Last year, the state of Pennsylvania became the fourth state in America to have online casinos legalized (the other three are Nevada, Delaware and New Jersey), something that the billionaire casino magnate Sheldon Adelson has opposed for years. This week, Adelson's company had announced that they are selling their only casino in the Keystone State.
Thursday last week, Las Vegas Sands, the biggest casino developer in the world based on revenue, stated it has entered into an agreement to sell its Sands Bethlehem casino resort for $1.3 billion, to a group named Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama. Las Vegas Sands, which owns The Palazzo and The Venetian casinos in Las Vegas as well as casinos in Macau and Singapore, said it has no urgent plans to use the proceeds from the sale.
The sale has been the result of Pennsylvania gaming regulators beginning the process of approving companies for online casino sites. Also, there will be a new generation of bricpok-and-mortar casino construction in Pennsylvania, as the bill that legalized online poker also called for 10 satellite casinos scattered around the state.
Also, it is worth noting that Adelson is selling the Sands Bethlehem as the U.S. Supreme Court nears a ruling on a federal law that banned sportsbetting outside of Nevada. If the high court dismisses that 1992 law, then Pennsylvania casinos will then be able to have sports books. Apparently, that wasn't enough to keep Adelson interested.
Bethlehem Sands casino resort opened its doors in 2008 and it cost $800 million to put up. The casino resort was one of the most successful in the state's $3 billion-a-year casino gambling market. Prior to the legalization of online gambling at the state, Adelson was actually keen to selling the casino. Once there was a rumor that rival Las Vegas-based casino operator MGM Resorts was interested to buy it.
Adelson said that Sands Bethlehem "one of the leading regional entertainment and gaming destinations in the United States. We are pleased to have built a strong foundation that can be the basis for the property's future success."
Tribal Chair and CEO of the Poarch Band of Creek Indians Stephanie Bryan said the acquisition "furthers our desire to secure a long and prosperous future for our tribe."
Source:
http://www.mcall.com/business/mc-biz-wind-creek-sands-bethlehem-casino-strategy-20180312-story.html
http://www.mcall.com/business/mc-biz-sands-casino-resort-bethlehem-sold-20180306-story.html
