Sands Bethlehem plans 300-room hotel tower
March 01, 2010 9:13 PM
by Ray Poirier
They may be fierce competitors but Steve Wynn and Sheldon Adelson, the operators of Wynn Resorts Ltd. (WYNN) and Las Vegas Sands Corp. (LVS) seem to share similar visions.
Last week, Wynn announced he had taken the prominent position in a planned development of a casino in Philadelphia. Adelson preceded him in Pennsylvania by receiving a license and constructing a major casino in Bethlehem, just north of Philadelphia.
It sort of parallels their moves in Macau where the two companies operate highly-successful casinos. Adelson received a casino license and built Sands Macau while later Wynn received a sub-concession license and built his facility.
Of course, the two operate casinos adjacent to each other on the Las Vegas Strip.
On Monday, Adelson announced that since Pennsylvania lawmakers have approved table games for what had been slots emporiums he wanted to once again focus on the construction of a hotel tower. Also on the drawing board, he said, was consideration of retail space and multi-purpose facilities.
"With the addition of table games," Adelson said, "Sands Bethlehem will become the most complete and convenient gaming destination for millions of New York City and northern New Jersey residents and, at the same time, will enhance the profitability of the property starting in the foreseeable future."
Wynn’s Philadelphia plans call for a "cute casino" but no hotel in the initial phase of the development.