Pennsylvania: Bally’s strikes deal for new satellite casino
Bally’s Corp is to build a satellite casino in Pennsylvania in partnership with local businessman Ira Lubert.
US.- Bally’s Corp has landed a deal to develop, construct and manage a new satellite casino in Pennsylvania in Centre County, close to the Penn State University.
The framework agreement is in partnership with local real estate developer Ira Lubert who acquired a Category 4 casino license from the Pennsylvania Gaming Control Board (PGCB) during an auction in September.
Lubert paid $10,000,101 for the license which permits a satellite gaming property with up to 750 slot machines and 30 table games. He proposed placing the casino within a 15-mile radius of Unionville Borough.
Bally’s will acquire a majority equity interest in the finished casino. It also intends on launching sports betting and igaming to which it will receive 100 per cent of the revenues, however licenses must first be approved by the the PGCB.
In total, the project will cost Bally’s around $120m including the licensing fee.
Regulators in Pennsylvania have approved a total of five satellite casinos across the state. First to launch was Live! Casino Pittsburgh in late November.
The new casino was ordered to close by the state just a month after opening due to a spike in Covid-19 cases, but on Monday the state allowed Pennsylvania casinos to reopen.
