The $1.3 billion sale of Sands Casino Resort Bethlehem to the Poarch Band of Creek Indians of Alabama is one its final stretch after receiving the final go-ahead from the Pennsylvania Gaming Control Board, local media reports.
Approval from the state regulator is seen as the final piece of the puzzle, and would see the change of control of Sands Bethelhem’s license from Sands Bethworks Gaming to PCI (Poarch Creek Indians) Gaming Authority.
The approval also includes a motion to license PCI Gaming and its executives in the state.
The sale of the Pennsylvania casino is expected to close as early as Friday, according to Wind Creek President and CEO Jay Dorris.
“It’s been a long haul for us,” said Dorris on Wednesday. “We’re thrilled, and we’re ready to hit the ground and introduce Wind Creek Bethlehem.”
Wind Creek Hospitality is set to expand the property with a hotel and meeting space expansion, which includes a 276-room hotel along with another 42,000 square feet of meeting space – a project that will cost $90 million to build.
“We believe the hotel expansion is almost an immediate need,” said Arthur Mothershed, Wind Creek’s vice president of business development.
Dorris said Wind Creek wants to start on the hotel expansion “as soon as we can.”
According to a report from March 2018, when the sale was first announced, Las Vegas Sands Executive Vice President and Chief Financial Officer Patrick Dumont said that while many options exist for the use of the sale proceeds, the most likely use would be consistent with the company’s long-held strategic direction when it comes to deploying capital.
The company has said it may be prepared to spend as much as $10 billion to build an IR in Japan, if it obtains a license.