Sale of Sands Bethlehem gets weaker
MGM Resorts has supposedly withdrawn its US$1.3 billion proposal to acquire the Pennsylvania facility.
US.- Multiple sources have confirmed that what seemed like an imminent sale of the Sands Casino Resort Bethlehem has finally ended after MGM Resorts decided to withdraw the US$1.3 billion offer to buy the casino.
As reported by The Morning Call, the sale would’ve been one of the largest in the history of the region, but Las Vegas Sands Corp told the news outlet that they’ve never confirmed that sale talks were happening, and that they will continue to operate Sands Bethlehem. “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. It’s still a compelling investment. We’re very proud of it,” had said Robert Goldstein, President of the company, just last month.
Spokeswoman of MGM Mary Hynes has declined to comment on the sibject, but it seems like the deal is off for the moment. “Any future investment in Sands Bethlehem will be dictated by the actions of the state Legislature. If job-killing policies that expand gambling are put in place, it’s infeasible to reinvest in this property,” she said. Chairman of the South Side Task Force Roger Hudak commented that it doesn’t really matter to him who owns the facility as long as both companies continue to invest in the region.
