LAS VEGAS—Las Vegas Sands Corp. 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 $1.3 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 United States 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 CEO. “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.
“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.”
Las Vegas Sands EVP and CFO 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.