The Las Vegas-based firm announced its plans in a statement issued Friday, citing the continuing economic downturn of the Atlantic City casino market.
Pinnacle imploded the Sands Casino Hotel in October 2007 to make way for the new casino, but plans for the $1.5 billion megaresort were put on hold in late 2008.
John Giovenco, Pinnacle's interim chief executive officer, wouldn't disclose the firm's asking price for the property. The company bought the Sands site for $270 million in 2006, but wrote down the value by $160 million in late 2009 to reflect falling real estate values.
