Former Sands Casino Bethlehem landowner received $146.6 million in fixed-rate financing to the fee owner under the Wind Creek Casino in Bethlehem, Pennsylvania, reports the Commercial Observer.
Newmark Knight Frank’s Dustin Stolly, Jordan Roeschlaub, Nick Scribani, and Chris Kramer negotiated the debt. The identity of the lender wasn’t revealed.
Earlier in May, the Pennsylvania Gaming Control Board green signaled the sale of Sands Casino Resort Bethlehem to PCI (Poarch Creek Indians) Gaming Authority. The $1.3 billion deal was announced over a year ago.
As a part of the fees for the change of control of the license, the Wind Creek Hospitality brand paid the gaming commission a fee of $3.75 million.
Following the deal, the casino’s name was changed to Wind Creek Bethlehem.
The casino resort hosts 282 hotel rooms, a 183,000 square foot casino floor with 3,000 slots and electronic table games, 200 table games and a 150,000 square foot retail mall. It is just 80 miles from New York.
At the time of the sale, a partner of Sands in the deal, an unnamed private investor who sources declined to name, swapped into fee ownership of 125 acres under the property and created a ground lease on the property.
“The Wind Creek Casino is ideally situated in Bethlehem, less than a two-hour drive from Manhattan and Philadelphia,” Stolly said. “The gaming industry continues to expand in Pennsylvania and the Wind Creek Casino is in an excellent position to capitalize on the growth going forward.”