Sands Bethlehem deal is under review

Sands Bethlehem deal is under review

The deal for the Sands Bethlehem casino was announced in March 2018.

The Pennsylvania Gaming Control Board will discuss the acquisition of the Sands Bethlehem casino by the Poarch Band of Creek Indians of Alabama.

US.- Las Vegas Sands had reached a deal with the Poarch Band of Creek Indians for the Sands Bethlehem. However, the sale needed to undergo certain regulatory review, which will be executed over the next few weeks.

The Pennsylvania Gaming Control Board will meet on May 15 in Harrisburg, the state’s capital. The agenda for the meeting remains unknown, but Bethlehem’s mayor, Bob Donchez, is confident the issue will be included.

The deal

Las Vegas Sands released a statement in March 2018 revealing it sold its casino in Bethlehem, Pennsylvania, for US$1.3 billion. The property was acquired by Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians of Alabama.

The US$1.3 billion transaction is subject to regulatory review and other customary closing conditions. Sheldon Adelson, chairman and chief executive officer of Las Vegas Sands, said: “We are pleased to have built a strong foundation that can be the basis for the property’s future success and, more importantly, we are proud to have delivered on our promise of bringing thousands of good paying jobs, generating significant economic impact and revitalizing a site of sentimental and historical importance.”

Stephanie Bryan, Tribal Chair and CEO of the Poarch Band of Creek Indians, added that the quality of the property and dedication of the team members to genuinely engage with customers was evident from the first time they visited the property. “We look forward to working with our new team members and the community to cement Wind Creek Bethlehem’s position as the premier entertainment destination in the northeast,” she said.

Moreover, Executive VP of Las Vegas Sands and CFO, Patrick Dumont, said that the company is likely to use the proceeds from the sale to continue with the company’s long-held strategic direction when it comes to deploying capital.

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