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mar
15

Sheldon Adelson sells Sands Bethlehem for $1.3B and Exits Pennsylvania Casino Market before Legal Online Poker arrives

Tags: Pennsylvania, Sands Bethlehem, Sheldon Adelson.
Posted on Thursday, March 15, 2018 by "T".

Last year, the state of Pennsylvania became the fourth state in America to have online casinos legalized (the other three are Nevada, Delaware and New Jersey), something that the billionaire casino magnate Sheldon Adelson has opposed for years. This week, Adelson's company had announced that they are selling their only casino in the Keystone State.

Thursday last week, Las Vegas Sands, the biggest casino developer in the world based on revenue, stated it has entered into an agreement to sell its Sands Bethlehem casino resort for $1.3 billion, to a group named Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama. Las Vegas Sands, which owns The Palazzo and The Venetian casinos in Las Vegas as well as casinos in Macau and Singapore, said it has no urgent plans to use the proceeds from the sale.

The sale has been the result of Pennsylvania gaming regulators beginning the process of approving companies for online casino sites. Also, there will be a new generation of bricpok-and-mortar casino construction in Pennsylvania, as the bill that legalized online poker also called for 10 satellite casinos scattered around the state.

Also, it is worth noting that Adelson is selling the Sands Bethlehem as the U.S. Supreme Court nears a ruling on a federal law that banned sportsbetting outside of Nevada. If the high court dismisses that 1992 law, then Pennsylvania casinos will then be able to have sports books. Apparently, that wasn't enough to keep Adelson interested.

Bethlehem Sands casino resort opened its doors in 2008 and it cost $800 million to put up. The casino resort was one of the most successful in the state's $3 billion-a-year casino gambling market. Prior to the legalization of online gambling at the state, Adelson was actually keen to selling the casino. Once there was a rumor that rival Las Vegas-based casino operator MGM Resorts was interested to buy it.

Adelson said that Sands Bethlehem "one of the leading regional entertainment and gaming destinations in the United States. We are pleased to have built a strong foundation that can be the basis for the property's future success."

Tribal Chair and CEO of the Poarch Band of Creek Indians Stephanie Bryan said the acquisition "furthers our desire to secure a long and prosperous future for our tribe."

Source:
http://www.mcall.com/business/mc-biz-wind-creek-sands-bethlehem-casino-strategy-20180312-story.html
http://www.mcall.com/business/mc-biz-sands-casino-resort-bethlehem-sold-20180306-story.html

 


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10 comments for "Sheldon Adelson sells Sands Bethlehem for $1.3B and Exits Pennsylvania Casino Market before Legal Online Poker arrives"

 CALICUL3/15/2018 3:29:09 PM GMT
I do not know if the future will be long and prosperous for the Indian tribe because the legalization of online casinos in this American state will destroy their plans. I think this is the reason for which the billionaire will sell that casino. Online casinos enter the market and attract many players and this is not good for big casinos . The good way would be for them to open online.
 godoy3/15/2018 3:34:53 PM GMT
I spend a lot of happiness or return American States for the casino or poker oline because it is more competitive among the market and this is good for players because this is how this bilhman is selling their physical casinos because we want to lose the high performances that they donam how the oline now areceita them caira
 pajalnick3/15/2018 5:06:08 PM GMT
if he sells his casino for such fabulous money, that means he has a buyer and this buyer will make a profit just like he ... of course online casinos are now very popular .... you do not need to go anywhere ... you can sit at home in your underpants or without underpanties and play any games and tournaments Big Smile
 pochui3/15/2018 8:46:37 PM GMT
nice... built a casino for 800 millions, operated for almost 10 years and pocketed some profit in this time and on top of this sold same casino for 1.3 billions= whooping 500 millions of profit. great deal if you ask me. not sure I think the same about the purchase though
 Sandmanilo3/15/2018 9:21:13 PM GMT
It's very good that online poker is gradually coming back to the United States. I hope that sometimes we, poker players, will again have an opportunity to play with americans. I miss a lot old times before the Black Friday.
 doubletop7773/16/2018 8:13:29 AM GMT
Imagine being able to sell something for 1.3 billion dollars!! There is always money to be made in casinos but, with the boom in online gambling, the profit margins cannot be high enough
 Mysik863/16/2018 8:20:27 AM GMT
$1.3B Shock Shock
Dear Sheldon Adelson
Could you provide my bank account with some of this money? Maybe $1M will be enough for me, and it's not even 1% of this huge amount of money, you make from this sell.
What do you think?

Regards Big Smile
 Mober3/16/2018 11:52:40 AM GMT
When you are getting so much money, why not selling.
With 1.38 billions, there is not much thought there Smile
Hassle and stress free money.
Now he will be able to enjoy even a more luxury life.
The money goes to the money, as they say Smile
 CALICUL3/17/2018 3:31:11 PM GMT
the problem is that these people who make billions they are on a different level and want to make even more money. Many dream to get famous through billions of dollars, euro or something else. Celebrity brings even more money and the thirst for power makes them do not give up their business so easily. Smile
 Tony_MON7ANA3/27/2018 11:30:35 PM GMT
What is the future of online poker?
Hypothetically, if Internet gambling, including Internet poker, becomes regulated in most states of the United States in the foreseeable future, which online gaming operator would most likely reap the benefit of the legalization of Internet gambling in the US?

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