Las Vegas Sands agrees to $1.3 billion sale of Sands Bethlehem
Las Vegas Sands Corp. announced that the company has entered into a definitive agreement under which Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama, will acquire the Sands Bethlehem property in Pennsylvania for a total enterprise value of $1.30 billion. The closing of the transaction is subject to regulatory review and other customary closing conditions.
"Sands Bethlehem has become one of the leading regional entertainment and gaming destinations in the U.S. and we are extremely proud of the positive contributions the property has made for Bethlehem, the Lehigh Valley and Eastern Pennsylvania," said Sheldon G. Adelson, the company's chairman and chief executive officer. "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.
"I'm grateful to each and every team member who has represented us so well and I know the hard work and dedication they showed us will continue in the years to come."
"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," said Stephanie Bryan, tribal chair and CEO of the Poarch Band of Creek Indians. "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."
Sands Bethlehem President Brian Carr said the pending sale would not impact the work of the dedicated and loyal team members who, he said, will keep their focus right where it needs to be. "We've become an important regional entertainment destination because of our commitment to our customers. That's not going to change regardless of what the sign on the top of the building might read. I'm confident our entire team will provide a smooth and seamless transition for new ownership while at the same time maintaining the strong level of guest service for which we have become known," said Carr.
Las Vegas Sands Executive Vice President and Chief Financial Officer Patrick Dumont said that while many options exist for the use of the sale proceeds, the most likely use would be consistent with the company's long-held strategic direction when it comes to deploying capital.