Las Vegas Sands Corp. ended speculation Friday that it was looking to sell its Pennsylvania casino, saying the company plans further financial investment into the property, while naming a former Atlantic City casino executive to head the resort.
In a statement, Las Vegas Sands named Mark Juliano as president of Sands Bethlehem, replacing the property’s original president who left the casino last month for a job with Wynn Resorts Ltd.
Juliano, who had been the senior vice president of the Marina Bay Sands in Singapore, previously served as CEO of Trump Entertainment Resorts in Atlantic City [that was insolvent at its inception] and president of Caesars Atlantic City. Juliano also served as president of Caesars Palace in Las Vegas during his career.
In addition, Las Vegas Sands said it was “working on a variety of concepts” in which the company would further invest in Sands Bethlehem.
Media reports last month said the property, which is on the historic site of the former Bethlehem Steel Mill, was being sold to Tropicana Entertainment, a company controlled by financier Carl Icahn.
“Many of our people have been with us at Sands Bethlehem since the first day the doors opened and they have had to endure some trying events in recent months, including waves of media speculation about the future of the property,” Las Vegas Sands President Michael Leven said in a statement.
“Today, that speculation stops, and a new chapter in the history of Sands Bethlehem begins.”
The hotel-casino is small part of the overall Las Vegas Sands picture — the property contributed $117.2 million to the company’s overall first quarter net revenue of $4.01 billion. Still, it’s routinely among one of the top two revenue producing casinos in Pennsylvania.
http://www.reviewjournal.com/business/casinos-gaming/sands-ends-speculation-pennsylvania-casino-sale-plans-investment-taps
In a statement, Las Vegas Sands named Mark Juliano as president of Sands Bethlehem, replacing the property’s original president who left the casino last month for a job with Wynn Resorts Ltd.
Juliano, who had been the senior vice president of the Marina Bay Sands in Singapore, previously served as CEO of Trump Entertainment Resorts in Atlantic City [that was insolvent at its inception] and president of Caesars Atlantic City. Juliano also served as president of Caesars Palace in Las Vegas during his career.
In addition, Las Vegas Sands said it was “working on a variety of concepts” in which the company would further invest in Sands Bethlehem.
Media reports last month said the property, which is on the historic site of the former Bethlehem Steel Mill, was being sold to Tropicana Entertainment, a company controlled by financier Carl Icahn.
“Many of our people have been with us at Sands Bethlehem since the first day the doors opened and they have had to endure some trying events in recent months, including waves of media speculation about the future of the property,” Las Vegas Sands President Michael Leven said in a statement.
“Today, that speculation stops, and a new chapter in the history of Sands Bethlehem begins.”
The hotel-casino is small part of the overall Las Vegas Sands picture — the property contributed $117.2 million to the company’s overall first quarter net revenue of $4.01 billion. Still, it’s routinely among one of the top two revenue producing casinos in Pennsylvania.
http://www.reviewjournal.com/business/casinos-gaming/sands-ends-speculation-pennsylvania-casino-sale-plans-investment-taps
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