deal fell through in May<\/a>.<\/p>\nProfitable Asset<\/b><\/h2>\n
Las Vegas Sands built the Bethlehem casino and hotel at a cost of around $800 million. The complex was planning a $90 million expansion last year, but was halted during the same time MGM reportedly expressed interest in a takeover.<\/p>\n
Since the 2009 opening of Sands Bethlehem, the casino has delivered strong returns for the parent company. That included last year, where net revenues climbed $8 million to $579 million, and earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 4.26 percent.<\/p>\n
Combined with internet casinos, and the outlook once again promising in Macau, and Sands’ Marina Bay integrated resort in Singapore delivering “outstanding financial results” per Adelson, the company is perhaps looking to reinvest in more robust markets.<\/strong><\/p>\nSands China, the company’s Chinese operating unit, delivered $1.66 billion, or 48 percent of Las Vegas Sands’ total $3.46 billion operating income in 2017. CFO Patrick Dumont said in the Bethlehem statement, “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.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Sands Bethlehem casino resort in Eastern Pennsylvania is set to be sold for $1.3 billion to the Poarch Band of Creek Indians of Alabama. The tribe’s gaming subsidiary, Wind Creek Hospitality, is named as the official buyer. The Bethlehem property is Las Vegas Sands’ only US casino outside Nevada. Founded by billionaire Sheldon Adelson, the […]<\/p>\n","protected":false},"author":42,"featured_media":72334,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\n
Sands Bethlehem Sold to Alabama Tribe for $1.3 Billion<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n