MGM Resorts International Interested in Acquiring Sands Bethlehem

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Just a few days ago, it was reported that the Sands Bethlehem Casino of Pennsylvania was up for sale. Soon after the initial reports surfaced, it was revealed that MGM Resorts International was set to acquire the Las Vegas Sands property. According to The Morning Call, MGM is looking to acquire the gaming venue for around $1.3 billion.

There are currently 12 casinos in Pennsylvania with the Sands Bethlehem being one of the most successful. Last year, the casino earned $230 million via table games, which is just over 7% better than their earnings in 2015. Slot gaming is also profitable at the Sands with the casino earning $305 million for 2016, an almost 2% increase from 2015. The Sands is the number one operator when it comes to table games and sits at second in slots just behind the Parx Casino.

Both the Las Vegas Sands and MGM Resorts have kept quiet on the matter, with neither side confirming or denying any deal. If MGM were to take over the Sands Bethlehem casino, it could take several months for the process to be completed as the Pennsylvania Gaming Control Board would have to give their approval and a licensing transfer fee of $2.5 million will have to be paid.

The news that the casino was going to be sold first came to light when the Sands Bethlehem President Mark Juliano reportedly sent out an email to employees of the venue informing them that negotiations had begun. In the email, Juliano stated that the Sands had a potential buyer and it was a sole buyer interested in purchasing the property. Juliano said that the sale was not imminent and there was much work to be done before a sale would be finalized.

For now, we will just have to wait and see if any further details are revealed by either company on the matter.

 

 

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