The Pennsylvania Gaming Control Board recently awarded Ira Lubert, a real estate and private equity investor, the right to apply for a Category 4 slot machine license for a casino to be built within a 15-mile radius of Unionville Borough in Centre County.
Once completed, the casino will feature 30 table games, up to 750 slot machines, online gaming, online sports betting, and retail sports betting.
Lubert and Bally’s Corp. signed an agreement to jointly design, develop, construct and manage the casino. Bally’s will have a majority equity interest in the partnership. This includes all the economic interests of online sports betting, iGaming activities, and retail sports betting.
According to Bally’s estimates, construction, licensing, and sports betting/iGaming operations will cost approximately $120 million.
“Ira is an experienced real estate developer with significant ties to the greater Centre County community and a proven track record in Pennsylvania gaming,” George Papanier, Bally’s Corp. president and CEO, said. “We look forward to working with Ira, not only to build and develop the facility but to contribute to the surrounding community.”
Construction is expected to begin during the second half of the year and be completed in 2022.
The deal is subject to closing conditions, operating certificates, and required regulatory approvals.