Mini-Casino Announced for Nittany Mall Region
PROVIDENCE, R.I. — Bally’s Corporation has announced that it has signed a framework agreement with Ira Lubert to jointly design, develop, construct and manage a mini-casino in the vicinity of the Nittany Mall east of State College. The Pennsylvania Gaming Control Board recently awarded Lubert the right to apply for a slot machine license for a casino in the State College area.
In its agreement announcement, Bally’s said construction of the casino is expected to begin the first half of 2021 and will take approximately one year to complete. Subject to receipt of all applicable regulatory approvals, it will house up to 750 slot machines and 30 table games. The casino will also provide, subject to receipt of separate licenses and certificates, retail sports betting, online sports betting and online gaming. The exact site has not been revealed, but other media outlets said the now vacant Macy’s site at the mall has been zoned for gaming purposes.
“Expanding our rapidly growing, national footprint into the attractive Pennsylvania gaming market represents yet another major milestone for Bally’s and a great way to cap off a truly extraordinary year,” said George Papanier, President and Chief Executive Officer of Bally’s Corporation. “Regional, land-based casinos remain the cornerstone of our portfolio diversification strategy, providing the necessary support for the growth, development and success of our future sports betting and iGaming initiatives. We look forward to combining our own proven track record of greenfield development with Ira Lubert’s local knowledge and expertise to bring Bally’s first-in-class gaming experience and amenities to customers and sports fans across Pennsylvania.”
Papanier continued, “Ira is an experienced real estate developer with significant ties to the greater Centre County community and a proven track record in Pennsylvania gaming. We look forward to working with Ira, not only to build and develop the facility, but to contribute to the surrounding community.”
Bally’s estimates the total cost of the project, including construction, licensing and sports betting/iGaming operations, to be approximately $120 million. Bally’s will acquire a majority equity interest in the partnership, including 100% of the economic interests of all retail sports betting, online sports betting and iGaming activities associated with the project.
Lubert said, “I am excited to have Bally’s as our partner to complement our vision, industry experience and financing capabilities. Together, I believe we will make this transformative project successful for all stakeholders and look forward to the positive impact the redevelopment will have on the community.”
Lubert is a well-known real estate and private equity investor, a Penn State grad and former Nittany Lion wrestler whose projects include a minority founding investment in Rivers Casino Pittsburgh and the development of the Valley Forge Casino Resort near Philadelphia.
