Casino operator and developer Las Vegas Sands Corp has agreed to sell its Sands Bethlehem property (pictured) in Pennsylvania in the United States, to a firm linked to a Native American tribe, for a total value of US$1.3 billion.
Las Vegas Sands said in a Thursday filing to Nasdaq that the deal – with an affiliate of the Poarch Band of Creek Indians of Alabama – was subject to regulatory review and other customary conditions.
The “proceeds will enhance liquidity as [Las Vegas] Sands pursues new development opportunities and returns capital to shareholders,” said the casino firm’s filing.
Las Vegas Sands is pursuing a casino licence in Japan, and has also pledged to spend US$1.1 billion over the next three years to revamp its Macau casino properties. Las Vegas Sands is the parent of Macau operator Sands China Ltd.
Thursday’s filing indirectly quoted Patrick Dumont, the parent group’s executive vice president and chief financial officer, saying that deployment of the capital raised from the disposal “would be consistent with the company’s long-held strategic direction”.
The group had been mulling disposal of Sands Bethlehem for some time. In the spring of 2017, talks about a possible sale to fellow U.S.-based casino operator MGM Resorts International ended without a deal.
The property, located on the site of a former industrial works, opened to customers in 2009.
Sep 19, 2018Nowadays, millennials, people who were born in the 1980s or...
Aug 16, 2018Food and drink have been heavily marketed as part of Macau...
Jun 27, 2018Macau’s gaming law needs to be amended in order to...
Nov 14, 2018Slovenian maker of electronic table games Interblock DD says it is aiming to install its first multi-game machines in the Macau market “by the end of the year”. “It’s a great achievement for...
Nov 14, 2018
Nov 14, 2018
"For next year, it would already be great if VIP business growth [in Macau] could plateau"
Chief executive of Macau-based casino operator Tak Chun Group