Thursday, July 24, 2008

Las Vegas Sands No Longer Pursuing Kansas Casino Bid

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Las Vegas Sands announced their withdrawal from the race to win a casino in the Wyandotte/Kansas City region of Kansas.

Las Vegas Sands said it will no longer pursue its $777 million proposed casino in Kansas due to neighboring Missouri's move to potentially allow customers to increase wagers and the increased borrowing costs for development.

Sands President William Weidner said, "As we pursue our development plans and evaluate potential opportunities around the globe, we constantly review those plans to determine which ones are the most beneficial for the company, its shareholders and our employees, as well as the communities in which we intend to operate. Our proposed development plans for Kansas included significant investment in a world-class integrated resort facility. It now appears that proposed statutory changes in Missouri will allow gaming operators there to significantly increase the amounts being wagered at their competing facilities. This change, together with the increased borrowing costs in today's financial marketplace, significantly decreases the expected returns from our proposed development in Kansas and limits our ability to generate appropriate risk-adjusted returns on the proposed investment vis-à-vis our expected returns on our other global investment opportunities."

Four groups still remain in the running for a Wyandotte County casino in Kansas, including a $792 million proposal submitted by a group that includes the Mohegan Tribe.