Just a short time ago, it was announced that MGM Resorts was interested in acquiring the Sands Bethlehem Casino of Pennsylvania. Now, it seems the sale talks have broken down and MGM has backed out of their proposal to spend $1.3 billion to acquire the casino property.
According to the Morning Call, several sources have stated that negotiations between the Las Vegas Sands, (owner of the Sands Bethlehem venue) and MGM Resorts have come to an end due to MGM backing out of the deal.
Back in March, it was revealed that both parties had been able to reach an agreement in regards to a deal for the transfer of ownership of the casino to MGM Resorts. The venue is a top operating casino in Pennsylvania, the market leader when it comes to revenues from table games and number two in slot gaming earnings. At the time, neither company would provide confirmation that a deal was being worked out.
Now that the deal has fell through, a spokesman for the Sands, Ron Reese stated that the company will continue to operate the Sands Bethlehem and a spokesperson for MGM stated they had little to add on the subject at this time.
There has been no reason given why the sale of the casino fell through but analysts feel that the proposed changes to the gaming industry by state Legislature probably have something to do with it. A potential buyer might not want to become involved in the industry if changes are being made that could prove to be something they don’t want to get in to.
This week a state Senate committee has been reviewing amendments on the matter that could lead to fantasy sports leagues in the state as well as online gambling, airport gambling and more. More should be revealed in regards to which gaming options will be considered later on this week.
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