Table GamesTo Restart Sands Stalled Casino Project
Pennsylvania Legislatures voted 103-89 to send the gaming expansion bill to Governor Ed Rendell to be signed this week, allowing slot casinos throughout the state to install table games, paving the way for Las Vegas Sands (LVS: 18.85 +2.22%) to move forward with casino enhancements.
Sands Casino Resort Bethlehem plans to add 80-100 of the 250 table games including poker, blackjack, craps, baccarat and roulette, now permitted under the new law.
Although gaming regulators say it may still be more than six months before table games are up and running, LVS released a statement Wednesday night saying that the expansion will further enhance gaming and entertainment, “Customers from Pennsylvania and northern New Jersey will be that much closer to exciting table game action.”
Sands Bethlehem President Robert DeSalvio said having table games will speed up the restart of construction on the stalled hotel, mall and convention center that is part of the overall Sands Bethlehem plan.
Table games will be taxed at 16% of gross revenue, with 2% to local counties and municipalities. At the end of the second year, the gross tax rate will drop to 14%.
Larger casinos will have to pay a $16.5 million licensing fee to take part in the expansion. Fee amounts will increase after June 1.
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