Sands Bethlehem and MGM deal collapses
Talks to sell Sands Casino Resort Bethlehem to MGM Resorts International in a deal worth $1.3bn have reportedly fallen apart.
The Morning Call quoted multiple sources saying that negotiations broke down after MGM backed out of a proposed acquisition of the Bethlehem casino complex from owner Las Vegas Sands.
In March, Sands Bethlehem CEO, Mark Julian, sent an internal letter to employees telling them the casino had an interested buyer. Although he didn’t mention the interested company, sources identified it as MGM.
The deal would have been one of the largest property sales in the history of the Lehigh Valley, although Sands had also only recently announced plans for a $90m expansion. Both parties have declined to offer public confirmation that any deal was in the works.
“We’ve never confirmed that sale talks were happening, but I can say that we will continue to operate Sands Bethlehem,” said Las Vegas Sands spokesman Ron Reese, during the company’s first quarter call.
MGM spokeswoman Mary Hynes said Tuesday the company had “no comment at this time”.
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