Boscola, who said she, too, heard MGM identified as the potential buyer, said Sands has been good for Bethlehem and the rest of the Lehigh Valley but she understands why the company would sell.
Jewell, who said he received an email about the talks Thursday. That came soon after Sands sent an email sands casino acquisitions thousands of employees of the potential sale. Two other sources, who were not authorized to discuss the negotiations, confirmed MGM as the interested buyer. Juliano would not discuss the talks and deflected questions to Las Vegas officials, who Friday more gambling declined to comment on them.
Analysts say the sale makes a lot of sense for both companies. For MGM, it expands the company's footprint in a region where it has been growing fast. Buying Sands would give him the next closest casino to the city. For Las Vegas Sands, selling would make sense because the Bethlehem casino is its smallest and its only regional property. It is not designed to be the kind of fly-in destinations Sands owns in Las Vegas, Macau and Singapore. Soon after Sands Bethlehem opened inCEO Sheldon Adelson expressed regrets, saying his company would go back to focusing on destination resorts.
He would later reinvest in Sands, but the destination casino continues to be the Las Vegas Sands' model. The going rate for a casino such as Sands is roughly nine times the business's annual earnings before interest, tax, depreciation and amortization costs, he said.
And if they don't get their number, they probably won't let it go. The sales talks come at a time when Pennsylvania's gambling industry is going in a direction Sands officials have publicly condemned. State legislators in search of new gambling revenues to tax will start debating next week whether to legalize everything from online gambling to slot machines in airports to allowing gambling machines in bars.
With about sands casino acquisitions, employees in Bethlehem, Sands attracts 9 million visitors a year and is the only casino in the state to also have a room hotel, an outlet mall and a concert venue. Under the plan, Sands would create the largest gaming floor among the state's 12 casinos and expand a table games business that's already the most lucrative in the state and among the most lucrative outside of Las Vegas.
Boscola, who said she, too, heard MGM identified as the potential buyer, said Sands has been good for Bethlehem and the rest of the Lehigh Valley but she understands why the company would sell. Just last week, Sands security guards in Bethlehem made history by becoming the first in a casino empire of 50, workers to ratify a union contract. Guards union consultant George Bonser said that all along, the guards were worried about what could happen if they were successful in their six-year battle to unionize.
In Las Vegas, Adelson is one of the only casino owners who has been able to keep the powerful culinary union out of his resorts, in part by paying his workers more than union workers. He spent eight years appealing a court ruling after unsuccessfully trying to keep culinary union workers from leafleting outside his flagship casino, the Venetian.
On Friday, Bonser said the guards probably should have seen a sale coming. During negotiations, he said, Sands officials refused to include a clause that would keep the contract intact if the casino was sold. So, a sale would void the contract.
It's all around the floor today. News of a possible sale started swirling a few years after the casino opened in Sands acknowledged in that it would give up the property for the right price. And inAdelson tried to shop the casino to fellow billionaire Carl Icahn, owner of Tropicana Entertainment, sources said at the time.
When the talks fell apart, he said in a written statement, "We are certainly proud of the financial success Sands Bethlehem has achieved, but we are also very proud of fulfilling the commitments we made to the people of the Lehigh Valley. Bringing pride back to a historic site many thought was lost for good is the real legacy of Sands Bethlehem, and that is the foundation on which we will continue to build.
Sands owns more than acres of the former Bethlehem Steel site, including the blast furnaces, the No. Bethlehem Mayor Robert Donchez has been pushing the Sands to continue with redevelopment as some of the non-gambling portions of the property's master plan have not been realized. A sale would mark the sixth time a Pennsylvania casino has sands casino acquisitions hands. Harrah's Casino in Chester was sold in and Rivers Casino in Pittsburgh was sold before it opened in Gaming Control Board officials said a sale would trigger a several-month process in which the principals of the new company would be investigated by the board before they could assume Sands' gaming license.
MGM Resorts International casino studio five regional properties: Complete Coverage, including scores, photos and video. He said Friday he will continue that sands casino acquisitions if MGM takes over.Casino operator Las Vegas Sands has reportedly reached a $b deal to no comment “on this or any other merger and acquisition activity.”. A deal is not imminent, officials say, and the Sands has not filed with the "We have no comment on this or any other merger and acquisition. Borgata Atlantic City Casino Gambling Source Borgata Vegas Sands in Pennsylvania, Dover Downs in Delaware, plus casinos and racinos.