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Las Vegas Sands sells Sands Bethlehem for US$1.3 billion

Friday, 09 March 2018 06:13
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Las Vegas Sands Corp (LVS) has agreed to sell Sands Bethlehem in Pennsylvania to tribal gaming group Wind Creek Hositality for US$1.30 billion.

The sale, which comes 12 months after LVS first looked into selling the property to MGM Resorts International, is said to be due to the company’s growing focus on major international destinations capable of dominating the MICE space.

In a statement, LVS Chairman and CEO Sheldon Adelson said that, “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.”

Buyer Wind Creek Hospitality, owned by the Poarch Creek Indians, has traditionally operated casinos in souther Alabama and northwestern Florida.

 

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