Talks regarding the sale of Pennsylvania’s market-leading Sands Bethlehem casino have reportedly broken off, according to local sources.
On Tuesday, the Morning Call quoted multiple sources saying that negotiations between Sands Bethlehem’s owner Las Vegas Sands and rival MGM Resorts had ended after MGM backed out of the proposed $1.3b deal to acquire the property.
In March, word surfaced that the parties had reached agreement on the broad strokes of a deal to transfer ownership of Sands Bethlehem, the market’s unquestioned leader in table game revenue and a perennial number-two on the slots revenue charts. However, both parties declined to offer public confirmation that a deal was in the works.
In the wake of the deal’s collapse, Sands spokesman Ron Reese played it typically close to his vest, telling the Morning Call that the company “will continue to operate Sands Bethlehem.” MGM’s spokesperson said the company had little to add at this time.