PRESS RELEASE: Wind Creek Hospitality to Acquire Sands Casino Resort Bethlehem for $1.3 Billion
PCI Gaming Authority d/b/a Wind Creek Hospitality, an instrumentality of the Poarch Band of Creek Indians (the "Tribe"), announced today that it has entered into a definitive agreement under which Wind Creek Hospitality will acquire the Sands Casino Resort in Bethlehem, Pennsylvania, for a total enterprise value of $1.3 billion. The closing of the transaction is subject to regulatory review and other customary closing conditions.
Wind Creek Hospitality currently owns and operates nine gaming and entertainment facilities located in six jurisdictions across the United States and the Caribbean, including three leading casino resorts located on the Tribe's reservation lands in Alabama.
The Sands Casino Resort Bethlehem, which will be integrated into the Wind Creek Hospitality portfolio, represents a best-in-class, Las Vegas-style resort, located in the heart of the Lehigh Valley of Pennsylvania, approximately 80 miles from New York City. Amenities include a 282-room AAA four diamond hotel, a 183,000 square foot casino floor featuring 3,000 slots and electronic table games, 200 table games, numerous food and beverage outlets, a 150,000 square foot retail mall, and a multi-purpose event center.
The acquisition provides a significant opportunity to diversify its holdings and offer its Wind Creek Rewards program and its online Wind Creek Casino to millions of new customers throughout the northeast. Travel perks offered by the Wind Creek Rewards program to two of the most alluring resorts in the Caribbean, Renaissance Aruba Resort and Casino and Renaissance Curacao Resort and Casino, both owned by Wind Creek Hospitality, are expected to be particularly appealing escapes for Wind Creek Bethlehem customers during the cold winter months.
Further communications from Wind Creek Hospitality about this transaction will be limited until it has had the opportunity to meet with the Pennsylvania Gaming Control Board, other regulatory agencies, its new Bethlehem Team Members, and community leaders and future partners.
Innovation Capital, LLC is exclusive financial advisor and Cooper Levenson P.A. is legal counsel to Wind Creek Hospitality in connection with the transaction.