Owing to economic conditions and the late 2000s recession, many of the proposed mega casinos never went further than the initial planning stages. One of these developers was Pinnacle Entertainment, who purchased the Sands Atlantic City, only to close it permanently November 11, 2006. The following year, the resort was demolished in a dramatic, Las Vegas styled implosion, the first of its kind in Atlantic City. While Pinnacle Entertainment intended to replace it with a $1.5–2 billion casino resort, the company canceled its construction plans and plans to sell the land. The biggest disappointment was when MGM Resorts International announced that it would pull out of all development for Atlantic City, effectively ending their plans for the MGM Grand Atlantic City.