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Las Vegas Casino Corporations Looking Elsewhere for New Projects

Posted on February 24, 2010 by Jordan There have been 0 comments

It seems that local Las Vegas casino operators are looking elsewhere for their business ventures in the future. Las Vegas and Atlantic City have suffered the worst in the recession, but Asian and smaller East Coast gambling markets are proving that there’s still is a lot of money to be made in the industry.

Wynn Resorts announced an agreement to manage one of two major casinos scheduled to open in Philadelphia, which would become the largest metropolitan city in the nation with Las Vegas-style gambling. In Nevada, Wynn and his fellow casino owners pay a tax of 6.75 percent on the money they win from gamblers. The Philadelphia casino that Wynn will manage will pay at least 55 percent in taxes on its slot machine winnings and 16 percent on its winnings from table games. Pennsylvania’s casinos operate some of the nation’s most profitable slot machines.

The casino mogul Steve Wynn was drawn to Pennsylvania is the limited competition is one reason why each of Pennsylvania’s nearly 25,000 slot machines, according to Spectrum Gaming, won an average of $295 per day. That compares with less than $100 per slot machine in Las Vegas.

Another group that is looking elsewhere for the future is the Las Vegas Sands Corp. who will open the first phase of its $5.5 billion Marina Bay Sands project in Singapore on April 27, the company announced Tuesday. The company said it is planning to open more than 960 hotel rooms, part of the shopping mall, convention center, some restaurants and the casino at the resort.

The second phase of the project will include a rooftop park, more retailers, additional dining options, an event plaza and nightclubs, and is scheduled to open June 23 for the resort’s grand opening celebration. Two theaters will open in October, one showcasing Disney’s "The Lion King" and the other hosting special events and headliners, and the Marina Bay Sands Museum will open in December.

The resort's plan calls for 2,500 rooms, 1.25 million square feet of meeting and convention space, an art and science museum, two theaters and 300 retail shops. The three 55-story hotel towers were topped off in July 2009. Las Vegas Sands was selected by Singapore's government who granted approval for two casino projects on the island-nation in 2005 as a way to boost tourism. Gaming was required to be just one component, but not a major feature, of a development.

This post was posted in Vegas News