Sands Casino Resort Bethlehem has stopped the $90 million growth system it was undertaking as talks concerning its sale to MGM Resorts Worldwide for an estimated $one.3 billion move forward.
Bethlehem Mayor Robert Donchez supplied an update on the stalled growth project final week and remained good that the task will commence sometime in the long term. In a statement Donchez stated
It is my understanding that the growth is on hold. We understand. It truly is business. But I definitely hope that regardless of whether it's Sands or MGM, the owner goes forward with the growth when the sale talks are more than. It's a significant venture.
Sands Bethlehem had decided on rolling out an growth strategy that proposed escalating gaming room, dining operations as nicely as a separate new poker room. But perform stopped following the ground breaking ceremony was held in January as the deal with MGM was announced in excess of the next number of weeks.
Sands Bethlehem is regarded to be the leading doing casino in Pennsylvania with annual revenues of over $500 million. The property has close to 2,500 personnel and attracts almost 9 million guests a yr. Bethlehem CEO Mark Juliano stated in December 2016 that the casino would be rolling out an growth program which would see the gaming floor increased by an added 100,000 square-feet, including 81 tables and 380 slot machines apart from two new restaurants.
Get More Sources confirmed that the deal amongst MGM and Las Vegas Sands in March but extra that it would get many months to close. In accordance to market analysts the merger may well take time to be wrapped up due to the substantial due diligence method followed by an application method with the Pennsylvania Gaming Control Board with is essential for a casino license transfer. No such transfer request has been obtained from Sands or MGM so far, according to Gaming Board spokesman Doug Harbach.
Mayor Donchez explained he is written a letter to MGM CEO Jim Murren requesting for a meeting if he visits Bethlehem, but absolutely nothing has been confirmed so far. The city of Bethlehem is most likely to highly impacted by the deferral of the growth system as 250 jobs were anticipated to be developed by the expansion plan. If MGM Resorts ends up closing the sale and obtaining the Sands Bethlehem casino, there is no assure that the firm will finish up implementing the expansion program and proceed with the $90 million investment.
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