Las Vegas Sands agreed to sell the Sands Bethlehem
hotel-casino in Pennsylvania to the Poarch Band of Creek Indians of Alabama.
Las Vegas Sands estimated the transaction's enterprise value
(market capitalization plus debt plus preferred stock, minus cash) at $1.3
The tribe will rebrand the 302-room resort as Wind Creek
The Poarch Band, the only federally recognized Indian tribe
in the state of Alabama, operates nine resorts and casinos, including three
Wind Creek-branded casino resorts in Alabama.
Located about 70 miles northwest of Philadelphia and about
85 miles west of New York City, the Sands Bethlehem opened in 2009 and has 302 guestrooms
as well as 139,000 square feet of casino space.
Last year, the Sands Bethlehem generated $174 million in
EBIDTA (earnings before interest, taxes, depreciation and amortization) on $579
million in revenue. Occupancy was 93% while room rates averaged $161 a night.