Bally’s secures Ira Lubert link-up for $120m PA casino construction


Bally’s Corporation has secured an agreement with Ira Lubert to jointly design, develop, construct and manage a category 4 licensed casino in Centre Country, Pennsylvania.

Philadelphia investor Lubert won the Pennsylvania Gaming Control Board’s category four casino auction in September 2020, securing the triumph with a winning bid amount of $10,000,101.

This awarded the right to apply for a category four slot machine license for a casino to be located within a 15-mile radius of Unionville Borough, Centre County, Pennsylvania.

Construction is expected to begin in the first half of the year and will take approximately one year to complete, with the total cost of the project, including construction, licensing and sports betting/igaming operations, expected to be approximately $120m.

Subject to receipt of all applicable regulatory approvals, the facility 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.

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.”

Bally’s will acquire a majority equity interest in the partnership, including 100 per cent of the economic interests of all retail sports betting, online sports betting and igaming activities associated with the project.

This collaboration will extend Bally’s physical and interestive footprint into the Pennsylvania market, and will represent Bally’s 15th casino across 11 states.

“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 CEO 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.

“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.”



Source link

Sign Up

Sign Up to receive the latest coupons and news directly to your mailbox

Contact US

For Business Related Queries:
[email protected]

For Customer Support:
[email protected]

GuciPoker
Copyright © 2021 GuciPoker | All rights reserved | All logos and trademarks belong to their respective companies