..

No Deal: MGM Not Buying Sands Bethlehem

Written by:
Guest
Published on:
May/24/2017

Rumors have been swirling in recent weeks that the Sands Bethlehem casino could be acquired by MGM.  That deal, we are learning Wednesday, is officially off the table.

This was no ordinary deal.  Had it not collapsed, this would have been the largest property sale in the history of the Lehigh Valley, Pennsylvania region.

From 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 develop the rest of the former Bethlehem Steel lands now owned by Sands.

"We've never confirmed that sale talks were happening, but I can say that we will continue to operate Sands Bethlehem," said Las Vegas Sands Corp. spokesman Ron Reese, before referring to comments made last month by Sands Corp. President Robert Goldstein during the company's first-quarter earnings call.

"I think Bethlehem represents a pretty extraordinary investment in terms of what we put into the market versus what it returns to us, although it's a small number, obviously, relative to our other assets," Goldstein said in the call. "It's still a compelling investment. We're very proud of it."

The property is currently in the midst of a massive expansion project.

- Aaron Goldstein, Gambling911.com

Gambling News

Where Can I Bet the Super Bowl Online From Minnesota?

Where Can I Bet the Super Bowl Online From Minnesota?

BetUS (established in 1994) is one of a handful of sports betting sites accessible to those living in the great state of Minnesota to place bets on this year's Super Bowl.  

Where Can I Bet The Super Bowl Online From Michigan?

Where Can I Bet The Super Bowl Online From Michigan?

State-licensed Michigan online sportsbooks are now live just in time for taking bets on this year's Super Bowl, but remember that the apps trace all your activity and will be reported to the IRS once you meet a specified threshold.

Connecticut Lawmakers Considering Sports Wagering Once Again

Connecticut Lawmakers Considering Sports Wagering Once Again

Lawmakers were urged Tuesday to finally legalize sports betting and internet gambling after years of debate. 

IGT and FanDuel Group Bring Omnichannel Sports Betting to Michigan

IGT and FanDuel Group Bring Omnichannel Sports Betting to Michigan

International Game Technology PLC (“IGT”) (NYSE: IGT) announced today that its PlaySports platform is powering the recently launched FanDuel Sportsbook mobile app in Michigan, the latest U.S. state to introduce regulated online sports betting and iGaming. I

Different Types of Gambling, Media Converging for Growth

Different Types of Gambling, Media Converging for Growth

The many different types of gambling are quickly coming together with each other and with media outlets — and Wall Street is taking notice.

Syndicate