Wind Creek Hospitality signs agreement to acquire Pennsylvania resort for $1.3bn

PCI Gaming Authority, which does business as Wind Creek Hospitality, has signed a definitive agreement to acquire the Sands Casino Resort in Bethlehem, Pennsylvania, for $1.3bn.

Wind Creek Hospitality owns and operates nine gaming and entertainment facilities in six locations in the US and the Caribbean including three casino resorts on Tribe’s reservation lands in Alabama.

The Sands Casino Resort Bethlehem, which will be integrated to the Wind Creek Hospitality’s portfolio, is a Las Vegas-style resort located approximately 80 miles from New York City.

The amenities provided by the resort include a 282-room AAA four diamond hotel, 200 table games, a 183,000ft2 casino floor featuring 3,000 slots and electronic table games, numerous food and beverage outlets, a 150,000 square foot retail mall, and a multi-purpose event center.

The company will fund the acquisition with cash on its balance sheet and new debt financing. Credit Suisse has offered committed financing for this deal. Innovation Capital is serving as the financial advisor while Cooper Levenson P.A. as legal counsel to Wind Creek in this deal.

The transaction is expected to close in 2018 or early 2019 and it is subject to approval of the regulatory authorities and customary closing conditions.

Wind Creek Hospitality manages gaming facilities in Poarch Band of Creek Indians, which is an Indian tribe in Alabama, operating as a sovereign nation.