LVS sells Sands Bethlehem for $1.3b

Las Vegas Sands say it agreed to sell its Sands Bethlehem property in Pennsylvania to Wind Creek Hospitality for $1.3 billion.

Wind Creek is an affiliate of the Poarch Band of Creek Indians of Alabama.

“Sands Bethlehem has become one of the leading regional entertainment and gaming destinations in the United States and we are extremely proud of the positive contributions the property has made for Bethlehem, the Lehigh Valley and Eastern Pennsylvania,” LVS CEO and Chairman Sheldon G. Adelson said in a statement.

Las Vegas Sands Executive Vice President and Chief Financial Officer Patrick Dumont said that while many options exist for the use of the sale proceeds, the most likely use would be consistent with the company’s long-held strategic direction when it comes to deploying capital.

The company has said it may be prepared to spend as much as $10 billion to build an IR in Japan, if it obtains a license.