Leading regional casino based in Bethlehem, PA, Sands Bethlehem, owned and operated by Las Vegas Sands Corp.’s (NYSE:LVS) , has chalked out a $90-million expansion plan for a casino.
Expansion Details
The expansion initiative will be focused on creating a new gaming floor, more than 1,000 new gaming seats, more restaurant space, public restrooms and additional back of house facilities. The construction of the 59,200-square feet additional area will begin in the first quarter of 2017.
The parking lot will be reduced in size in order to make room for expansion. However, the expansion plan is subject to approval from the Pennsylvania Gaming Control Board.
Management believes that its outstanding gaming, entertainment and dining opportunities will help maintain Sands Bethlehem’s position as one of Northeast's premiere gaming and entertainment destinations.
Earlier this month, Las Vegas Sands reported better-than-expected third-quarter 2016 results with both earnings and revenues beating the Zacks Consensus Estimate. Notably, net revenues at Sands Bethlehem were up 1.6% year over year, attributable to a 1.2% increase in casino revenues. Also, a 5.7% rise in food and beverage revenues, and a 1.9% improvement in convention, retail and other revenues contributed to the overall revenue growth. These were somewhat offset by a 2.5% decline in room revenues.
LAS VEGAS SANDS Price
Las Vegas Sands sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Other Key Picks
Other favorably ranked stocks in the gaming industry include International Game Technology PLC (NYSE:IGT) , Melco Crown Entertainment Limited (NASDAQ:MPEL) and MGM Resorts International (NYSE:MGM) . All three companies sport a Zacks Rank #1.
Full-year 2016 earnings for International Game are expected to witness a 7.1% increase while that of MGM Resorts are anticipated to grow 112.1%.
However, Melco Crown is expected to witness a 34.1% decline in its full-year earnings.
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