MGM Resorts Not Longer Interested to Acquire Sands Bethlehem

Sands Bethlehem CasinoEarlier it was proposed to purchase Sands Casino Resort Bethlehem by MGM Resorts International. But recently the plan seems to fall through as revealed by some resources.

It was a $1.3 billion deal that would have resulted in Las Vegas Sands which is the top casino in Pennsylvania to change hands to the world’s second-largest casino operator named as MGM Resorts.

The news about the first deal was announced in the month of March this year. Mark Juliano who is the CEO of Sands Bethlehem had sent one letter to all its employees about a prospective buyer purchasing the property. At that point in time, MGM Resorts did not receive any confirmation of the talks.

Many industry experts are of the opinion that this particular deal would have helped Las Vegas Sands to exit from the only regional casino in its portfolio, while MGM Resorts will be enabled to expand its footprints in the region. Ron Resse who is the spokesperson for Las Vegas Sands Corp has stated that the Bethlehem Casino would be operated by Las Vegas Sands.

After the first quarter results, an earning call was held among the analysts in which Sands President Robert Goldstein said that the property of Bethlehem was smaller as compared to the other properties of the company but it does provide with an extraordinary source of investment.

No reasons whatsoever have been given for the collapse in making the talks successful. Some analysts are of the opinion that a gaming law amendment which is currently under discussion as the main reason for the drop in plans. The amendment would certainly expand the gambling in the state as new game formats like internet gambling, fantasy sports league etc would be legalised. Also, the slots would be allowed in places like airports. It is likely that the bill would be signed by the state legislature in the coming week.

Although Resse has declined for giving any comment on the sale talks, he has however confirmed that the Las Vegas Sands was worried about the expansion of gambling. Outside the casino, all kinds of gambling options are opposed by Sands Bethlehem including online gambling as it thinks that revenues would be affected because of it.

In the past, Juliano has said that legislative proposals looking forward to gambling expansion would certainly hurt the successful casino model of the state that provides revenue of $1.4 billion in terms of state taxes and employs more than 18000 people. The US$90 million expansion plan was also halted after the sale discussion that was being initiated by Sands Bethlehem. The expansion would have certainly helped in the development of additional gaming space and different other entertainment-related amenities in the complex.

Resse has further said that if the state expands gambling, then the plan would certainly be dropped. Robert Donchez who is the Mayor of Bethlehem City has stressed the significance of developing available land in the surrounding areas. Donchez has made the following statement:

It's very important for the Sands or MGM to continue developing the site, and if they are not interested in developing the site, consider selling off parcels to developers who are interested in.

Jay Stevens

Jay Stevens

Hi, my name is Adam Jay Stevens. Welcome to Top10-CasinoSites. Explore the online casino world with my site.


Related Articles

Nefarious Actions of Pravda Casino for Rogue Games Exposed

In recent times, the image of the online gambling industry is a little bit tarnished with the mushrooming of several

Wynn Palace To Perform Well Despite Reduced Gaming Tables

The Chief Executive and Chairman of Wynn Resorts and Wynn Macau Ltd; Steve Wynn has made a statement that the

China Says No to Sports Betting in the Country

China is famous for being one of the top gambling destinations in the world, both domestic as well as gambling

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

<

Right Menu Icon