Wavelength division multiplexing\ ime division multiplexing passive optical network (WDM/TDM-PON) is the attractive candidate for PON bandwidth sharing among multiple service providers, featuring massive bandwidth and longer reach. This infrastructure reduces the overall cost of the Fiber-to-the-premises (FTTP) services and offers relatively lower tariffs for the end customers. The dynamic bandwidth and wavelength allocation (DBWA) process in such PON networks ensure the fair sharing of the available bandwidth resources among the virtual network operators (vNOs). The earlier reported DBWA schemes with multiple vNOs have not efficiently utilized the unused and residual upstream bandwidth. This study presents a novel load adaptive merging algorithm (LAMA) for converting various individual virtual bandwidth maps(vBWmaps) into a single physical bandwidth map (phyBWMap). The LAMA scheme modifies the existing strict priority scheme called the Priority-Based Merging Algorithm (PBMA) scheme and improves the performance of the merging engine by allocating the phyBWMap in a load adaptive manner to the vNOs in the multi-tenant PON architecture. The proposed algorithm is compared with PBMA in terms of throughput efficiency, upstream delay, and capacity utilization under self-similar and Poison traffic scenarios. The results show that the proposed scheme offers higher bandwidth utilization resulting in increased throughput with lower upstream delays in the multi-tenant PON environment.