Bally's Corporation announced Monday a framework agreement with Penn State alumnus and Board of Trustees member Ira Lubert to jointly design, construct and manage a Category 4 licensed casino in Centre County.
According to a press release, the Pennsylvania Gaming Control Board awarded Lubert the right to apply for a Category 4 slot machine license for a casino to be located within 15 miles of Unionville Borough.
"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," George Papanier, president and chief executive officer of Bally's, said in the release.
The casino's construction is set to begin during the first half of 2021 and will take approximately a year to complete, according to the release. As of now, the casino will house up to 750 slot machines and 30 table games. Additionally, the casino plans to provide retail sports betting, online sports betting and online gaming.
According to the release, the cost of the project is estimated to be around $120 million, and 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.
"I am excited to have Bally's as our partner to complement our vision, industry experience and financing capabilities," Lubert said in the release. "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."
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