The Allentown Morning Call newspaper in Pennsylvania is reporting the “imminent sale” of the Sands Casino Resort Bethlehem to MGM Resorts International for about $1.3 billion. Neither company would either confirm or deny the sale.
Las Vegas Sands Corp., owner of the Sands has reached an agreement in principle to sell, according to two sources with knowledge of the deal, the newspaper reports. The sale would be the biggest deal since Pennsylvania legalized casino gambling in 2004.
The sale price has been agreed upon, but both sides will need several weeks of “due diligence” before a deal can be signed and an announcement made, the sources say. The deal puts Las Vegas-based MGM in an additional East Coast region adding to the recent acquisition of 100 percent control of the Borgata in Atlantic City, the new National Harbor resort in Maryland and the under-construction casino/resort in Springfield, Massachusetts.
Las Vegas Sands Corp would be exiting the regional casino sector, apparently to concentrate on its successful operations in Las Vegas, Macau and in other Asian markets.