Category Archives: Pennsylvania

Sands Bethlehem sets table revenue record as private equity group kicks casino’s tires

sands-bethlehem-table-game-revenue-recordA New York-based private equity group says it’s preparing to make an offer to buy the Sands Bethlehem casino in Pennsylvania.

On Friday, Allentown-based independent television channel WFMZ-TV reported that New York City private investment group Keating & Associates was preparing an offer for Sands Bethlehem, the Las Vegas Sands property that is the state’s perennial top table game earner and its number-two slots performer.

Keating’s chief strategist Alex Fredericks told the station that “we suspect in the next 30 days we’ll tender a very serious offer.” Fredericks said the portfolio of his “relatively new” group did not currently contain any casino properties.

Regardless, Keating appears smitten with the US casino industry, and Fredericks claimed that Keating was trying to establish an east coast casino beachhead before expanding to Las Vegas and Miami (where casinos currently aren’t legal, but what the hey-hey).

Sands Bethlehem has been on the block for a while now, with a $1.3b bid by rival MGM Resorts falling through this spring. It’s unclear whether Keating has this kind of financing at its disposal, and not everyone is convinced Keating’s Bethlehem bid is serious. Sands Bethlehem reps have yet to comment on the report.

Keating’s name recently surfaced in media reports claiming that the group had made a $225m bid to acquire the mothballed Revel/TEN casino in Atlantic City. That report has been denied by Revel/TEN’s owner, Florida developer Glenn Straub, who also denied similar reports about a Colorado-based firm reaching a deal for the casino.

Fredericks told WFMZ that Keating was preparing to finalize its Revel offer, and insisted that Keating’s co-chairman Jeff Keating had indeed met with Straub, whose denials were explained away as a “business ploy.”

Meanwhile, Sands Bethlehem continues to dominate the monthly table game revenue charts. Figures released Monday by the Pennsylvania Gaming Control Board showed Sands well out in front with nearly $22.7m in table revenue in September, a year-on-year improvement of nearly 17% and a new personal best for the property, eclipsing the $21.9m the venue reported in April.

Parx Casino in Philadelphia retained its traditional table bridesmaid role, generating just over $15m (+6.8%), while SugarHouse ranked third with $9.4m (+7.4%). All told, only two of the state’s 12 casinos were in negative table territory for the month, and the statewide total gained 9.9% to $75.6m.

Parx is traditionally the state’s combined slots and table revenue king, but Sands Bethlehem’s record table run allowed it to eclipse Parx in September, albeit by the narrowest of margins. Sands Bethlehem earned a combined $47.5m in September, $59k higher than Parx.


Source link

Sands Bethlehem fined $150k for 10 underage gambling incidents

sands-bethlehem-underage-gambling-drinkingStop us if you’ve heard this one already, but Las Vegas Sands’ Pennsylvania casino has been caught (again) letting young ‘uns gamble and drink.

On Wednesday, the Pennsylvania Gaming Control Board (PGCB) announced a whopping $182,500 in fines against three of its licensees, although the bulk ($150k) was leveled against Las Vegas Sands’ Sands Bethlehem property for underage gaming violations.

As detailed by the PGCB, Sands Bethlehem was cited for no less than 10 separate incidents over a roughly five-month span in which individuals as young as 16 years old were able to gain access to the casino’s gaming floor, where they proceeded to wager at slot machines and gaming tables.

One 20-year-old female gained access to Sands Bethlehem’s gaming floor on three separate occasions during a single day, during which she managed to play some slots and quaff some booze. Another 20-year-old female enjoyed a similar slots-and-hooch cocktail in a separate incident, while also throwing in some table game action as a chaser.

The PGCB noted that all 10 incidents were self-reported by the casino, which has gained a reputation as Pennsylvania’s premier destination for underage gamblers. In the most recent report this January, Sands Bethlehem was fined $50k for four underage violations, including a 19-year-old male whose fake ID claimed he was 33.

Sands introduced new ID scanning technology in March and the property’s general counsel Michael Magazzu told the PGCB that he’d “love to tell you we have had a perfect record since March 13, but that is not the case.” Magazzu warned that “even with the best technology, it’s very difficult to prevent” minors gaining access to the gaming floor.

The irony is, of course, delicious, given Sands’ owner Sheldon Adelson’s oft-repeated mantra that online gambling sites should be banned because they lack the capacity to determine whether their customers are old enough to legally wager.

As videos produced by the Adelson-funded Coalition to Stop Internet Gambling (CSIG) make clear, “don’t let anyone tell you that there’s technology that can fully protect our children” from finding ways to gamble online. But if those kids also want to drink booze, they’ll have to go to Sands Bethlehem.


