Latest Casino News

:


Nevada Gambling News Brief


Las Vegas Sands lands Pennsylvania slots license


Gaming Wire,  Thursday, December 21, 2006 at 10:36:50 AM

Other than Las Vegas Sands Corp., Nevada casino operators were shut out in their attempts to win a license to operate a slot machine-only casino in Pennsylvania.

Las Vegas Sands was awarded one of two at-large casino licenses by the Pennsylvania Gaming Control Board Wednesday after a nearly two-year process. The company will spend $600 million to build a shopping, dining and entertainment complex on the site of the former Bethlehem Steel plant in Bethlehem, Pa., near the Lehigh Valley.

The initial phase of the complex could be open in 2008. The 126-acre development, known as Sands BethWorks, will feature a 300-room hotel, 200,000 square feet of retail space, 3,000 slot machines, and a variety of dining and entertainment options. Las Vegas Sands plans to integrate portions of the shuttered steel mill into the complex.

The property will also be home to the National Museum of Industrial History, an arts and cultural center, and the broadcast home of the local Public Broadcasting Service affiliate.

The development will mark Las Vegas Sands' first American venture outside Las Vegas, where it operates The Venetian and is building the $1.8 billion Palazzo next door on the Strip. Las Vegas Sands operates the Sands Macau in China and is spending almost $3 billion to build the Venetian Macau in China, which is slated to open next year. Las Vegas Sands is also developing 150 acres on the Cotai Strip of Macau.

In May, Las Vegas Sands was selected by the Singapore government to build the $3.6 billion Marina Bay Sands, the city-state's first integrated resort.

Las Vegas Sands Executive Vice President Brad Stone said Pennsylvania marked the first time the company tried for a casino license in the United States outside Las Vegas. Having worked in Atlantic City, Stone and other Sands executives were familiar with the location, which is about 60 miles north of Philadelphia along the Interstate 75 corridor.

"We're about an hour or so from downtown Manhattan and the affluent suburbs of New Jersey, so we believe (there's) enough critical mass (of potential customers) including those coming from the northern Pennsylvania market," Stone said.

Even though the site will not include convention space, Stone said the Bethlehem location fits into the company's overall development model.

"It fits into our vision. It's an historic location and it will become a meaningful component of our business," Stone said. He added that the site is about two-and-a-half hours away from the Atlantic City casinos, so there won't be any customer overlap.

Deutsche Bank gaming analyst Bill Lerner, in a note to investors, said the company another marketing vehicle.

"For Las Vegas Sands, while this win will not have a material earnings impact, it should help promote brand awareness in an under-penetrated geography," Lerner said.

The slot machine industry has viewed Pennsylvania as one of the largest domestic growth opportunities this decade. The state is expected to house five casinos and seven racinos with 65,000 slot machines by early 2009.

Meanwhile, casino operators viewed the opportunity with some trepidation. The casinos are slot machines only with a maximum of 5,000 games. Also, there is a 54 percent tax rate on the gross gaming revenues.

Companies such as Wynn Resorts Ltd., Station Casinos and MGM Mirage didn't bid. Boyd Gaming Corp. withdrew its plans for an at-large license earlier this year. Pinnacle Entertainment, Harrah's Entertainment, Aztar Corp., and Cannery Casino Resorts failed to gain licenses Wednesday.

Three of the companies do have some Las Vegas connections.

Billionaire developer Neil Bluhm, who won one of the Philadelphia sites, is part of Riv Acquisition Group, which attempted to buy the Riviera this year and owns about 20 percent of the company. The other Philadelphia license went to the Connecticut-based Mashantucket Pequot Tribal Nation, which recently signed a development agreement with MGM Mirage.

In Pittsburgh, the board awarded a license to Detroit-based casino developer Don Barden, who owns Fitzgeralds in downtown Las Vegas.



Note: The links to older news stories hosted on other servers often no longer function. We apologize for any inconvenience.



Our USCF Casino News is also available as a free-subscription News Feed.

Home        USCF Forum        USCF Store        Advertising        About USCF
Casino Job Applications        Useful Links        Contact USCF          Site Map        Privacy Policy




All contents copyright 2006-2020
True Interactive Yellow Page Directories, Inc.
All Rights Reserved.

Gambler's Anonymous


This Page Last Modified 2/21/2020
US Casino Finder Directory

Register now to receive valuable promo codes, casino updates and news alerts

 

Casinos with Social Networking

QuikList by City:
Atlantic City Casinos
Biloxi Casinos
Black Hawk Casinos
Cripple Creek Casinos
Deadwood Casinos
Las Vegas Casinos
Laughlin Casinos
Reno Casinos

QuikList by Type:
US Hotel Casinos
US Casinos
US Card Rooms
US Indian Casinos
US Horse Race Tracks
US Greyhound Race Tracks
US Racinos
US Casino Cruises
US Bingo Halls
US Casino Party Planners
US Dealer Schools

Gambling Factoid #9:
Vegas Vic, the 48-foot neon cowboy that towers over Fremont Street, is the world's largest mechanical neon sign.

 
 



HTML code to add a direct link to this page to your website

38,000 pages of information
in our directory,
and we still can't
help you find
what you're looking for?
Let us know where we failed!
You can help us improve just by
using one of the following options:
1. Private comment
2. Email us
3. Add a business.

xml feed
site map