Legal Online Gambling News

Sands Corp sells PA casino for $1.3 billion

Apr 19, 2018

 

On Thursday, the 8th of March 2018, the Las Vegas Sands Corp. announced the sale ofSands Bethlehem, the last casino in the United States to carry the iconic Sands name since their Las Vegas and Atlantic City casinos made way for The Venetian and Palazzo. The deal is still subject to the usual reviews and customary closing conditions.

 

“Sands Bethlehem has become one of the leading regional entertainment and gaming destinations in the United States and we are extremely proud of the positive contributions the property has made for Bethlehem, the Lehigh Valley and Eastern Pennsylvania. We are pleased to have built a strong foundation that can be the basis for the property’s future success and, more importantly, we are proud to have delivered on our promise of bringing thousands of good paying jobs, generating significant economic impact and revitalizing a site of sentimental and historical importance.” 

-Sheldon G. Adelson - Chairman and CEO, Las Vegas Sands Corp.

 

The Poarch Band of Creek Indians of Alabama, new owners of what will now be named as the Wind Creek Bethlehem, a 139,000ft2 casino and 300-room hotel, are known for their various gaming investments. Their most notable establishments include; Wa She Shu Casino, the Renaissance Aruba and Renaissance Curacao, Pensacola Greyhound Track and Poker Room.

 

“The quality of the property and dedication of the team members to genuinely engage with customers was evident from the first time we visited the property. The addition of this fantastic team and property to our portfolio furthers our desire to secure a long and prosperous future for our tribe. We look forward to working with our new team members and the community to cement Wind Creek Bethlehem’s position as the premier entertainment destination in the Northeast. We are proud of our ability to become valued partners with communities surrounding our Wind Creek Hospitality properties.”

Stephanie Bryan - CEO and Tribal Chair, Poarch Band of Creek Indians

 

Executive Vice-President of Las Vegas Sands, Patrick Dumont, has stated that there are several viable options that the proceeds of the sale could finance, but the most likely result would one that is “consistent with the company’s long-held strategic direction when it comes to deploying capital”.

 

With the sale of the last casino to carry the Sands name in the US, the brand still remains a major name in both Macau and Singapore. The stock for Las Vegas Sands went up 4.9 percent to $76.62 per share after the sale, indicating that the public, industry experts and stock-market traders all felt this was a positive move for the Las Vegas Sands Corp.

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