Bally’s and Lubert will jointly design, construct and manage the casino, which will be located within a 15-mile radius of Unionville Borough in Centre County.
The Pennsylvania Gaming Control Board recently granted Lubert the right to apply for a Category 4 slot machine licence for a casino in the area, with construction set to begin in the first half of 2021.
The project is currently subject to certain regulatory approvals, but is expected to take one year to complete, with Bally’s estimating a total cost of $120m.
The company will acquire a majority equity interest in the partnership, including 100% of all sports betting and online gaming associated with the project.
“Expanding our rapidly growing, national footprint into the attractive Pennsylvania gaming market represents yet another major milestone for Bally's and a great way to cap off a truly extraordinary year,” said Bally's president and CEO George Papanier.
“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 online gaming initiatives.
“We look forward to combining our own proven track record of greenfield development with Ira Lubert's local knowledge and expertise to bring Bally's first-in-class gaming experience and amenities to customers and sports fans across Pennsylvania.”
The casino will house up to 750 slot machines and 30 table games, and will provide online gaming, online sports betting and retail sports betting.
Ira Lubert added: “I am excited to have Bally's as our partner to complement our vision, industry experience and financing capabilities.
“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.”