Sands Bethlehem Casino in Potential $1.3 Billion SaleMarch 10, 2017 12:50 pm
Recently it had been announced that the Las Vegas Sands Corp. was in the process of agreeing to the sale of its Sands Casino Resort Bethlehem in Pennsylvania. Now it has been revealed that the deal involves one of the USA’s fastest expanding casino operators, MGM Resorts, and that the acquisition is likely to cost in the region of $1.3 billion.
The latest details come via sources revealed to casino gambling reporter Matt Assad, who also stated that the purchase may take up to six months to finalize. Last week, Mark Juliano, the CEO of Sands Bethlehem, even sent an email to the casino’s employees informing them that talks were currently underway, but also warning them any eventual agreement would inevitably take some time to complete:
“The sale is not imminent, and there is a lot of work that still needs to be done before a sale is final,” explained Juliano.
A number of reasons have been suggested as to why Las Vegas Sands Corp, the world biggest casino company, is considering selling its property to its nearest rival in the casino industry. These range from the potential for further unionization of its work force after Sands Bethlehem Casino security guards managed to do so only a few weeks ago, to Sands CEO Sheldon Adelson wanting to offload the property as efforts to legalize online gambling in the state gain momentum.
It is well-known that Adelson is a staunch opponent of internet gambling, and should his Pennsylvania casino not embrace any potential legislation pending legislation successfully passing, then the Sands Bethlehem is likely to face a severe competitive disadvantage at the hands of its rivals.
In recent years, MGM has significantly increased its casino holdings across the country’s Northeast and mid-Atlantic regions, including acquiring full ownership of the Borgata in Atlantic City, Opening the $1.4 billion MGM National Harbor in Maryland, and starting construction on its $950 million MGM Springfield Casino in Massachusetts.