Las Vegas Sands sells casino to Wind Creek Hospitality for $1.3 billion
Las Vegas Sands Corp. is selling its Pennsylvania casino to an American Indian tribe from Alabama for $1.3 billion, the company announced Thursday. Sands Casino Resort Bethlehem opened in 2009 on the site of Bethlehem Steel’s former headquarters plant, transforming what was then the nation’s largest abandoned industrial complex into an $800 million destination that lured gamblers from New York and New Jersey. Sands later added a shopping mall, performing arts venue and 300-room hotel. “Sands Bethlehem has become one of the leading regional entertainment and gaming destinations in the United States and we are extremely proud of the positive contributions the property has made for Bethlehem … and eastern Pennsylvania,” Sheldon Adelson, the billionaire mogul who leads Sands, said in a statement. Though it raked in nearly $550 million from slot machines and table games last year — second among Pennsylvania’s 12 casinos — the casino is the smallest in Sands’ portfolio, which includes The Venetian in Las Vegas and resorts in Macau and Singapore. Sands, which had long been rumored to be seeking a buyer for Bethlehem, did not immediately reveal what it planned to do with the proceeds but said the sale would “enhance liquidity as Sands pursues new development opportunities and returns capital to shareholders.” The buyer is Wind Creek Hospitality, an affiliate of the Poarch Band of Creek Indians, whose properties include casinos in Alabama and the Caribbean, a greyhound track in Alabama and poker rooms in Florida. Stephanie Bryan, tribal chair and CEO of the Poarch Band of Creek Indians, said the purchase will help “secure a long and prosperous future for our tribe.” The deal requires approval from Pennsylvania gambling regulators, a process that could take a year. Sands Bethlehem President Brian Carr said the pending sale would have no impact on casino operations. Republished with the permission of the Associated Press.
Scorecard: Alabama recruited more than 14,700 jobs in 2016
Companies announced plans for more than 14,700 new jobs and nearly $4.2 billion in capital investment in Alabama during 2016, according to an analysis prepared by the Alabama Department of Commerce that chronicles wide-ranging economic development activity across the state last year. The 2016 New & Expanding Industry Report, released today by Gov. Kay Ivey and the Commerce Department, provides a detailed look at 405 projects recorded in the state during another solid year of business recruitment and support. Since 2012, economic development activity in Alabama has attracted $24.5 billion in investment and nearly 90,000 jobs, according to Commerce Department figures. Exact totals for 2016 were $4.199 billion in capital investment and 14,707 new and future jobs. “The investments made by these companies mean jobs for the citizens of our state, and I’m committed to creating an environment where opportunity flourishes across Alabama,” she added. Diverse activity The 2016 report reflects another year of strong growth for two industries that are central pillars in the Accelerate Alabama 2.0 economic development blueprint — automotive and aerospace. Both sectors contributed to a record year for Alabama exports. Other segments of Alabama’s economy, ranging from forest products to alternative energy and corporate headquarters, also saw healthy project activity last year, according to the new report. Foreign companies accounted for nearly $1.6 billion in 2016’s new capital investment, or about 40 percent of the total, a figure in keeping with that of recent years. Austria was the top source of foreign direct investment last year, with projects valued at $666 million. “We’ve been very strategic in our approach to economic development in Alabama because we want to develop productive partnerships with companies from around the globe that will put down roots in our state and expand over time,” said Greg Canfield, secretary of the Alabama Department of Commerce. “We’re focused on creating high-caliber jobs and opportunities for hard-working people of our state,” he added. The momentum has carried over into 2017. Already this year, companies such as Aerojet Rocketdyne, Leonardo and Wal-Mart Stores Inc. have announced major economic development projects in Alabama. Together, these projects alone would create 2,000 jobs. 2016 rankings Here are snapshots from the 2016 scorecard for Alabama’s economic development team. Top projects, ranked by investment: Kronospan, an Austria-based maker of laminate flooring, announced a $362 million expansion of its Calhoun County facility. BC Foley LLC, a company created by the Poarch Band of Creek Indians, is investing $361 million to open the Owa amusement and entertainment complex in Baldwin County. Lenzing, another Austrian company, is investing $293 million to expand production of eco-fibers at its plant in Mobile. Top projects, ranked by job creation: BC Foley’s Owa complex will create 620 jobs. Lear Operations, an auto supplier, will create 535 jobs with an expansion in Tuscaloosa County. Aerospace giant Boeing Co. will add 470 jobs to its Alabama workforce as it expands activities including engineering and the production of missile components in Huntsville. Top counties, ranked by investment: Jefferson — $506 million Calhoun — $398 million Baldwin — $394 million Top counties, ranked by jobs: Montgomery – 1,704 jobs Madison – 1,548 Jefferson – 1,469 This story originally appeared on the Alabama Department of Commerce’s Made in Alabama website. Republished with permission of Alabama NewsCenter.
