Sands Bethlehem sold for $1.3b to Poarch Band of Creek Indians

Casino giant Las Vegas Sands has sold its Pennsylvania property Sands Bethlehem to a prominent Alabama Indian tribe.

On Thursday, Sands announced that it had reached a $1.3b deal to sell Sands Bethlehem to Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama. The deal is subject to a regulatory review and other standard closing conditions.

The Bethlehem property has been on the block for some time, with rival MGM Resorts backing out of a tentative $1.3b acquisition deal last May. The sale will reduce Sands’ US-based operations to just two properties in Las Vegas. Sands plans to use the proceeds to pursue other developments and to return excess cash to shareholders.

Sands supremo Sheldon Adelson expressed thanks to Bethlehem staffers for helping to build the property into “one of the leading regional entertainment and gaming destinations” in the US. Sands Bethlehem president Brian Carr expressed confidence that staff would “provide a smooth and seamless transition for new ownership.”