratt s former shareholders 35 by the Southmark Corporation of Texas and 10 by Drew s shareholders 18 At its peak the Sands headlined top entertainers such as Frank Sinatra Tony Bennett Cher Liza Minnelli Bob Dylan Robin Williams Whitney Houston and Eddie Murphy among others However Sands was soon eclipsed by newer Atlantic City casinos and at the time of its closing had become the smallest of the city s 12 casinos The Sands joined with the neighboring Claridge Hotel and Casino to build an elevated moving sidewalk opened in 1988 to bring visitors from the boardwalk to the two properties 19 Pratt Hotel announced plans in 1987 to build a sister property called the Sands Boardwalk at the site of the unfinished Penthouse Boardwalk Hotel and Casino while the existing property would be renamed as the Sands Park 20 Later reports had the new property s name as the Hollywood Hotel and Casino 21 or the Sands Hollywood 22 The plan was killed when Penthouse instead sold the site to Donald Trump in March 1989 23 The Sands took over the long vacant Jefferson Hotel adjacent to its parking garage in 1989 to be converted into administrative offices 24 In the early 1990s as legalized gambling spread to new states the Pratts established Hollywood Casino Corp HWCC to develop new casinos under the Hollywood Casino name 25 At the time of its initial public offering in 1993 HWCC owned an 80 percent stake in Pratt Hotel 26 A second floor gaming area was opened in 1994 with a ribbon cutting by Governor Christie Whitman 27 The extra 26 000 square feet 2 400 m2 including a new racebook gave the Sands the fourth largest casino in Atlantic City 27 The Sands announced a new plan in 1994 to rebrand itself as a Hollywood Casino within two years 28 A video store was opened at the property 29 along with the film themed Epic Buffet decorated with props from classic movies 30 The rebranding was never completed As the Sands s high debt load and poor cash flow dragged down its parent company HWCC decided in 1996 to divest itself of the property 31 At year s end all of HWCC s stock in Pratt Hotel was distributed to HWCC shareholders and Pratt Hotel was renamed as Greate Bay Casino Corporation 32 Bankruptcy and Icahn era 1998 2006 Edit In 1998 the Sands filed for bankruptcy protection 33 While in bankruptcy it was not required to make its 25 million in annual payments to bondholders freeing up cash for a minor expansion 34 The Sands spent 10 million to buy the adjacent Midtown Bala Hotel which had separated it from Pacific Avenue the main thoroughfare running parallel to the boardwalk 35 The Midtown Bala was demolished to make way for a new entryway and porte cochere 34 36 which were unveiled in June 2000 37 Park Place Entertainment and financier Carl Icahn put forth competing plans to take over and reorganize the company 38 Icahn s plan was selected by the bankruptcy court 39 and the business was reorganized in September 2000 as the publicly traded GB Holdings Inc with Icahn owning a 65 percent share 40 The Claridge also filed for bankruptcy in August 1999 41 and Icahn fought to gain control of it as well hoping to combine its operations with those of the Sands but Park Place instead won ownership of the Claridge and merged it into Bally s 42 43 Icahn later transferred most of the interest in the Sands to another of his companies American Real Estate Partners sending GB Holdings into bankruptcy in September 2005 44 The Sands took over the adjacent historic Madison Hotel in 2000 under a lease agreement 15 By adding the Madison s units to its room count the Sands was allowed to expand its casino floor by 10 000 square feet 930 m2 15 The Sands spent 25 million on a renovation of the Madison completed in 2005 turning the hotel s 230 rooms into 126 suites 45 In May 2006 American Real Estate Partners purchased the vacant former site of the Traymore Hotel from Harrah s Entertainment for 61 million 46 The Traymore site separated the Sands from the boardwalk which had always hampered the Sands s ability to expand and reduced its attractiveness to potential buyers 47 Icahn indicated that he might use the Traymore site for an expansion of the Sands or might bundle it together with the Sands for sale 46 47 In September 2006 Pinnacle Entertainment agreed to buy the Sands and the Traymore site for a total of 250 million with plans to close and demolish the Sands and build a larger casino 47 The Sands closed on November 11 2006 and the sale to Pinnacle was completed days later 48 The building was imploded at 9 37 p m Eastern Daylight Time on October 18 2007 49 the first ever casino hotel implosion on the East Coast It was accompanied by a fireworks show and numerous parties along the boardwalk Coincidentally Sands was demolished less than 24 hours after