United States casino operator Wind Creek Hospitality says the gaming regulator in the state of Pennsylvania has given it permission to buy a casino resort there from another U.S.-based operator of casinos, Las Vegas Sands Corp, for US$1.3 billion.
Las Vegas Sands announced in March 2018 that it had agreed to sell the establishment, the Sands Casino Resort Bethlehem.
The Las Vegas Sands announcement said the proceeds of the sale would enhance liquidity as the company pursued new opportunities to develop and return capital to shareholders.
In Asia, Las Vegas Sands has casino resorts in Macau and Singapore. The company has pledged US$2.2 billion to renovate its establishments in Macau and is embarking on a US$3.3 billion expansion of its Singapore property, the Marina Bay Sands. The casino operator is also keen to run one of the first casino resorts to be allowed in Japan, having confirmed its interest in Osaka.
Wind Creek Hospitality, which belongs to the Poarch Band of Creek Indians, issued on Wednesday a written statement saying the Pennsylvania Gaming Control Board gave permission for the purchase of the Sands Casino Resort Bethlehem after about 14 months of regulatory review and other procedures.
The Sands Casino Resort Bethlehem comprises: a 282-room hotel; a casino which contains 200 gaming tables and 3,000 slot machines and electronic table games; restaurants; shops; and a multi-purpose event centre.
Wind Creek Hospitality intends to add a 300-room hotel, and is considering building nearby an adventure and water park which will include a hotel with 400 or so rooms.
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”I do not believe that this event [the collapse of a under-construction building in Sihanoukville] will slow down the issuance of [gaming] licences. Market forces will probably dictate the process as developers evaluate projected future demand for gaming in the region”
Senior partner at business consultancy Global Market Advisors