Las Vegas Sands closes sale of Pennsylvania property
Las Vegas Sands Corp. announced Friday that it closed the $1.3 billion sale of its Sands Bethlehem property in Pennsylvania.
The casino resort was purchased by Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama.
Sheldon Adelson, the chairman and CEO of Sands, said the sale represents an important milestone in the company’s long-term strategy, and allows it to focus on large-scale resort development. Sands operates The Venetian, Palazzo and the Sands Expo & Convention Center on the Strip as well as resorts in Singapore and Macau.
“We are focused on delivering projects that bring positive economic benefit to our host communities and provide strong returns for our shareholders,” Adelson said in a press release from Sands.
The Pennsylvania Gaming Control Board approved the purchase Wednesday. Wind Creek President and CEO Jay Dorris said in a company statement that he looks forward to “welcoming all of the Sands Bethlehem employees to the Wind Creek family.”
The new Wind Creek Bethlehem is the company’s 10th property. The resort sits about 80 miles from New York City and includes a 282-room hotel, 183,000-square-foot casino floor, a 150,000-square-foot retail mall and an events center. Wind Creek plans to expand the property.
The Review-Journal is owned by the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson.
Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.
