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Sands Casino Up For Sale?

Las Vegas Sands Corp. is seeking $1 billion from buyer for South Bethlehem property, according to Bloomberg News report.

 

The Sands Casino Resort Bethlehem is up for sale, according to an anonymously sourced Bloomberg News story published in The Morning Call.

The story, which cites “people with knowledge of the situation” says that Las Vegas Sands Corp., which owns the South Bethlehem casino complex, is looking to sell it for $1 billion.

Not quite 4 years old – and now including a hotel, a shopping mall and an events center – the Sands draws 7½ million visitors to Bethlehem annually and employs more than 2,000 people.

With $437 million in gross revenue from gambling alone in 2012, the Sands is the second biggest earner among Pennsylvania’s 11 casinos.

And Pennsylvania was the second biggest gambling market in the country – after Las Vegas, but ahead of Atlantic City – for the second year in a row, according to this report in The Express Times.

On Wednesday, the Pennsylvania Gaming Control Board reported that the Sands was the state’s top earner in table games play, with $146 million in gross revenue in 2012.

The Bethlehem casino opened in June 2009, promising to be an anchor of a new arts and entertainment complex envisioned on 110 acres at the western end of the massive and shuttered Bethlehem Steel plant.

Two years later, in June 2011, the Sands opened a 302-room hotel – the largest and the first full-service hotel to open in the Lehigh Valley in more than 20 years. An upscale outlet shopping mall was opened for business in November 2011.

In May, an adjoining 50,000-square-foot event center opened. A partnership of the Sands, Live Nation and Vision Entertainment Group, the Sands Bethlehem Event Center has hosted boxing matches, a food and wine festival and numerous concerts. Next week, it will host the Phillies Winter Banquet.

In November, city and Northampton County officials announced plans to attract a developer to build a convention center nearby.

Sunday January 18, 2013 at 02:11 PM
LOL. Their revenue is up because no one wins anything (big) to speak of!
JOSEPH January 18, 2013 at 06:25 PM
YEAH AND WHEN THEY GO WATCH WHAT HAPPENS THAT CASINO WILL GO BROKE WHOEVER BUYS IT AND THE TAXPAYERS WILL HAVE TO PICKUP THE EXTRA REVENUE FOR THE CITIES. AND IT WILL BECOME JUST A WASTED BUILDING.THE REAL REASON THEY ARE SELLING IS BECAUSE NEW YORK IS GETTING READY TO OKAY THE OPENING OF 3 NEW CASINOS .SO THEY KNOW THERE REVENUE IS GOING TO TAKE A HUGE HIT.
Patriot2 January 19, 2013 at 02:29 AM
The casino will make a nice convention floor after it shuts down. Also, New Jersey will build casinos in Meadowlands which will also put the nail in the Bethlehem coffin.
Bob Zahm January 19, 2013 at 05:21 AM
@Sunday - your comment reads as though you don't know the difference between revenue and profit. If their revenues are up, that means that they're getting lots of money in, not that they're keeping it because no one is winning. Unless expenses are really out of control - unlikely - sale of the casino may be to raise money to pay off debt elsewhere in the Sands empire.

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