An unknown buyer is reportedly chasing for the purchase of Sands Bethlehem, one of the most notable gaming resorts in the whole of U.S.A.
The casino that is developed away from the rest of Adelson’s gaming properties has enabled the billionaire make real money online casino gambling sites a lucrative industry in Las Vegas.
Through an inside email to the casino’s employees early this week, Mark Juliano, Sands Bethlehem CEO told employees that a sale of the resort to a new owner was possible.
Juliano did not however, disclose the identity of the new owner thus raising fears to the employees.
Sands Bethlehem, which is strategically located on the East of Pennsylvania, might soon be in the hands of a new owner. Compared to other resorts owned by Sheldon Adelson, Sands Bethlehem has given Sheldon the largest share of the total revenue from his gaming properties.
When asked to speak on the progress of the possible exchange of ownership, the Vice President of government relation as well as community development, Ron Reese said that he does not have anything to say about it.
“Our property has scores of people, developers, who are ready to present their offers. Many developers who are interested with various assets of our facility come on a daily basis but we do not have the details to give for now,” said Reese.
Many people including employees are wondering why Adelson would wish to give away a property that brings in the most benefits.
Of all Adelson’s 12 properties in Pennsylvania, Sands has always topped when it comes to total collections at the end of each year.
In 2016, Sands’ gross slot machine sector recorded a gross collection of $305.3 million and $228.1 million from the table games section. This was way too far compared to other gaming facilities.
Sands Bethlehem was officially opened to the public in mid 2009.
During the8 years the resort has been in operation, Adelson and team has invested over $800 million. This substantial amount of money has been used to renovate and increase the number of social amenities that include expansion of gaming floors, the purchase of modern slot machines, new gaming tables, latest video games, as well as increasing the number of hotels.
But with the likelihood of the legalization of internet gaming, Adelson has decided to focus his mind on something different. Most likely, he wants to do away with Keystone State.
Will He Get The Resort’s Worth?
Over the years the resort has been in operational, there is no doubt that Adelson has tremendously improved Sands Bethlehem. According to one market analyst, he says that Sands might surpass $30 billion!
If the market observer’s words are what to believe, Adelson must be an agitated man in giving away such a fortune, an empire he has built over the years.
Nonetheless, the move by lawmakers in Pennsylvania to quickly legalize online gambling might be the catalyst to Adelson’s decision. Otherwise, he would not have thought of such a thing.
According to confirmed sources, Adelson, a strong gambling proponent is behind a lobby group that has vowed to do whatever it takes as long as it is within the law, to stop any form of internet gambling in Pennsylvania. The coalition is dubbed Stop Internet Gambling.