MGM may Buy Sands Bethlehem, sources says

By | March 4, 2017

MGM may Buy Sands Bethlehem, sources saysMGM Resorts International could be a potential buyer of Sands Casino-resorts Bethlehem.

Sand’s parent company is Las Vegas Sands which is looking to sell the Bethlehem based casino-resort to a potential buyer, however looking at the current scenario some media sources predicting that MGM might take over Sands Bethlehem.

If the deal finalizes, MGM will have one of the best casinos of Pennsylvania. Currently there are five casinos working in the state including Sands. The deal could be worth $1 billion.

MGM International has plenty of gambling hubs in the world. It owns casinos in Las Vegas as well as in Macau, whereas Sands Corporation also owns casino in big cities like this.

MGM casinos are currently are in operation in places like New Jersey, Maryland and Massachusetts and another casino in Pennsylvania would make this company miles ahead of others.

 

According to Gaming Board commissioner of Pennsylvania, Mr. Richard G. Jewell sands corporation official visited the place to notify that they are in talks with some potential buyer for their casino here in the state.

Sands chairman also sent an e-mail to casino’s officials and workers regarding this particular negotiation with Buyer Company. The same e-mail was sent to the gaming board chairman.

MGM as well as two other sources are in talks with Sands Bethlehem. Negotiations are going on but no deal has been finalized yet.

Mark Juliano, the chief executive officer of sands noted in that e-mail to his workers that the company is in talks with a couple of firms, however he did not mentioned any name of certain buyer.

Meanwhile replying to reporters’ mail Mary Hynes, the director of corporate corporation for MGM Internation resorts said that “we have no comment on this issue or any merger activity”,.

MGM has its headquarter in Las Vegas, where it owns 14 economic properties that include ARIA, Bellagio and MGM Grand.

The company also holds properties like Borgata in Atlantic City, MGM National Harbor (opened last year) in Maryland and MGM Springfield (which is under construction in Massachusetts).

Company’s net revenue was $9.5 billion in year 2016.

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