The Creek Indian tribe-owned and Alabama-based Wind Creek Hospitality is reportedly working out a deal that will see it purchase Pennsylvania’s Sands Bethlehem Casino for a whopping $1.3 billion. Sands Bethlehem which is located in Eastern Pennsylvania is the only casino in the United States outside of the state of Nevada that shares a parent company with Las Vegas Sands. Apparently, the sale according to the Sands Corp., the parent company, will allow it to fully focus on its operations in Macau and Las Vegas.
Initially founded by Sheldon Adelson, a renowned casino mogul and billionaire, the casino took advantage of the desolate area that remained after the former Bethlehem Steel plant closed down. Sheldon Adelson saw to the revival of the area’s former glory with the casino project which came with tons of new job opportunities for the residents.
While Adelson is certainly still proud of what his company has achieved in Pennsylvania his utter distaste for online gambling is no secret. This is quite odd especially considering how many land-based casinos have shifted to the online space in a bid to not only stay competitive but also reach more customer. Adelson himself made his wealth from gambling which makes his stance with regards to online gambling even more surprising. In fact, the billionaire casino mogul even made a move that would introduce a legislation that would give him and other of similar views to craft their own laws for online gambling – it failed.
A Worthwhile Venture?
Well, of course, it is. The Indian tribe will be taking control of a stable and highly profitable casino model that was initially built around the $800 million mark in 2009. The casino has been a top earner since it began operating – it has always recorded progressive annual revenues with last year’s revenues rising by $8 million to a whopping $579 million!
Sands Bethlehem will be the fourth casino that will be under Wind Creek Hospitality sector’s ownership and operation. The operator also happens to own a greyhound facility in Alabama, a greyhound track and a poker room in Florida’s Panhandle, a gaming resort in the Caribbean island Curacao as well as a casino in Nevada.