Las Vegas Sands sells Pennsylvania resort in $1.3 billion deal


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 billion.

The tribe will rebrand the 302-room resort as Wind Creek Bethlehem.

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.

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