Penn State: Mini-casino coming ‘near’ Nittany Mall, says Bally’s

A patron wearing a mask, plays a slot machine at the Seminole Hard Rock Hotel & Casino, Friday, March 20, 2020, in Hollywood, Fla.

A patron wearing a mask, plays a slot machine at the Seminole Hard Rock Hotel & Casino, Friday, March 20, 2020, in Hollywood, Fla.

AP

Bally’s Corporation, which owns and operates 11 casinos, announced Monday that it is partnering with Penn State alum Ira Lubert to bring a $120 million mini-casino “near the Nittany Mall” — one it expects should be built by next year.

According to Bally’s, the casino will include up to 750 slot machines and 30 table games with plans to include sports betting. Construction is expected to begin in the first half of 2021 and will take about one year to complete.

“I am excited to have Bally’s as our partner to complement our vision, industry experience and financing capabilities,” Lubert said in a written statement. “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.”

A potential casino near the Nittany Mall has been rumored for years, but those rumors finally became a reality in September, when Lubert bid $10 million to win the mini-casino license. Although the exact destination is not yet officially known — it must be built within 15 miles of Unionville borough — Bally’s confirmed in its news release the casino would be located “near the Nittany Mall.” And a spokesperson for the mall said in September that the Macy’s parcel is zoned for gaming.

Lubert will have to make such details public when he submits a formal application for the casino, but his deadline isn’t until March.

According to Bally’s, the total cost of the project — including construction, licensing and sports betting/iGaming operations — is about $120 million. As part of its agreement with Lubert, Bally’s will acquire a majority equity interest in the partnership, including 100% of retail sports betting, online sports betting and iGaming activities.

“Ira is an experienced real estate developer with significant ties to the greater Centre County community and a proven track record in Pennsylvania gaming,” Bally’s President and CEO George Papanier said. “We look forward to working with Ira, not only to build and develop the facility, but to contribute to the surrounding community.”

According to a spokesperson from the Pennsylvania Gaming Control Board, the casino’s host municipality would get 2% of gross revenue from slot machines and 1% of table games. The same goes for the county. Sports wagering revenue does not specifically go to a municipality or county, however.

Still, there remain some obstacles. Once Lubert formally submits his application, a public hearing will be held in the municipality where the potential casino would be located. The PGCB is directed to take that hearing into account, along with financing and community impact, before ultimately voting on whether to allow the casino to move forward.

Officials from College Township, which is home to the Nittany Mall, have previously voiced their support for the casino. As has Senate President Pro Tempore Jake Corman, R-Benner Township.

Josh Moyer earned his B.A. in journalism from Penn State and his M.S. from Columbia. He’s been involved in sports and news writing for nearly 20 years. He counts the best athlete he’s ever seen as Tecmo Super Bowl’s Bo Jackson.

Source Article

Next Post

Your worst white lie at work never went this bad

Tue Jan 5 , 2021
TipRanks 3 Stocks Trading at Rock-Bottom Prices; Analysts Say ‘Buy’ A new year, a new addition to the stock portfolio – what can make more sense than that? The right time to buy, of course, is when stocks are priced at the bottom. Buying low and selling high may be […]

You May Like