Wind Creek Hospitality, a US casino operator said that the gaming regulators in Pennsylvania gave their permission to a big casino purchase deal. They will buy a casino resort from its previous operator Las Vegas Sands Corp. Furthermore, the price of the casino facility is $1.3 billion. Back in March 2018, the Las Vegas Sands announced that it was ready to sell the same establishment, know as the Sands Casino Resort Bethlehem.
The operator said that the sale is welcome news for the company. Its proceeds will enhance liquidity and open new avenues for investment. All of this happens as the company is pursuing new opportunities. These should provide development potential, as well as a chance to return capital to its shareholders.
Las Vegas Sands is currently engaged in a number of development projects around the world. In Asia, the operator has resorts in Singapore and Macau. The company is planning to spend about $2.2 billion in renovation in Macau. In Singapore, its property is the massive Marina Bay Sands. Here as well the operator plans on a $3.3 billion expansion.
In Japan, Sands is aggressively pursuing the possibility of being among the top proposals for the integrated casino resort in Osaka. Consequently, it is easy to see that all of these projects will require plenty of free capital. The sales of the facility in the US will provide a fraction of the same sum, but still a part that will allow one or more projects to get underway.
Wind Creek Hospitality Future
The facility is now going from Las Vegas Sands to the Poarch Band of Creek Indians. They issued a statement that after 14 months of regulatory overview, the casino is finally in their possession. The property includes a hotel of 282 rooms and a massive casino. It comes with 200 live game tables and over 3,000 slot machines.
Other amenities include a multipurpose center for events, as well as shops and restaurants. The tribe is planning on adding a 300-room hotel in the near future. Apart from this, it is planning on building a water and adventure park nearby. It too would have a hotel of over 400 rooms.
The tribe wants to expand the hospitality offer away from only gambling and a family entertainment facility would do the trick. This will include a huge investment as well, but likely less than the initial price of the casino.