USA

Details Of Sands Bethlehem’s New Ownership Deal Finally Revealed

There have been rumors floating around of a possible sale of the Sands Bethlehem Casino in Pennsylvania for the last few years but very little official information has been circulated. Now, details of a $1.3 billion deal between Wind Creek Hospitality and the Las Vegas Sands Corp have emerged.

Las Vegas Sands Corp had confirmed it had decided to sell its Sands Bethlehem Casino in March 2018 but the public were not sure if the sale would include the casino and outlet mall, or whether the Steel General Office building and the satellite and annex parking lots as well.  

Las Vegas Sands owns the majority of Sands BethWorks Gaming LLC which currently operates the casino, events center, as well as the surrounding 56-acre land. Real estate developers Michael Perrucci and Barry Gosin, along with other business partners have a 10 percent share in the company.

Sands BethWorks Retail LLC owns the remaining land totaling 61 acres, and also has full control of the Steel General Office building, the outlet mall, the No.2 Machine Shop, blast furnaces, and numerous parking lots.

Perrucci and Partners To Retain Ownership of SGO

The deal is that Wind Creek will buy the casino, hotel, events center, some parking lots and outlet mall. Perrucci and his business partners will let go of their stake in these assets but they will retain ownership of the property and will enter into a ground lease with Wind Creek. Perucci refused to release further details of the ground lease, saying it is protected by a non-disclosure agreement.

Upon completion of the deal, Wind Creek is eyeing a 300-room hotel expansion, with the No.2 Machine Shop probably being transformed into an indoor water park. The company will pour in $190 million into the development.

High Hopes for Redevelopment

The deal has been positively welcomed by officials from the city of Bethlehem who have high hopes for the redevelopment of the property. Arthur Mothershed, vice president of business and development for Wind Creek confirmed earlier this year that they will control the site.

Bethlehem’s director of community and economic development, Alicia Miller Karner said they are optimistic about Wind Creek’s reinvestment in a property which has sat vacant for decades. Perrucci and the rest of this investment partners retaining ownership of the SGO building and annex is also seen as a good sign, given the developer’s contribution to the ongoing revitalization of East Third Street.

Doug Ramirez

Doug is our American guru, he will be keeping us informed with latest tournament news and goings on in the USA

Share
Published by
Doug Ramirez

Recent Posts

LV Sands, Concerned About Online Competition Amid Plan to Build $6bn Casino

Summary: Las Vegas Sands chairman and CEO Rob Goldstein is concerned about the impact of…

3 weeks ago

Biloxi Casino Plans Advance as MGC Considers Two Venues

Summary: Tullis Gardens Hotel and the Tivoli development are in the works. The casinos would…

4 weeks ago

Rio Hotel & Casino Finishes Phase One of Massive Property Renovation Project

Summary: Rio Hotel & Casino has completed phase one of its multi-year property-wide renovation project.…

1 month ago

Industry Heavyweight Execs Talk Tech Future at TribalNet Conference & Tradeshow

Summary: Monday’s TribalNet Conference & Tradeshow brought together gaming industry executives who discussed the future…

2 months ago

Nevada Regulators Propose Solution for Armed Casino Security Shortage

Summary: The Nevada Gaming Control Board addressed the shortage of armed casino security following the…

2 months ago

Venetian Waiting for Final Approval for $550m Dividend Distribution

Summary: The Venetian in Las Vegas is getting ready for a massive dividend distribution. The…

3 months ago