Casino operator Las Vegas Sands has reportedly reached a $1.3b deal to sell its Pennsylvania gaming venue to rival MGM Resorts.
Late last week, local media reported that Sands Bethlehem, which consistently ranks number one in table game revenue and second in slots among Pennsylvania’s dozen casinos, was on the block. The reports quoted internal emails sent to Sands Bethlehem employees from management cautioning them that a sale was “not imminent.”
On Wednesday, the Allentown Morning Call reported that Sands’ owner had reached an agreement in principle to sell Sands Bethlehem to MGM Resorts for around $1.3b. While necessary due diligence will likely take several weeks to conclude, the Morning Call’s two sources now claim that the sale was “imminent.”
Officially, Las Vegas Sands continues to take a tight-lipped stance, with spokesman Ron Reese saying only that the company had no announcement to make at this time. MGM reps were similarly unwilling to confirm or deny, saying the company would have no comment “on this or any other merger and acquisition activity.”