Pennsylvania regulators OK Alabama company’s purchase of Sands resort
An Alabama company has been approved to purchase a Las Vegas Sands Corp. property for $1.3 billion.
The Pennsylvania Gaming Control Board on Wednesday approved Wind Creek Hospitality’s purchase of Sands Casino Resort Bethlehem in Bethlehem, Pennsylvania. The approval comes after 14 months of review, according to a statement from Wind Creek.
Wind Creek President and CEO Jay Dorris said he anticipates “moving quickly to close the transaction” and looks forward to “welcoming all of the Sands Bethlehem employees to the Wind Creek family,” according to the statement.
Sands first announced the sale in March 2018. Sands Executive Vice President and Chief Financial Officer Patrick Dumont said the use of the proceeds “would be consistent with the company’s long-held strategic direction when it comes to deploying capital,” according to a Sands statement released last year.
The new Wind Creek Bethlehem would be the company’s 10th property. The resort sits about 80 miles from New York City and includes a 282-room hotel, 183,000-square-foot casino floor, a 150,000-square-foot retail mall and an events center.
Wind Creek plans to expand the property shortly after the purchase, adding a 300-room hotel adjacent to the casino. The company has committed $190 million for the addition.
It also plans to convert the property’s Bethlehem Steel Machine Shop 2 to a water park with a 400-room hotel with estimated development costs of $250 million.
Wind Creek is an affiliate of the Poarch Band of Creek Indians of Alabama. Tribal Chair and CEO Stephanie Bryan said in the statement the purchase is a valuable addition to the tribe’s existing portfolio and will bring added economic growth to the area.
Sands spokesman Ron Reese declined to comment and Wind Creek spokeswoman Magi Thomley Williams declined to offer additional details.
The Review-Journal is owned by the family of Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson.
Contact Bailey Schulz at bschulz@reviewjournal.com or 702-383-0233. Follow @bailey_schulz on Twitter.