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Las Vegas Sands to sell Sands Bethlehem for $1.3B

Vegas casino operator Las Vegas Sands Corp. said March 8 that it has agreed to sell its Pennsylvania property, Sands Bethlehem, to Wind Creek Hospitality of the Poarch Band of Creek Indians of Alabama for an enterprise value of $1.3 billion.

The deal is subject to regulatory review and other customary closing conditions, the release said. Las Vegas Sands did not disclose a time frame for the deal's closing.

Patrick Dumont, Las Vegas Sands executive vice president and CFO, said in a statement that the company will most likely use the proceeds from the sale for investments "consistent with the company's long-held strategic direction".

Stephanie Bryan, tribal chair and CEO of the Poarch Band of Creek Indians, indicated that the name of the casino will change as she referred to it as "Wind Creek Bethlehem" in her statement.

Sands Bethlehem President Brian Carr said the pending sale "would not impact the work" of the company's team members but did not provide further details on employment levels at the casino.