SOURCE: Las Vegas Sands
April 07, 2010 14:24 ET
Sands Bethlehem Receives Approval for Table Games, Work Ready to Resume on Hotel Tower
BETHLEHEM, PA--(Marketwire - April 7, 2010) - After receiving a three-year renewal of its slot operator license and approval of its table games application, Sands Casino Resort Bethlehem, a subsidiary of global resort developer Las Vegas Sands Corp. (NYSE: LVS), provided more good news today by announcing that construction on the property's 300-room hotel tower will restart immediately and should be completed by May 2011.
"The company's board of directors has approved the plan for completing the hotel and we fully expect to see construction workers on the site within a matter of weeks," said Michael Leven, president of Las Vegas Sands Corp. "The results at the Sands in recent months are more in line with our expectations of the property and with the addition of table games this summer, and 300 hotel rooms next spring, the property will be well-positioned for greater success moving forward."
On Wednesday, at the completion of a hearing with the Pennsylvania Gaming Control Board, the property was awarded a three-year renewal of its slot operator license and gained approval of its table games operation certificate. With the table games approval now in hand, company officials said they are targeting July as the month the property should be able to offer live table games to its guests.
As for the hotel, Mr. Leven said construction will take approximately 12 months and it should be ready to open by May 2011. He said that as far back as early February the company began working on updated design drawings and as part of that effort, the hotel will now feature 4,000 square feet of meeting space as well as an indoor swimming pool and fitness center.
"As we approach the property's one-year anniversary, it is exciting to think about what the future has in store for Sands Bethlehem. Restarting work on the hotel is a huge momentum builder for the property and adding live table games to an environment which already features great dining and nightlife activities will certainly make the Sands one of the region's top entertainment destinations," said Sands Bethlehem President Robert DeSalvio.
Mr. DeSalvio said Sands Bethlehem will offer a total of 89 tables, including such games as blackjack, craps, roulette, poker, and baccarat. He said dealer training for the table games is already underway and the property will be ready for action, pending a final go-ahead from the Gaming Control Board, when it's time to deal the first card.
Statements in this press release, which are not historical facts, are "forward-looking" statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve a number of risks, uncertainties or other factors beyond the Company's control, which may cause material differences in actual results, performance or other expectations. These factors include, but are not limited to general economic conditions, competition, new ventures, government regulation, legalization of gaming, interest rates, future terrorist acts, insurance, and other factors detailed in the reports filed by Las Vegas Sands Corp. with the Securities and Exchange Commission. Las Vegas Sands Corp. assumes no obligation to update such information.
ABOUT LAS VEGAS SANDS CORP.
Las Vegas Sands Corp. (NYSE: LVS) is the leading global developer of integrated resorts - destination properties which feature premium accommodations, world-class gaming and entertainment, convention and exhibition facilities, celebrity chef restaurants, and many other amenities.
The Venetian and The Palazzo, both Five-Diamond luxury resorts on the Las Vegas Strip, are among the company's properties in the United States. Marina Bay Sands, the company's iconic project currently under development in Singapore, will open in the second quarter of 2010.
Through its majority-owned subsidiary Sands China Ltd, the company also owns a portfolio of properties in Macau, including The Venetian Macao, Four Seasons Hotel Macao and the Four Seasons-branded serviced-apartments at the Cotai Strip™, as well as the Sands Macao Hotel on the Macau peninsula.
The Cotai Strip is a master-planned development of destination resort properties where the company is currently constructing a 6,400-room complex which will feature the Shangri-La, Traders, Sheraton, and St. Regis hotel brands and is scheduled to open in 2011.
Las Vegas Sands is also committed to global sustainability through its Sands Eco360 program and is an active community partner through its various charitable organizations.
For more information, please visit www.lasvegassands.com.