Equity group looking to build empire on Sands

Sands Leven equity
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A private equity firm based in New York has stated its intention to make a substantial offer for the high-earning Sands Bethlehem casino in Pennsylvania.

 

It has been reported that the Keating & Associates group is preparing a serious offer for the property that currently stands as the keystone state’s perennial top table game earner and second-best slots performer.

Chief strategist Alex Fredericks told local press that “we suspect in the next 30 days we’ll tender a very serious offer” before noting that whilst the group’s portfolio was only in its early days, they seem set on getting a casino property under its wing relatively soon.

He added that strategically an east coast casino property is viewed as a staging point for further expansion within the industry with eyes set on Florida and naturally Las Vegas.

The Sands Bethlehem casino has been on the market for a while now and was recently subject to a failed $1.3bn bid by direct rivals MGM Resorts so any expected offer from the equity group should be in a similar ball park.

Despite owner’s intention to sell, the Pennsylvania premises has kept on posting positive results as a recently released report by the state’s gaming control board showed year-on-year table revenue leap almost 17 percent on September 2016, up to $22.7m and in turn record a monthly high for the company.

The name Keating & Associates recently broke into the public consciousness recently after reports claimed the group had made a bid for the Ten/Revel premises in Atlantic City, although this has been vehemently denied by the properties current owner.

 


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