Industry News
July 23, 2008
By: Barbra Murray, Contributing Editor
Ten months after submitting a proposal to the Unified Government of Wyandotte County/Kansas City for the development of a $750 million resort casino, Las Vegas Sands Corp. has taken itself out of the game with the abandonment of its bid for a gaming license in Kansas.
With the decision, the company has removed itself from what had been a competition among five development entities to build a new destination casino in the state. For Las Vegas Sands, the prospect of taking its legendary brand to Kansas became undesirable upon recent closer inspection. The currently unfavorable lending market played a role in leading the company to back away from its plans, as did the neighboring State of Missouri, a casino market competitor. Proposed statutory changes in Missouri are on the ballot for the fall. If the measure passes, gaming operators in the state will be able to boost the amounts being wagered at their competing facilities, thereby creating a new incentive for Kansas City-area players to roll the dice in Missouri.
Las Vegas Sands had chosen a spot off I-435 for its resort casino, which would have featured a 300-room hotel, a 1,200-seat showroom and an outdoor amphitheater. Now, four other teams are left to vie for the right to develop a behemoth gaming property: Kansas Speedway/Cordish Co., Kickapoo-Sax and Fox Tribes, Legends Sun and Pinnacle Entertainment.
While a new Sands flag will not be raised in Kansas, Las Vegas Sands still has other plans in the works. The company is in the midst of developing the Sands Casino Resort Bethlehem in Bethlehem, Pa., and the Marina Bay Sands in Singapore.
Headquartered in Las Vegas, Las Vegas Sands is at the top of the list of international mixed-use integrated resorts. In addition to its properties in Sin City, the company owns and operates destinations in Macao. Company stock opened today at $49.56.
By: Barbra Murray, Contributing Editor
Ten months after submitting a proposal to the Unified Government of Wyandotte County/Kansas City for the development of a $750 million resort casino, Las Vegas Sands Corp. has taken itself out of the game with the abandonment of its bid for a gaming license in Kansas.
With the decision, the company has removed itself from what had been a competition among five development entities to build a new destination casino in the state. For Las Vegas Sands, the prospect of taking its legendary brand to Kansas became undesirable upon recent closer inspection. The currently unfavorable lending market played a role in leading the company to back away from its plans, as did the neighboring State of Missouri, a casino market competitor. Proposed statutory changes in Missouri are on the ballot for the fall. If the measure passes, gaming operators in the state will be able to boost the amounts being wagered at their competing facilities, thereby creating a new incentive for Kansas City-area players to roll the dice in Missouri.
Las Vegas Sands had chosen a spot off I-435 for its resort casino, which would have featured a 300-room hotel, a 1,200-seat showroom and an outdoor amphitheater. Now, four other teams are left to vie for the right to develop a behemoth gaming property: Kansas Speedway/Cordish Co., Kickapoo-Sax and Fox Tribes, Legends Sun and Pinnacle Entertainment.
While a new Sands flag will not be raised in Kansas, Las Vegas Sands still has other plans in the works. The company is in the midst of developing the Sands Casino Resort Bethlehem in Bethlehem, Pa., and the Marina Bay Sands in Singapore.
Headquartered in Las Vegas, Las Vegas Sands is at the top of the list of international mixed-use integrated resorts. In addition to its properties in Sin City, the company owns and operates destinations in Macao. Company stock opened today at $49.56.
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