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Sands execs look forward

PENNSYLVANIA -- As reported by the Morning Call: "Seemingly every few weeks the Sands Casino Resort Bethlehem celebrates a new milestone, whether it be topping off another building or rolling out new estimates of how the gambling enterprise will bring millions of dollars to the city.

"But lost in all the calculation, celebration and anticipation of the $800 million Sands Casino is the belief by some experts that there has perhaps never been a worse time to build a gaming hall.

"According to a series of disappointing industry reports in recent months, casinos once thought to be recession-proof are taking a major hit as revenues dip, forcing some operators into bankruptcy and preventing others from getting the credit they need to finish their casino projects.

"Even Las Vegas Sands, the company building in south Bethlehem and the same gambling giant that only a decade ago revolutionized casino development, has had its stock free-fall from $148 last year to just $44 this week.

"...But if any of that is worrying Sands officials building on the South Side, they aren't showing it.

"...Sands officials are racing forward with the largest casino project in Pennsylvania in the face of an economy in such a swoon that even the gambling industry is feeling the pinch.

"Wall Street gaming analysts and bond rating agents say there are plenty of reasons for gambling operators nationwide to be worried -- but Las Vegas Sands need not be among them..."

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