the death of the last surviving member of the Rat Pack comedian Joey Bishop Sands Atlantic City was the last casino in North America to bear the famous Sands moniker until the new Sands Casino Resort Bethlehem opened on May 22 2009 Pinnacle canceled its planned casino in 2010 50 and sold the land in 2013 for 29 5 million to a group of local developers who planned to build a casino or family entertainment attraction 51 Facilities EditAs of 1999 the Sands s buildings had 628 000 square feet 58 300 m2 of floor space on 4 5 acres 1 8 ha of land with facilities including 52 a 57 296 square foot 5 323 0 m2 casino with 2 025 slot machines and 99 table games a 15 963 square foot 1 483 0 m2 racebook a 20 story tower with 532 hotel rooms including deluxe Plaza Club rooms on the 17th through 19th floors an 850 seat showroom a two story food court with eleven vendors a spa and salon in the top two floors of the tower an eleven story parking garage with 1 738 spaces administrative offices housed in the nine story Jefferson Hotel building a five bay bus terminal the People Mover an elevated moving sidewalk connecting the Sands and the Claridge to the boardwalkEvents EditBoxing matches were held at the casino 53 References Edit a b c d George Anastasia January 26 1981 The Brighton Struggling with bad odds Philadelphia Inquirer Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Martin Paulsson 1996 The Social Anxieties of Progressive Reform Atlantic City 1854 1920 NYU Press p 25 ISBN 0814766439 Archived from the original on 2022 07 27 Retrieved 2014 12 27 via Google Books James D Ristine 2008 Atlantic City Arcadia Publishing p 56 ISBN 978 0738557045 Archived from the original on 2016 04 06 Retrieved 2014 12 27 via Google Books a b Casino transfer in Atlantic City set New York Times AP May 9 1981 Archived from the original on 2014 12 21 Retrieved 2014 12 20 New Atlantic City casino is sold to Holiday Inns New York Times AP September 9 1980 ProQuest 423985990 via ProQuest subscription required George Anastasia January 22 1981 Troubled Brighton secures aid Philadelphia Inquirer Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank a b Donald Janson August 17 1980 New hotel a symbol for Atlantic City New York Times ProQuest 423964605 via ProQuest subscription required New Atlantic City casino is sold to Holiday Inns New York Times AP September 9 1980 ProQuest 423985990 via ProQuest subscription required a b Holiday Inns quits Jersey casino deal New York Times AP October 14 1980 ProQuest 423992188 via ProQuest subscription required George Anastasia February 10 1981 10 million rescue is readied for Brighton casino Philadelphia Inquirer Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank George Anastasia May 15 1981 Troubled Brighton casino changes name to the Sands Philadelphia Inquirer Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Donald Janson May 2 1982 Sands casino set to expand New York Times Archived from the original on 2014 12 21 Retrieved 2014 12 20 Al Delugach March 24 1987 Sosnoff may add partners in bid to acquire Caesars World Los Angeles Times Archived from the original on 2014 12 29 Retrieved 2014 12 28 Form 10 K Annual Report Report GB Holdings Inc March 31 1997 p 5 Archived from the original on August 27 2017 Retrieved August 27 2017 via EDGAR a b c Las Vegas Sands Corp v Ace Gaming LLC 713 F Supp 2d 427 United States District Court D New Jersey May 24 2010 Brian P Sullivan January 6 1983 Boardwalk battle Sands Casino newly in the chips is the target of takeover struggle Philadelphia Inquirer Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Harry M Gould Jr December 24 1982 The Sands appears to have blocked a takeover bid Philadelphia Inquirer Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank a b Lisa Iervolino April 2 1985 Drew deck shuffled for casino bid PDF Yonkers Herald Statesman Archived PDF from the original on 2022 07 27 Retrieved 2014 12 21 Part 2 Archived 2022 07 27 at the Wayback Machine David Johnston June 12 1988 Amid acclaim A C unveils moving sidewalk Philadelphia Inquirer Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Donald Janson November 8 1987 Sands is to build a 2d casino hotel in Atlantic City New York Times Archived from the original on 2014 12 22 Retrieved 2014 12 21 Mike Schurman March 30 1988 Plans unveiled for new casino in Atlantic City Philadelphia Inquirer Archived from the original on 2016 03 03 Retrieved 2014 12 21 Sands casino rebuffed in a move against Trump New York Times AP September 25 1988 Retrieved 2014 12 21 David Johnston March 21 1989 Penthouse sues over A C deal Philadelphia Inquirer Archived from the original on 2016 03 04 Retrieved 2014 12 21 Joseph Tanfani June 8 1989 Sands to convert A C s Jefferson to casino offices Press of