[toc]When two casino magnates strike a deal, it is quite literally a big deal.
- Sale Of Sands Casino Bethlehem Pa Event Center
- Sale Of Sands Casino Bethlehem Pa Outlet Stores
- Sands Casino Bethlehem Pa Sale
Earlier this month, Bethlehem'sWFMZ talked with several officials involved in the transfer of the Sands Casino Resort Bethlehem from Sands Corporation to MGM International.
Sands Bethlehem was always an odd resort in Las Vegas Sands' portfolio. The property isn't in a major city center and isn't in one of the biggest gaming markets in the world, which is where the. The sale of the Bethlehem Sands casino should also bring a healthy change of perspective. The Bethlehem casino will become just the 10th property owned by the Wind Creek group. It is estimated that 20% of Wind Creek's earnings will arrive via the Wind Creek Bethlehem. Gaming regulators in Pennsylvania unanimously approved the sale of Sands Casino Resort Bethlehem by Las Vegas Sands Corp. To Wind Creek Hospitality, an arm of Alabama's Poarch Band of Creek Indians. Tribe will make $250 million worth of improvements to property.
The deal could be done in as few as six months, but there's a good chance it could be longer considering the intricate web of regulations involved.
At the center of the deal is the Pennsylvania Gaming Control Board, which will oversee the transaction.
'We want to make sure the facilities are financially sound because of the partnership these casinos have with the Commonwealth,' said PGCB Communications Director Doug Harbach, estimating these processes could take at least six months.
'We want to make sure these facilities are safe for the patrons, and we want to make sure the games are fair.'
Why will the Sands-MGM deal take so long?
The quick answer is regulation.
Sands and MGM are massive organizations. State protocol says the PGCB has to vet both companies to approve the acquisition.
It has been over a year-and-a-half since the United States Supreme Court delivered a landmark decision to strike down the federal ban on sports gambling that prohibited betting on sports in most. While it's technically not illegal for US citizens to make bets with unregulated offshore casinos, there are many risks associated with doing so. Safe and regulated sports gambling is either coming to your state soon or it's already there and by sticking to licensed sites you'll make sure your money and personal information are 100% secure. Sports betting has been illegal in most of the country for generations. Let's start at the horse track a couple of centuries ago. We've gotta go way back, before America was actually the United. Is sports gambling illegal in us.
The deal could be done in as few as six months, but there's a good chance it could be longer considering the intricate web of regulations involved.
At the center of the deal is the Pennsylvania Gaming Control Board, which will oversee the transaction.
'We want to make sure the facilities are financially sound because of the partnership these casinos have with the Commonwealth,' said PGCB Communications Director Doug Harbach, estimating these processes could take at least six months.
'We want to make sure these facilities are safe for the patrons, and we want to make sure the games are fair.'
Why will the Sands-MGM deal take so long?
The quick answer is regulation.
Sands and MGM are massive organizations. State protocol says the PGCB has to vet both companies to approve the acquisition.
It has been over a year-and-a-half since the United States Supreme Court delivered a landmark decision to strike down the federal ban on sports gambling that prohibited betting on sports in most. While it's technically not illegal for US citizens to make bets with unregulated offshore casinos, there are many risks associated with doing so. Safe and regulated sports gambling is either coming to your state soon or it's already there and by sticking to licensed sites you'll make sure your money and personal information are 100% secure. Sports betting has been illegal in most of the country for generations. Let's start at the horse track a couple of centuries ago. We've gotta go way back, before America was actually the United. Is sports gambling illegal in us.
Harbach told WFMZ that because MGM doesn't operate a casino in the state, investigators have to start 'from the ground up' and research MGM's operations, its 'financial records,' 'diversity practices,' and the 'backgrounds of the individuals who work for MGM.'
Sands email first indicated sale to MGM
The Motley Fool reported on March 22 that Sands President Robert G. Goldstein sent an email to employees indicating a sale was in the works to a single buyer.
The assumption was that MGM was that buyer. Earlier in the month, the company was reportedly 'willing to pay $1.3 billion for the resort.'
What's interesting about MGM is that, according to Motley Fool, most of the company's revenue comes from US casinos. Sands relies on tables and slots at its Macau properties.
The Sands sale makes sense considering both organizations' business models, and MGM is wise to acquire the Sands. It is Pennsylvania's second-highest grossing casino in this fiscal year.
In fact, the Sands topped Parx for the most table games revenue in February.
The casino's $18.72 million take in February marked a 6.99 percent increase over the previous year. Parx saw 2.82 percent growth in revenue.
Image credit: Andy Borysowski / Shutterstock.com
Pennsylvania's leader in table games is finally getting its new owner.
The Pennsylvania Gaming Control Board (PGCB) officially approved the sale of Sands Bethlehem Casino to Wind Creek Hospitality, an affiliate of Alabama's Poarch Band of Creek Indians. The $1.3 billion deal wrapped Friday, finalizing a process that began in March 2018.
Sale Of Sands Casino Bethlehem Pa Event Center
Wind Creek's rebranding and renovations begin immediately
The casino will be renamed Wind Creek Bethlehem. The new owners will invest $15 million in rebranding efforts, which will include changing out signs at the entrance, hotel, event center, and outlet mall.
According toLehigh Valley Live, renovation efforts will go much further. Approximately $340 million will be spent to add another hotel tower with nearly 300 rooms and create an additional 42,000 square feet to the event center.
Sale Of Sands Casino Bethlehem Pa Outlet Stores
Water park planned to enhance tourism
The Wind Creek group is also hoping to build a 300,000-square-foot water and adventure park, along with a third 400-450 room hotel on the property.
In comments made to the PGCB, Wind Creek officials declared their desire to make the Bethlehem property the 'No. 1 resort destination in the Northeast.'
Ownership change should bring greater focus to the casino property
The sale of the Bethlehem Sands casino should also bring a healthy change of perspective. The Bethlehem casino will become just the 10th property owned by the Wind Creek group.
It is estimated that 20% of Wind Creek's earnings will arrive via the Wind Creek Bethlehem. In contrast, Sands Corporation has a much larger portfolio that includes international mega resorts.
Employees will stay on under new ownership
Employees at the Bethlehem casino, which has been open for more than a decade, will also be able to stay on with the new management team.
'One of the things that drew us to this property is the quality and experience of the service-minded employees,' Wind Creek Hospitality President and CEO James Dorris said in a press release Monday. 'Each of the nine executives has accepted a multi-year contract with us, and we hope that all team members want to continue their work here as part of the Wind Creek family. We will need them as we grow the offerings at Wind Creek Bethlehem.'
Wind Creek will look to build on Bethlehem's gambling success
According to PennLive, Pennsylvania's total casino revenue in 2018 was the highest total ever. Sands Bethlehem played a key role in that, finishing first in table games revenue and third in slot machine revenue among Pennsylvania's casinos.
Now, the new owners will look to enhance those numbers. Many upgrades are planned for the property. Wind Creek Hospitality will also introduce its rewards program to its new customers. The Wind Creek Rewards program offers travel perks to its Caribbean resorts Renaissance Aruba Resort and Casino, and Renaissance Curacao Resort and Casino.
With all that is planned for the property, the future for Wind Creek Bethlehem should be an exciting one.
Alicia Miller Karner, Bethlehem's community and economic development director, may have said it best to theMorning Call.
Sands Casino Bethlehem Pa Sale
'To have the sale in our rearview mirror allows us to really look forward to the development.'
