Las Vegas Sands Wins Pennsylvania Approval; Other Casino Shares Fall
Las Vegas Sands, the world's largest casino company by market value, said on Wednesday it was awarded a license to build a hotel-casino complex in Bethlehem, Pennsylvania.
The Pennsylvania Gaming Control Board granted it a so-called Category 2 license, which allows it to install slots machines, the company said in a statement.
Las Vegas Sands plans to build a shopping, dining, and entertainment complex along with space for 3,000 slot machines at the site of the former Bethlehem Steel plant.
Meanwhile, shares of casino operators Isle of Capri Casinos, Pinnacle Entertainment and Trump Entertainment Resorts slumped after Pennsylvania passed over the companies for stand-alone slot licenses.
The Pennsylvania Gaming Control Board sorted through 13 applications for the five available licenses. An additional six licenses are set for the state's horse-racing tracks.
Two racetracks _ Mohegan Sun at Pocono Downs and Philadelphia Park _ have opened slots parlors under conditional licenses, while racetracks in Chester and near Erie are expected to open slots parlors in the next two months.