For the Sands, it's another opening

Feb 23, 2009 7:29 PM
by Ray Poirier |

"Bring ‘em on," cried Las Vegas Sands Corp. officials last week when three tractor trailers arrived at the Sands Casino Resort in Bethlehem, Pennsylvania, the company’s newest project that is set to open on Memorial Day.

Good news is what the company needs badly based on the continuing decline of the company’s share price. Trading in the stock opened today at $2.63 per share.

Las Vegas Sands was one of two companies to receive a casino licenses for the Philadelphia area. The other license was awarded to the operators of Foxwoods Casino Resort in Connecticut.

Fortunately for Las Vegas Sands, the Foxwoods proposal has come under heavy opposition from local residents, especially the inhabitants of the nearby Chinatown. The size and force of the opposition has delayed the beginning of construction.

Sands officials say they hope top open their new facility with 3,000 slot machines, four restaurants, two bars and a parking garage. By year end, they hope to have 5,000 slot machines operating.

News on another front was not so promising for Las Vegas Sands. Their glitzy new casino/resort complex in Singapore, where they also have one of two licenses granted for gambling houses, reportedly has been running high in construction costs.

According to news reports, the project, initially pegged at $3.2 billion, has spiraled to $5.4 billion.

Also having construction problems is the other license holder, Malaysia-based Genting International. That property reportedly has seen construction jump 50% to $4.32 billion.

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