Sands Bethlehem expansion on hold post the sale talks break down

Market was ripe with the news of Pennsylvania’s market-leading Sands Bethlehem casino up for sale and it was known that negotiations were on between Sands Bethlehem’s owner Las Vegas Sands and rival MGM Resorts. However as per the local source now it is confirmed that that talks regarding the sale of Sands Bethlehem casino have broken off. Morning call quoted multiple sources on Tuesday that both Sands Bethlehem’s owner Las Vegas Sands and rival MGM Resorts ended up giving up the negotiation after MCM backed out of the proposed $1.3 b deal to acquire this property.

Though in March it was to be believed that both the parties have reached into an agreement and transfer of ownership of Sands Bethlehem would take place. Sands Bethlehem is a leader in table game revenue and number two on the slots revenue charts but both the parties declined to comment anything in public domain about how the deal is going to work.

When the news of the deal breaking off came out Sands spokesperson Ron Reese shared with the Morning Call that the company “will continue to operate Sands Bethlehem.” and MGM’s spoke person said the company had little to add this time over this deal fallout. While there were questions about why Sands was interested in such a highly profitable property so soon after it announced its $90m expansion? Sands may soon come down on some of the various gambling expansion proposals which are being considered at the state legislature.

Sands has some great plans which included dramatic expansion of video lottery terminals (VLTs) at non-casino venues like pubs and off track betting parlours along with its plan to authorise up to 25 new satellite casinos across the state. Even Sands is opposed to the proposal to allow 12 casino operators to launch intrastate online gambling operations in the state.

Ron Resse said that depending upon the plan legislators choose to advance in coming future will decide Sands future investments in context to expansion.