MGM Growth Properties LLC (MGP), owned and controlled by MGM Resorts International (MGM), has offered to buy the Bethlehem, Pennsylvania property of Las Vegas Sands Corp. (LVS), according to a report on Bloomberg.
Citing a person familiar with the matter, the report said the property, the Sands Casino Resort Bethlehem, could be valued at more than $1 billion.
The unnamed source told Bloomberg employees at the property have been informed of the potential sale.
According to Las Vegas Sands’ annual report, the company owns an 86% economic interest in the gaming, hotel and entertainment portion of Sands Bethlehem and about 35% in the retail portion, the report added.
In recent trading, MGP shares were up 1.4%, MGM shares were down 0.2% and LVS shares were down 0.4%.