Las Vegas Sands Corp., the business controlled by billionaire Sheldon Adelson, is looking for a purchaser for its casino in Bethlehem, Pa., as outlined by individuals with understanding of your predicament.
The Las Vegas-based company is asking as much as $1 billion for the property, the second-largest casino in the state depending on gambling revenue, stated the sources, who asked not to be identified since the matter is private.
A deal will not be specific. Efforts to sell the casino have already been complex by value and potential customers involved in other offers. Penn National Gaming Inc., which purchased a St. Louis casino from Caesars Entertainment Corp. in May well for $610 million, said in November it was splitting in two, a approach which will take effect in the second half of this year. Pinnacle Entertainment announced plans to purchase Ameristar Casinos Inc. last month for about $900 million; neither Pinnacle nor Ameristar owns any casinos in Pennsylvania or New Jersey.
Ron Reese, a Las Vegas Sands spokesman, stated the company will not respond to market speculation or rumor.
“We are proud of your monetary results the home has achieved and also the role we have played as a community partner there,” Reese mentioned.
Casinos outdoors of Las Vegas have sold lately for about 7.five times earnings ahead of interest, taxes, depreciation, and amortization, based on Bloomberg Industries study.
Within the 12 months to Sept. 30, Sands Bethlehem earned $109 million, as outlined by corporation filings, suggesting a value of about $817 million. The house is carried around the books of Las Vegas Sands at $944 million.
New York Gov. Andrew Cuomo this month proposed developing 3 casinos upstate. Sands Bethlehem, located at a former Bethlehem Steel plant, is definitely the closest Pennsylvania casino to New York City, about 80 miles away. It ranked initial in table-games income amongst the state’s 11 casinos, according to information from the Pennsylvania Gaming Control Board. It ranked second in overall casino revenue with $438 million in 2012.