Sands Bethlehem Sold for $1.3 Billion
The Sands Bethlehem casino resort has reportedly been sold for $1.3 billion. The casino is located in Eastern Pennsylvania and has been sold to the Poarch Band of Creek Indians of Alabama. The officially listed buyer of the Sands Bethlehem is Wind Creek Hospitality, which is the tribe’s gaming division.
Sands Bethlehem Sold to Focus on Nevada & Macau
The Sands Bethlehem was the only American property operated by Las Vegas Sands that was outside Nevada. The company was founded by Sheldon Adelson, who is the richest man in the casino industry. Apparently, Las Vegas Sands wants to focus all its attention on its Nevada operations, as well as those in Macau. Adelson released a statement saying that he is very proud of what the company achieved with the Sands Bethlehem. This included creating thousands of new jobs, as well as resorting the old Bethlehem steel plant and giving it a new purpose.
The steel plant first opened in 1857 but went bankrupt in 2003. Steel made in the plant had been used for many of America’s best-known landmarks. These included Madison Square Gardens, Hoover Dam, the Golden Gate Bridge, and the Empire State Building.
Sands Bethlehem Delivers Strong Returns
The Wind Creek Hospitality group has quite a bit of experience running gambling venues. They own three casino hotels and a greyhound track in Alabama, another greyhound track and poker room in Florida, a casino in Nevada, and further casino resorts in Aruba and Curacao. The deal will need approval from the state’s regulatory bodies before it can go forward, but this shouldn’t be a major issue.
The Sands Bethlehem has continually delivered strong financial results for the company since it opened in 2009. Last year it generated $579 million in net revenue, an increase of $8 million compared to the previous year. Some have wondered why Adelson would sell the property if it was doing well. It is believed it has to do with Pennsylvania’s gambling expansion that was approved recently. This included the legalization of online casinos, something Adelson is strongly against and has vowed to fight.