A private investment group based in New York, Keating & Associates, is reportedly considering making an offer for the Sands Bethlehem Casino. The group claims to have made an offer for the former Revel Casino in Atlantic City in the past and is now making plans to acquire the Las Vegas Sands Corp.’s Pennsylvania venue.
WFMZ reports that Alex Fredericks, the Chief Strategist of Keating & Associates, stated that the company plans to tender a very serious offer in the next thirty days. According to Fredericks, the firm is relatively new and no more information was provided to WFMZ as to its current holdings. It was, however, revealed by Fredericks that the group does not own any other casinos.
It was not too long ago that the name Keating & Associates made gaming headlines as they claimed to have offered Glenn Straub, the owner of the former Revel Casino, now rebranded TEN, $225 million to purchase the venue. Straub has stated in the past that no offer was on the table and that he had never heard of the firm, Keating & Associates, according to the Press of Atlantic City.
WFMZ asked Fredericks about the confusion and was told that their offer to buy TEN was being finalized and that Jeff Keating, the co-chairman of the firm, had met with Glenn Straub. Fredericks stated that Straub may have denied knowing Keating due to a ‘business ploy’.
Fredericks further stated to WFMZ that Keating & Associates is trying to build their portfolio along the East Coast with plans to expand in Las Vegas and Miami as well as abroad. The Chief Strategist insists the firm is preparing for the acquisition, while the Sands Bethlehem has yet to comment after being asked about the matter by WFMZ.