Sands Casino Resort Bethlehem Commands $1.3BN Price Tag

The Poarch Band of Creek Indians has agreed to buy the Sands Casino Resort Bethlehem in Pennsylvania for $1.3 billion, with the deal currently awaiting final approval by Pennsylvania gambling regulators before going ahead. While that process could take up to a year to complete, Sands Bethlehem President Brian Carr said that the pending sale would not have an impact on the casino’s ongoing operations.
The American Indian tribe from Alabama will make the purchase through its private entertainment and gambling company called Wind Creek Hospitality, which currently owns three casinos in Alabama, two gambling venues in the Caribbean, as well as majority interests in a number of greyhound and horse racing tracks. Nevertheless, the Sands Casino Resort Bethlehem is on a different scale all together compared to the tribe’s other facilities, and according to Stephanie Bryan, tribal CEO of the Poarch Band of Creek Indians, will help “secure a long and prosperous future for our tribe.”
The Sands Casino Resort Bethlehem was built at a cost of $800 million, and in 2009 opened its doors for business on the abandoned site of the former headquarters of the Bethlehem Steel Corporation. The casino subsequently became an instant hit among state gamblers, as well as those from nearby New York and New Jersey, with Sands later adding a number of other attractions to the resort, including a shopping mall, theater, and 300-room hotel.
As an integrated resort, the venue has been haled as a top entertainment and gaming destination in the region, with Sands CEO Sheldon Adelson stating that he is “extremely proud of the positive contributions the property has made for Bethlehem.. and eastern Pennsylvania.”
Last year, the casino part of the property subsequently raked in almost $550 million from its slot machines and table games, making it the second highest earner amongst Pennsylvania’s 12 casinos. Nevertheless, the casino is the smallest owned by the Las Vegas Sands Corp, whose other properties include The Venetian and The Palazzo in Las Vegas, the Marina Bay Sands in Singapore, and five casino resorts in Macau, including The Venetian, The Plaza, Sands Cotai Central, The Parisian, and Sands Macao.