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StumbleNew Las Vegas Sands casino tops $1M a day
Wednesday, June 10, 2009 | 4:55 p.m.
Sun Archives
- Sands sets opening date for Pa. casino (3-3-2009)
- Las Vegas Sands opens $743 million Pa. casino (5-22-2009)
Beyond the Sun
Las Vegas Sands’ newest casino, Sands Bethlehem, generated $10.7 million in slot revenue during its 10-day soft opening, according to numbers released by the Pennsylvania Gaming Control Board.
During the period of May 22 to May 31, the $743 million slot casino helped to boost Pennsylvania gaming revenue to $178.4 million, an 18 percent increase compared to May 2008.
But even without Sands Bethlehem, Pennsylvania reported a 10.8 percent increase in gaming revenue for the month from its other seven casinos.
While gaming revenue grew in Pennsylvania, across the state line in New Jersey, numbers continued to slip, the New Jersey Casino Control Commission reported today.
New Jersey casinos reported $351.3 million in revenue last month, a 15.4 percent decline from May 2008. Atlantic City casino revenue is down 15.7 percent for the year.
Pennsylvania, unlike other gaming markets, has seen growth in the past year. The American Gaming Association’s annual report released last month showed consumer spending at Pennsylvania commercial casinos grew 48.3 percent in the past year. New Jersey was down 8.5 percent.
Tuesday marked Sands Bethlehem’s official grand opening with a ribbon-cutting ceremony that included Pennsylvania Gov. Ed Rendell and Las Vegas Sands Chairman and CEO Sheldon Adelson.
Located about an hour from Philadelphia and northern New Jersey suburbs and an hour and a half from New York City, Sands Bethlehem has 3,000 slots, four restaurants and two bars and lounges. The company said 2,000 more slots will be added in November.
Las Vegas Sands’ master plan for the property calls for a 300-room hotel, 200,000 square feet of retail space and nearly 50,000 square feet of multi-purpose space.
Sands Bethlehem is expected to draw more than 5 million visitors a year from New York City and northern New Jersey, two areas Atlantic City greatly depends on for visitors.
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I wonder how tight the slots are. If they are tight, as I suspect the novelty will ware off and the people will stop coming.
Sheldon Adelson was interviewed by CNBC Tuesday at the official grand opening ceremony. It would have been mid-afternoon and the casino looked empty. It could be the novelty has already worn off.
I still dont get how people flock to these slot parlors. I have been to a few of them and my interest wears off in about an hour!
Bethlehem is my birthplace. There are close to a million people in the four county area (not just 70K in the immediate city). They can keep 3K or 5K slot machines operating. Sands is already negotiating to bring in table games.
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Without competition and with the state taking a huge percentage, they don't have a big incentive to keep the machines loose. You are right about novelty. Here are the numbers for the first 4 weeks of operation:
Average Taxable Win/Slot/Day $316.69 - Mem. Day
Average Taxable Win/Slot/Day $282.90
Average Taxable Win/Slot/Day $238.99
Average Taxable Win/Slot/Day $236.70
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So pretty quickly the win/slot/day has dropped below that of any of the six established racinos in Pennsylvania.
$336.35; $297.61; $286.85;
$273.84; $263.57; $245.31
I think a lot of people would rather drive 40 miles to a racetrack that gamble in an old steel mill. My bet is that Sands will screw the city and never build the hotel and the shopping mall. The projections of 60% of the visitors driving in from out of the area will turn out to be gross exagerations, and it will end up taking more money out of the local economy than it brings in.
I should correct that population figure. It's 800K people in the four county area, and about 740K in the two county area.
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The idea that 5 million different people will come and visit is ludicrous. There are hardly that many adults within driving distance. The hardcore group of about 20,000 local gamblers will drive the place by coming nearly every day.