No Deal: MGM Not Buying Sands Bethlehem
Rumors have been swirling in recent weeks that the Sands Bethlehem casino could be acquired by MGM. That deal, we are learning Wednesday, is officially off the table.
This was no ordinary deal. Had it not collapsed, this would have been the largest property sale in the history of the Lehigh Valley, Pennsylvania region.
From the Morning Call:
While city officials have called Sands a good corporate neighbor that has built arguably the most successful casino in Pennsylvania, some were quietly rooting for MGM to take over in the hopes that it would move more quickly to develop the rest of the former Bethlehem Steel lands now owned by Sands.
"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 Corp. spokesman Ron Reese, before referring to comments made last month by Sands Corp. President Robert Goldstein during the company's first-quarter earnings call.
"I think Bethlehem represents a pretty extraordinary investment in terms of what we put into the market versus what it returns to us, although it's a small number, obviously, relative to our other assets," Goldstein said in the call. "It's still a compelling investment. We're very proud of it."
The property is currently in the midst of a massive expansion project.
- Aaron Goldstein, Gambling911.com
