{"id":1359,"date":"2018-03-09T09:36:42","date_gmt":"2018-03-09T16:36:42","guid":{"rendered":"https:\/\/tradersnation.com\/?p=1359"},"modified":"2018-03-09T09:47:41","modified_gmt":"2018-03-09T16:47:41","slug":"las-vegas-sands-sells-casino-in-pennsylvania-for-1-3-billion","status":"publish","type":"post","link":"https:\/\/tradersnation.com\/index.php\/2018\/03\/09\/las-vegas-sands-sells-casino-in-pennsylvania-for-1-3-billion\/","title":{"rendered":"Las Vegas Sands Sells Casino in Pennsylvania for $1.3 Billion"},"content":{"rendered":"<address class=\"lede-text-only__byline\">By Gerry Smith and Christopher Palmeri<br \/>\n<time class=\"article-timestamp\" datetime=\"2018-03-08T15:31:29.494Z\" data-type=\"updated\" data-status=\"localized\">March 8, 2018, 8:31 AM MST<\/time><\/address>\n<p><a title=\"Las Vegas Sands\" href=\"https:\/\/www.bloomberg.com\/quote\/LVS:US\" target=\"_blank\" rel=\"nofollow noopener\">Las Vegas Sands Corp.<\/a> has sold its casino in Bethlehem, Pennsylvania, for $1.3 billion, almost a year after a potential deal with <a title=\"MGM\" href=\"https:\/\/www.bloomberg.com\/quote\/MGM:US\" target=\"_blank\" rel=\"nofollow noopener\">MGM Resorts International<\/a> fell apart.<\/p>\n<p>Sands, the world\u2019s largest casino operator, sold the property to Wind Creek Hospitality, an affiliate of the <a title=\"Company Overview\" href=\"https:\/\/www.bloomberg.com\/quote\/9885817Z:US\" rel=\"nofollow noopener\">Poarch Band of Creek Indians<\/a> of Alabama, the company said in a <a class=\"terminal-news-story\" title=\"Las Vegas Sands Agrees to $1.3 billion sale of Sands Bethlehem\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/P59ZH93MMTC0\" target=\"_blank\" rel=\"nofollow noopener\">statement<\/a> Thursday.<\/p>\n<p>Last year, MGM <a class=\"terminal-news-story\" title=\"MGM Said to Drop $1.3 Billion Bid for Pennsylvania Casino (1)\" href=\"https:\/\/www.bloomberg.com\/news\/terminal\/OQGGSL6TTDSA\" target=\"_blank\" rel=\"nofollow noopener\">dropped<\/a> its bid to acquire the casino after performing due diligence on the property. Led by billionaire <a title=\"Billionaire Profile\" href=\"https:\/\/www.bloomberg.com\/billionaires\/id\/1918161\" target=\"_blank\" rel=\"noopener\">Sheldon Adelson<\/a>, Sands is parting with an asset that doesn\u2019t fit its focus on large international meeting and convention destinations. Sands, based in Las Vegas, has invested heavily in Macau, the only place in China where casino gambling is legal.<\/p>\n<p>MGM\u2019s bid for the Bethlehem casino fell apart last year in part because Pennsylvania lawmakers were considering legislation that expanded online gambling, which represents new competition for traditional casinos. That bill was signed into law last year.<\/p>\n<p>Sands shares rose 3 percent to $75.24 at 11 a.m. New York time. They had gained 5.1 percent this year through Wednesday\u2019s close.<\/p>\n<p>Sands Bethlehem is Pennsylvania\u2019s second-highest-grossing casino, according to Bloomberg Intelligence. While the property, open since 2009, is 120 miles (193 kilometers) from Atlantic City, it is only 85 miles from New York City, a key Atlantic City \u201cfeeder market\u201d from which Sands is easily accessible via Interstate 78.<\/p>\n<p>The Poarch Band previously tried to buy the Margaritaville Casino in Bossier City, Louisiana, but were rebuffed when singer Jimmy Buffett required the tribe to make a large payment to get out of its contract.<\/p>\n<hr \/>\n<p>Original <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-03-08\/las-vegas-sands-sells-casino-in-pennsylvania-for-1-3-billion\" target=\"_blank\" rel=\"noopener\">story<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Gerry Smith and Christopher Palmeri March 8, 2018, 8:31 AM MST Las Vegas Sands Corp. has sold its casino in Bethlehem, Pennsylvania, for $1.3 billion, almost a year after a potential deal with MGM Resorts International fell apart. Sands, the world\u2019s largest casino operator, sold the property to Wind Creek Hospitality, an affiliate of [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":1365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[92,1],"tags":[138,207,208,206],"class_list":{"0":"post-1359","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-global-news","8":"category-uncategorized","9":"tag-acquisition","10":"tag-casino","11":"tag-gaming","12":"tag-las-vegas"},"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/tradersnation.com\/index.php\/wp-json\/wp\/v2\/posts\/1359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersnation.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersnation.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersnation.com\/index.php\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersnation.com\/index.php\/wp-json\/wp\/v2\/comments?post=1359"}],"version-history":[{"count":0,"href":"https:\/\/tradersnation.com\/index.php\/wp-json\/wp\/v2\/posts\/1359\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersnation.com\/index.php\/wp-json\/wp\/v2\/media\/1365"}],"wp:attachment":[{"href":"https:\/\/tradersnation.com\/index.php\/wp-json\/wp\/v2\/media?parent=1359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersnation.com\/index.php\/wp-json\/wp\/v2\/categories?post=1359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersnation.com\/index.php\/wp-json\/wp\/v2\/tags?post=1359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}