Source link

Pennsylvania slot revenue decline good for online gambling push?

pennsylvania-slots-revenue-fallsPennsylvania casinos earned less revenue from their slot machines in the state’s most recent fiscal year, breaking a two-year streak of revenue gains.

Figures released Thursday by the Pennsylvania Gaming Control Board (PGCB) show that the state’s 12 casino licensees generated combined slots revenue of $2.33b in the 12 months ending June 30. That’s down 2.2% from the $2.39b the state’s slots generated in fiscal 2015-16.

While the PGCB crowed about this year’s figure being the seventh straight year that slots have generated over $2.3b, it’s still well below the $2.5b peak the state recorded in 2011-12. Annual figures for the state’s table game operations will be released later this month.

Only three of the 12 casinos reported year-on-year slots revenue gains in 2016-17, and none of these gains exceeded 4%. The state’s perennial slots champ, the Parx Casino in Philadelphia, saw its slots revenue fall 0.45% to $386.6m while runner-up Sands Bethlehem was down 0.39% to $304.1m.

Overall, the casinos reported slots revenue declines in 10 of the 12 months in fiscal 2016-17, including June 2017, during which revenue fell 0.77% to $188.5m. The average number of slots in action at the end of June was down by nearly 1k to 25,685.

Despite the declines, the state government continues to make out like bandits, thanks to its nation-high 54% tax on slots revenue. The state’s share of the most recent fiscal year’s slots take was $1.23b, down $40m from the previous year. Since the state authorized slots in fiscal 2006-07, the government has claimed $12.1b of the total $22.4b the machines have generated for their operators.

The timing of the slots announcement could play into Pennsylvania’s ongoing efforts to use new gaming revenue to help fund the state’s annual spending plan. The House and Senate have approved separate and very different gambling expansion blueprints, and the casinos’ favorite boogieman – tens of thousands of new video gaming terminals (VGTs) in bars, pubs and clubs – has won the support of House legislators. The fear is that resistance in the Senate to approving VGTs could also derail plans to authorize online gambling, as the VGT issue did last year.

On Wednesday, Senate President Joe Scarnati told local media that negotiators were close to a compromise deal on gambling expansion, and while he didn’t offer specifics, he appeared to indicate that VGTs wouldn’t make the final cut. Legislators have extended their normal session until July 10 to continue working on reaching budget consensus. Watch this space.


Source link

Pennsylvania On line Gambling Invoice May perhaps Get Airtime in June

May perhaps 18, 2016

Pennsylvania Online Gambling Bill May Get Airtime in June

With controlled on the internet gambling happening on their borders Pennsylvanians get a raise following The Reading through Eagle announces a bill to regulate on the internet gambling in the state will get airtime in June.

People interested in the legalisation of on the internet gambling in Pennsylvania will be delighted to hear that the bill on the lookout to provide the framework for that to occur (HB 649) is probably to strike a table housed by the Full House of Associates in June.

Pennsylvania Online Gambling Bill May Get Airtime in JuneThe Reading through Eagle broke the information on Monday aligning the urgency with the require to shut a spending budget deficit of $one billion dollars so lawmakers really don’t have to flip to the states incumbents to make up the distinction. A person assumes the author was conversing about the get the job done that commences in July for the 2016/17 spending budget following Gov. Tom Wolf allowed the 2015/sixteen spending budget to pass without his signature following 9 months of arduous debate.

HB 649’s author Rep. John Payne prefers to discuss about the legalisation of on the internet gambling being important, not to add funds to the state’s coffers, but instead to safeguard ‘children’ and ‘compulsive gamblers’ from an surroundings which is by now consists of an illegal on the internet gambling sector.

Need to the bill pass, the solution to get involved will rest on the heads of the proprietors of the 12 brick and mortar casinos in the state. A person male who would like to adhere a nuke up the ass of HB 649 is the billionaire on line casino giant Sheldon Adelson. He owns Sands Bethlehem, in the state, so I guess we can reduce that list down to eleven. A vivid spanking new license will set you back again $5m. A tax of 14% will use to gross gaming income.

A poll running on The Reading through Eagle asks if the introduction of an on the internet gambling sector in the state is a excellent detail? At the time of composing 62% of all those collaborating have voted: ‘yes.’

It is significant that HB 649 finds a fountain pen geared up with ink sooner rather than later. Sen. Payne has been a significant advocate for on the internet gambling and who is familiar with what will occur to the momentum he has stirred up when he actions down. The Senator has determined not to stand for reelection this yr preferring instead to invest time with his relatives.

Source website link