Something You Probably Didn’t Know About Las Vegas Sands

Everyone who follows the casinos knows that Las Vegas Sands ($LVS – no positions) isn’t about Las Vegas anymore: it’s about Macao, and now Singapore.  I was pretty surprised, however, while scanning their latest 8-k earnings report last night, to notice this.  See if you can spot the surprising item in the two snapshots below:

First, the Las Vegas (Venetian + Palazzo) data (click to enlarge):

LVS Vegas Data 7/25/12

Then the Pennsylvania data for Sands Bethlehem:

LVS Bethlehem Data 7/25/12

This isn’t the first time it’s happened, but $LVS did more casino revenue in Bethlehem than they did in Las Vegas.   That astounds me.   Vegas still does roughly twice as much in table games as Bethlehem, but Bethlehem makes up for it with more than double the slots business*.  Of course, the non-gaming business (hotel, food & beverage, convention, etc) in Las Vegas trounces Bethlehem.

-KD

* Slots are interesting to any student of psychology, of course, as they are the human embodiment of most rats-in-the-lab randomized reward experiments.  You can’t fight Psych 101, and Sands Bethlehem’s results prove it.

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