Adelson takes Sands Bethlehem casino off market

News reports suggesting Sheldon Adelson, chairman and CEO of Las Vegas Sands Corp. (LVS), wanted to sell the company’s casino in Pennsylvania, and even was conducting talks with prospective buyers, were squashed over the weekend with the company’s announcement that the property was not for sale.
The casino in Bethlehem, Pennsylvania, dubbed by many as Pennsylvania’s most successful, will not only remain in the company’s folds but also will have a new leader.
Veteran casino executive Mark Juliano has been identified as the property’s new president. In his previous position with the company, Juliano was senior vice president of the Marina Bay Sands Resort in Singapore.
Prior to joining the Sands organization, Juliano was an executive with Caesars Entertainment Corp. (CZR), serving at posts in Las Vegas and Atlantic City.
Gaming observers had speculated since Adelson’s major focus for the company was to develop more properties in Asia, the one casino the company owns outside of Las Vegas would be placed on the market.
Las Vegas Sands received most of its revenues and income from its 71 percent ownership of Sands China, operator of casinos in Macau and Singapore.
With the prospects of casino legislation being approved in Japan, Adelson has suggested he was prepared to spend $20 billion if granted a casino license in Japan. His success in China is expected to place his company among the leaders should Japanese casinos become a reality.