The Creek Indian tribe’s Wind Creek Hospitality is reportedly in line to purchase the Sands Bethlehem Casino in Pennsylvania for a whopping $1.3 billion.
Located in Eastern Pennsylvania, the property is the only casino in the United States outside of Nevada that is owned by the same company that owns the Las Vegas Sands. The reason given for its prompt sale is because the Sands Corp. would like to commit its focus toward its other operations in Las Vegas and Macau.
Sheldon Adelson’s Profitable Enterprise
The Pennsylvania site was initially founded by Sheldon Adelson, a billionaire who saw an opportunity in the desolate area that was left after the former Bethlehem Steel Plant closed.
Adelson is credited with being the person responsible for the area’s regeneration, as well as the numerous jobs the casino created for residents. He remains extremely proud of what the company’s achieved during its operation.
In 2003, the enormous operation steel company declared bankruptcy and threw the surrounding area into jeopardy. Thousands of jobs were lost and the livelihoods of many families were ripped away overnight.
The company was founded in 1857, and many generations of family members had worked there. It supplied the steel for well-known landmarks, such as The Empire State Building and Madison Square Garden in New York.
Its subsequent closure was a substantial economic loss for the area. This loss would have continued had it not been for Adelson’s intervention.
A Million-Dollar Investment from A Man Who Hates Online Gambling
Considering Alderson has made his money from gambling, most are surprised to hear of his utter distaste for the concept of online gambling. Adelson’s hatred for Internet casinos is so strong, he made a failed move to create legislation that would have, if implemented, allowed those with a similar view to create their very own gambling laws for the online world of casinos.
What Wind Creek Hospitality Will Be Moving Into
When the necessary reviews are finalized, the tribe purchasing the Sands property will be taking on a stable and highly profitable casino model, which was initially built around the $800 million mark in 2009.
Since the casino began operation, it has been a good earner, with progressive revenues each year, and a final report of last year’s figures stated a colossal rise of $8 million to $579 million! This perhaps suggests why the tribe is keen to get the final papers signed and start accessing such a vast amount of profit!
Wind Creek Hospitality is a Tribe Subsidiary
Once the sale is complete, there is a suggestion that the name of the Sands property will be changed to Wind Creek Bethlehem, and interested parties have been enthusiastic to discover the history behind this Poarch Band of Creek Indians, which is from Alabama.
The Wind Creek Hospitality sector already owns and operates three casinos, as well as a greyhound facility, in Alabama. It also has another greyhound track and a poker room in Florida’s Panhandle. In addition, the company owns a casino in Nevada and gaming resort on the Caribbean island of Curacao.
Sands Next Moves
You could be forgiven for thinking that the Sands would sell the Bethlehem site and concentrate all its efforts on its remaining locations. However, the company is considering whether to reinvest, especially in more vigorous marketplaces!
With the forecasts in Macau looking healthy once again, and the Marina Bay Sands integrated resort in Singapore continuing to deliver superb financial results, many gambling and financial expects believe it’s almost certain it won’t be long before we see the Sands Corp. once again finding that all-around perfect and profitable location.