Las Vegas Sands to sell Pennsylvania casino for $1.3bn

By Laura Mullan
Las Vegas Sands, an American casino and resort operating company, has sold its Sands Bethlehem resort in Pennsylvania, for US$1.3bn. Wind Creek Hospita...

Las Vegas Sands, an American casino and resort operating company, has sold its Sands Bethlehem resort in Pennsylvania, for US$1.3bn.

Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians is set to acquire the property.

Under the guidance of founder and chief executive Sheldon Adelson, Sands invested more than $800mn on the resort.

The resort includes a casino, shopping mall, performing arts venue, and 300-room hotel. 

SEE ALSO:

80 miles from New York City, the resort raked in $579 million in revenue last year, up from $571 million in 2016.

The property’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a key measure of health, was $147 million last year, up from $141 million a year.

Wild Creek Hospitality in Alabama and stakes on others across North America but the acquisition of Bethlehem Sands will be its first foray into the north-eastern part of the country.

The deal will require regulatory approval.

Last year, it was reported that MGM Resorts International was in talks to buy Sands Bethlehem but the deal fell through

Share

Featured Articles

Careers Passport: flagship programme to help jobseekers

A fast-track job scheme designed to remove barriers to enter the food and drink industry has seen over 1,000 training opportunities created.

Coca-Cola, Diginex & Reckitt tech to support supply chains

Respect for human rights is critical to good business, says Coca-Cola’s Paul Lalli, as the company joins diginexLUMEN to catch supply chain forced labour

Luxury food manufacturer Venchi on sustainable packaging

Cècile Osti, of luxury chocolate manufacturer Venchi, on Easter 2022, Sorrento lemons, sustainable packaging, natural ingredients & the pleasure of food

How has the pandemic affected sales at General Mills?

Food

Morrisons partners with Nestle in sustainability scheme

Retail

PepsiCo Launches pep+ a Strategic End-to-End Transformation

Drink