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Pinnacle Atlantic City was a holding company for a planned casino resort which was to be located on the site of the former Sands Atlantic City. The property was purchased from investor Carl Icahn. After the property was bought, Pinnacle gave 60 days' notice to employees of the casino. After the closure of the Sands, Pinnacle sold the hotel supplies at a liquidation sale and destroyed more than $61 million of table chips.
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