Atlantic City Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Sammy Fretwell February 28 1994 Texas man betting on big payoffs if S C legalizes gambling The State Columbia SC Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Fred Faust May 29 1993 Hot shots Two of three offerings of gambling stock win big this week St Louis Post Dispatch Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank a b Daniel Heneghan July 2 1994 Sands casino addition opens with fanfare eager gamblers Press of Atlantic City Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Debra Dowling March 27 1994 Sands bets on power of Hollywood The Star Ledger Newark NJ Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Seth Goldstein November 18 1995 Hollywood Casino betting on sell through Billboard Archived from the original on July 27 2022 Retrieved November 20 2020 via Google Books Bill Kent July 16 1995 Buffet by DeMille New York Times Archived from the original on 2022 07 27 Retrieved 2014 12 21 Martin Zimmerman December 19 1996 Hollywood Casino to spin off its 80 interest in Pratt Hotel Dallas Morning News Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Hollywood Casino Corporation announces the spin off of Pratt Hotel Corporation to Hollywood Casino shareholders Press release Hollywood Casino Corp December 18 1996 Archived from the original on 2014 12 21 Retrieved 2014 12 20 via The Free Library Owner of Sands Casino files for bankruptcy New York Times January 6 1998 Archived from the original on 2014 12 21 Retrieved 2014 12 20 a b Joe Weinert April 27 1999 Sands seeks to raze hotel for entryway Press of Atlantic City Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Joe Weinert September 26 1999 Casino Notes Press of Atlantic City Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Joe Weinert September 30 2000 Sands says goodbye to bankruptcy hello to Icahn Press of Atlantic City Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Red carpet rolls out amid the red ink The Times Trenton NJ AP June 24 2000 Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank John Curran March 8 2000 Park Place Icahn boost stakes for bankrupt Atlantic City casino Las Vegas Sun Retrieved 2014 12 20 Icahn s Sands plan gets nod from judge Los Angeles Times AP July 29 2000 Archived from the original on 2014 12 24 Retrieved 2014 12 20 Billionaire financier Carl Icahn pulls Sands out of bankruptcy AP September 30 2000 Archived from the original on 2014 12 21 Retrieved 2014 12 20 via Casino City Times Claridge as expected seeks Chapter 11 reorganization Press of Atlantic City August 17 1999 Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Judy Dehaven August 31 2001 Against the tide The tiny Sands tries to stay afloat amid rival casinos wave of expansion The Star Ledger Newark NJ Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank N J allows 2 casinos to merge Philadelphia Inquirer AP January 1 2003 Archived from the original on July 27 2022 Retrieved July 27 2022 via NewsBank Erin Marie Daly January 30 2007 Court OK s GB Holdings Ch 11 plan Law360 Archived from the original on 2014 12 22 Retrieved 2014 12 21 subscription required Madison makeover Casino Connection AC May 2005 Archived from the original on 2014 12 22 Retrieved 2014 12 22 a b Donald Wittkowski June 15 2006 Icahn group paid 61M for A C land Press of Atlantic City Archived from the original on March 29 2015 via HighBeam subscription required a b c Suzette Parmley September 6 2006 Pinnacle to buy Sands adjacent Boardwalk site Philadelphia Inquirer Archived from the original on 4 March 2016 Retrieved 2014 12 20 Pinnacle Entertainment closes purchase of Sands Traymore site in Atlantic City N J Press release Pinnacle Entertainment November 17 2006 Archived from the original on 2014 12 21 Retrieved 2014 12 20 via PR Newswire WPVI TV Action News implosion coverage Archived from the original on 2007 10 21 Retrieved 2007 10 19 Donald Wittkowski July 30 2010 Pinnacle land in Atlantic City likely to sell for 70 percent less than purchase price Press of Atlantic City Archived from the original on 2016 03 03 Retrieved 2014 12 20 Jennifer Bogdan November 6 2013 Former Sands Casino Hotel site sells for 29 5 million Press of Atlantic City Archived from the original on 2016 03 04 Retrieved 2014 12 20 City of Atlantic City v Ace Gaming LLC pp 7 9 21 24 Tax Court of New Jersey June 5 2006 Text Boxing is making a comeback in Atlantic City pressofatlanticcity com Archived from the original on 2019 03 25 Retrieved 2019 03 24 Coordinates 39 21 29 N 74 25 52 W 39 358 N 74 431 W 39 358 74 431 Retrieved from https en wikipedia org w index php title Sands Atlantic City amp oldid 1114115066, wikipedia, wiki, book, books, library,

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