Tag: Sands Bethlehem
Sands Bethlehem Sold for $1.3 Billion
Las Vegas Sands Corp. has reached a definitive agreement to sell its Sands Bethlehem casino to an American Indian tribe from Alabama. It’s a move that would unload arguably Pennsylvania’s most successful casino — and one of the Lehigh Valley’s largest employment hubs — to a little-known, yet cash-flush, group looking to grow. Wind Creek Hospitality, a privately held affiliate of the Poarch Band of Creek Indians of Alabama, is acquiring the property for a total enterprise value — market capitalization plus debt — of $1.3 billion, representing one of the largest sales in the Lehigh Valley’s history. The 159,000-square-foot…
MGM Says “No Deal” on Sands Bethlehem
The $1.3 billion deal to sell Sands Casino Resort Bethlehem to MGM Resorts International has collapsed, according to multiple sources. What would have been one of the largest property sales in the history of the Lehigh Valley faltered late last week and MGM ended its pursuit of the Bethlehem casino complex, sources with knowledge of the deal told The Morning Call. While city officials have called Sands a good corporate neighbor that has built arguably the most successful casino in Pennsylvania, some were quietly rooting for MGM to take over in the hopes that it would move more quickly to…
MGM to Purchase Adelson’s Sands Bethlehem
A week ago came the first inklings that the second-largest casino operator might be interested in buying a property from the world’s largest, as MGM Resorts International was showing interest in perhaps purchasing the Sands Casino Resort Bethlehem in Pennsylvania from Las Vegas Sands. The Morning Call of Allentown was among the outlets reporting a week ago that Pennsylvania gaming officials had confirmed a deal was in the works and that Sands Bethlehem had already notified its employees of the possibility. Then on Wednesday came a follow-up report that a deal had been reached, with “an agreement in principle” having…
Adelson’s Sands Bethlehem Fined for Underage Gambling
Pennsylvania casino regulators approved fines Wednesday against the operator of Sands Casino Resort Bethlehem for three alleged incidents of visitors under age 21 on the gaming floor. Sands Bethworks Gaming LLC faces fines totaling $39,000, according to the Pennsylvania Gaming Control Board. The fine is the result of board approval of a consent agreement between the board’s Office of Enforcement Counsel and Sands Bethworks Gaming, according to a news release. The incidents occurred when: A 20-year-old female was permitted access onto the gaming floor and wagered at both slot machines and table games; An 18-year-old male was permitted access onto…
