Bally’s Corporation, a Rhode Island-based gaming company, has recently made a public announcement about entering into an agreement with Ira Lubert, co-founder of Independence Capital Partners—a group of private equity and real estate investment funds.
Ira Lubert recently acquired rights to apply for a Category 4 slot machine license from PA’s Gaming Control Board.
Bally’s Corporation has come together with Ira Lubert to design, develop, construct, and jointly manage a Category 4 licensed casino in Centre County, Pennsylvania. The casino will be built within 15 miles of Unionville Borough.
The deal is currently waiting to obtain necessary regulatory approvals, customary closing conditions, and operating certificates.
The casino will have over 700 slot machines and 30 table games; there are plans to incorporate retail sports betting, online sports betting, and online gaming that would also need separate licenses and certificates.
Construction is expected to commence in the first half of this year and might reach completion within a year. The total cost of construction, licensing expenses, and expenditure towards installing sports betting plus iGaming operations would be around an estimated 120 million USD.
Bally’s Corporation would own a majority equity interest in the joint venture inclusive of the 100% economic interests in other gaming ventures. President & CEO of Bally Corporation, George Papanier, believes that building a casino in PA is “yet another major milestone for Bally” and an important way to conclude 2020.
Co-founder and partner of Independence Capital Partners, Ira Lubert, was excited to partner with Bally’s to bring their vision into reality. He believes the project’s outcomes would be beneficial for everyone involved in the process, and they all “look forward to the positive impact the redevelopment will have on the community.”
Bally’s Corporation is a gaming company that owns 11 casinos across six states of the US, a horse racing track, 13 OTB licenses in Colorado, and several hotel properties. The company is currently expanding its casino business and will soon have 15 casinos in 11 states of the US.
Having more than 30 years of private equity experience, Ira is currently a board member of The Franklin Institute, National Constitution Centre, Penn State Board of Trustees, and Thomas Jefferson University Hospital. He has contributed to several developmental projects, such as the Valley Forge Casino Resort near Philadelphia.