MGM Resorts In Talks To Acquire Sands Bethlehem Casino Resort

Sands Bethlehem CasinoThe casino operator MGM Resorts International is looking forward to making a bid in order to purchase Sands Bethlehem Casino Resort which is one of the most successful casinos in Pennsylvania. The news was confirmed by Richard G. Jewell who is the Gaming Board Commissioner.

Sands Casino informed the Pennsylvania Gaming Control Board previous week. The casino also informed its employees regarding the buying to its employees also through email.

Sands Bethlehem is operated by Las Vegas Sands and is the only regional casino amongst the extensive portfolio of the company that is spread across Singapore, Las Vegas and Macau. Although MGM Resorts is having casinos in the aforementioned places, it is having larger projects in New Jersey, Maryland and Massachusetts.

Mark Juliano who is the Chief Executive Officer of Sands Bethlehem has said that there is no official confirmation about the sales yet because some amount of work is remaining. There is no comment from the parent company on this matter. Las Vegas spokesman Ron Reese has said there are no announcements regarding the purchase and it has only received the bids.

As per the experts, the acquisition would make sense to casino operator Las Vegas Sands that follows a precise strategy to develop resorts in a fly-in destination. The Sands Bethlehem is located in the regional place and is its smallest property. It was launched in the year 2009 after which Sheldon Adelson, the Chairman of Las Vegas Sands has expressed his regrets for building a casino instead of sticking to its destination resorts model. The analysts in the market are anticipating that the casino is likely to attract a very high price.

A senior analyst from Union Gaming SecuritiesJohn Decree has said that the casino Las Vegas Sands would earn 9 times its annual earnings before amortisation costs, depreciation, tax and interests. As per its annual report, the company is having EBITDA of $136 million as on 2016 which puts it at a whopping value of $1.2 billion.

John Decree has made the following statement in media:

The sale of Sands seems to come up every six months, but this is a casino with a squeaky clean balance sheet that isn't going to sell to a low-ball offer. That casino will fetch north of $1 billion. And if they don't get their number, they probably won't let it go.

The deal to acquire Sands Bethlehem casino resort has come in a moment when the state legislators are trying to evaluate whether all kinds of gambling can be legalised in Pennsylvania, a move which is opposed by Las Vegas Sands.

Jay Stevens

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