American casino operator Bally’s Corporation has announced the signing of an agreement that is to see it design, build and operate a new gambling-friendly facility for central Pennsylvania featuring up to 750 slots alongside as many as 30 gaming tables.
Previously known as Twin River Worldwide Holdings Incorporated until undergoing a name-change late last year, the firm used an official Monday press release to detail that the arrangement was inked with Ira Lubert some four months after the local real estate and private equity manager won the auction for the eastern state’s sixth ‘miniature casino’ license. It declared that the coming $120 million development will be located ‘within a 15-mile radius’ the Centre County community of Unionville and is expected to open sometime during the first half of next year following around twelve months of construction.
Optimistic objectives:
Headquartered in the Rhode Island town of Lincoln, Bally’s Corporation was already responsible for 14 casinos spread across eleven states including the prestigious Bally’s Atlantic City and Casino KC. It pronounced that it moreover hopes to bring retail and online sportsbetting services to the coming Pennsylvania venue ‘subject to the receipt of separate licenses and certificates’.
Landmark link:
George Papanier serves as President and Chief Executive Officer for Bally’s Corporation and he used the press release to describe the arrangement with Lubert as ‘yet another major milestone’ for his growing company that represents ‘a great way to cap off a truly extraordinary year’. The executive furthermore stated that his firm is to hold ‘a majority equity interest’ in the coming Pennsylvania satellite casino encompassing all of its retail and online sportsbetting economic interests.
Read a statement from Papanier…
“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 sportsbetting 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 our first-in-class gaming experience and amenities to customers and sports fans across Pennsylvania.”
Possible position:
For his part and Philadelphia-based Lubert holds a minority interest in the eastern state’s Rivers Casino Pittsburgh property through the Holdings Acquisitions Company LP entity and is thought to be interested in bringing the new ‘miniature casino’ to the Nittany Mall shopping center, which lies only about three miles from the over 40,000 students attending Penn State University. The businessman was also part of an enterprise known as Nittany Gaming LLC that two years ago secured a lease option that could result in the struggling property’s former Macy’s retail outlet hosting the coming gambling venue.
Lubert’s statement read…
“I am excited to have Bally’s Corporation 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.”