Monday, March 1, 2010 | 7:34 a.m.
Sheldon Adelson
Las Vegas Sands Corp. today denied "rumors" that it plans to sell its Pennsylvania casino because of disappointing results there.
The Express-Times newspaper in Pennsylvania on Saturday reported that, according to a source, the Las Vegas company hopes to sell its Bethlehem casino.
But Las Vegas Sands said today in a press release it's applied to add table games to the 3,250-machine slot parlor and is preparing to resume construction on a 300-room hotel there.
"Las Vegas Sands Corp. said today that recent rumors of the company's supposed interest in selling its Sands Casino Resort Bethlehem property, or indefinitely delaying the completion of the hotel and other components of the development, are unfounded," the company said in a statement.
With $4.5 billion in net revenue in 2009, Las Vegas Sands collected most of that in Macau and Las Vegas and is preparing to open a $5.5 billion resort in Singapore. The Bethlehem casino, which opened in May, produced $141.8 million in revenue last year.
"With the addition of table games, 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, enhance the profitability of the property starting in the foreseeable future," Las Vegas Sands Chairman and Chief Executive Sheldon Adelson said in today's press release.
He said the company would assess restarting construction on the remaining aspects of the development, including 200,000-square-foot retail space and 50,000 square feet in multi-purpose facilities, while it prepares for table games and the resumption of construction on the hotel tower.
Development of the project, other than the casino, has been on indefinite suspension because of economic conditions.
Located at the historic Bethlehem Steel Works, Sands Bethlehem is also expected to be home to the National Museum of Industrial History, an arts and cultural center and the broadcast home of the local PBS affiliate, Las Vegas Sands said.
As of Dec. 31, the company had booked construction costs of $628.6 million for the project.
Las Vegas Sands said today it expects to pay another $27 million to add table games, including the $16.5 million license fee.
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