Atlantic City gets competition from Sands Bethlehem

Jul 14, 2009 5:03 PM
by Ray Poirier | With double digit declines in business during recent months, Atlantic City didn’t really need additional competition. But the opening of Sands Bethlehem in nearby Pennsylvania has added to Atlantic City’s problems.

In its first full month of operation, Sands Bethlehem, a property owned and operated by Las Vegas Sands Corp. (LVS) took in more than $19.6 million.

"Certainly a decent portion of that came from the traditional Atlantic City market," said one analyst reviewing the new competition. But, considering that Atlantic City revenue fell "only 13.6 percent" in June, the additional competition might not have been that big a factor.

A Harrah’s Entertainment official said he felt the June experience might be signaling that Atlantic City’s fortunes may be stabilizing.

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