Las Vegas Sands Resumes Work on Bethlehem Casino

by Emily DUNBAR on March 3, 2010

Las Vegas Sands announced on Tuesday that they will resume construction of the Bethlehem Casino Resort in Pennsylvania. A hotel tower is being built next to the $743 million gambling hall and will have 300 rooms. It is expected that construction will begin sometime over the next several weeks.

The corporation’s chairman and chief executive officer, Sheldon G. Adelson, says that they have undertaken efforts that will result in resuming construction on the hotel tower of the development in the near future. Sands Bethlehem will become the most convenient and complete gaming destination for millions in northern New Jersey and New York City with the addition of table games, he continued, while it will enhance the property’s profitability. The casino currently only has slot machines.

Analysts believe that this construction will start a wave of new hotels in the region. Andrew Zarnett from Deutsche Bank AG said that, with introducing table games in Pennsylvania, operators will resume plans to build other amenities, including hotels, to their casinos as the possibility of strong returns come.

The Sands Bethlehem Casino Resort primarily attracts gamblers and locals from New York and New Jersey. It has been referred to by analysts as a New Jersey casino that’s just located in Pennsylvania, as almost half of the gambling clientele in Atlantic City comes from the same areas.

The revenue Sands made from their Bethlehem location during the Q4 was $57.5 million. However, the company lost $113.9 million after combining all its holdings, and as of December 31, they have $11.03 billion in debt. Sands is planning to open its Singapore casino and resort, which cost $5.5 billion, on April 27 following months of delays.

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