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StumbleRevenue slips at Las Vegas Sands’ Pa. casino
Wednesday, July 1, 2009 | 5:39 p.m.
Revenue at Las Vegas Sands’ newest casino has dropped for a fifth straight week, according to a report this week by the Pennsylvania Gaming Control Board.
Sands Bethlehem brought in $4.18 million in its fifth week, making it the fifth busiest casino in Pennsylvania.
The casino grossed $4.79 million in its first three days and $5.9 million in its first full-week of business, May 25 to May 31. But after its premier week, revenue has continued to slip.
Sands Bethlehem reported gross terminal revenues -- earnings after winners are paid -- of $5.02 million from June 1 to June 7, $4.97 million from June 8 to June 14 and $4.62 million from June 15 to June 21, according to the Pennsylvania Gaming Control Board’s weekly reports.
Las Vegas Sands could not be reached for comment.
The $743 million Sands Bethlehem opened on May 22 with 3,000 slot machines and four restaurants to a crowd of more than 20,000 people. Located about an hour from Philadelphia and northern New Jersey suburbs and an hour and a half from New York City, the casino is expected to draw more than 5 million annually.
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could it be because their payouts suck?
Is this thing going to make money long term?
People are realizing that Casinos don't survive by giving out money.
That's the way I feel about the Indian Casinos, come on in and give us your money. No thanks.
let's see...
i can feed my family or i can throw my money away at a "i dream of jeanie" slot machine.
Not a good time to build new casino's when the biggeest once are going broke. Would be like building a new GM plant in the middle of a recession.
I wonder how successful the Marina Bay Sands Singapore will be under this recession. The casino is definetely a TOP NOTCH THING, but how good is a casino if there's not enough money coming in? Does Singapore really need to super sized casinos and, what's even more interesting to know, does Singapore get enough tourists in this economical crisis to go through the rough waters? If the figures are correct, Marina Bay Sands Singapore cost about 5 Billion Dollars. Even at a moderate mortgage loan the company must pay about 10 per cent p.a., so that would be about 500 Million, just for the interests of this big loan to build this place. Will they win enough money to come out ahead with the Marina Bay Sands, that's the question of the day.....
From Switzerland
The 3000 machines in Bethlehem are the same number as the 2,947 slots in the Venetian & Palazzo. Even after the 5th week of revenue slip, the slot club in Bethlehem makes more than the slot club at the Venetian and Palazzo. PA, of course, taxes the hell out of the machines in exchange for these exclusive licenses. I think it is still a moneymaker since the construction costs are a fraction of a Las Vegas casino. They are hoping to change the law in PA so that table games are permitted, then they will have more incentives to build a better hotel, and finer dining.