In March of 2018, the Sands Bethlehem Casino was sold to Wind Creek for $1.3 billion, a property that includes a diamond hotel, retail mall, 183,000 square foot casino (with 200 tables and 3,000 slots) and fully-equipped event center.
Las Vegas Sands Corp made the deal for the 117-acre resort with Wind Creek Hospitality. The casino and 56 acres are owned by SandsBethWorks Gaming LLC of which 10% is owned by developers Michael Perrucci and Barry Gosin among other investment partners. The other acres are owned fifty-fifty between the Las Vegas Sands Corp and Perrucci’s group.
The casino, event center, hotel, mall, and some parking lots are now under the ownership of Wind Creek but the underlying property remains with Perrucci et al who may elect to sell their holding in the future. The legal sales document for the change in ownership is with the Pennsylvania Gaming Control Board.
Big plans are in the works for redevelopment on the property. The existing No.2 Machine Shop will become an indoor water park while the hotel is earmarked for major expansion with 300 new rooms. A total of $190 million is to be invested. It is not surprising that the town of Bethlehem is looking forward to additional revenues from a formerly neglected venue.
Keeping Perrucci and his partners on board will not be a detriment to future growth and the town wants them to retain ownership of the existing 103-year-old SGO 13-storey building left by Bethlehem Steel Corp when it moved in 1972. It has been sitting empty for decades and will benefit from the much-anticipated redevelopment proposal. It is a historical landmark with a long history. Locals want it preserved.
Peron Development, a Perrucci group company, will be at the helm of the revitalization plans. They are known for the improvements made on East Third Street including a 95-unit apartment building, retail spaces and a variety of restaurants.
The Pennsylvania Gaming Control Board is the decision-making body for such undertakings in Bethlehem. Sales fees are within their purview and they can entail several or more millions. No doubt Wind Creek finds it well worth the expense given the promising future of the Sands Bethlehem Casino.
A version of this article first appeared at tightpoker.com