Bally’s Backs Out Of Nittany Mall Casino Agreement With Ira Lubert, SC Gaming

Bally’s Corporation and SC Gaming sole owner Ira Lubert announced Friday the decision to formally terminate their contractual agreement relating to the development of a Category 4 casino in College Township, Pennsylvania.

Bally’s Corporation, SC Gaming formed their relationship three years ago via the original framework agreement

According to the news release, the decision comes after three years since the parties’ original framework agreement was negotiated. Bally’s corporate strategic priorities have shifted elsewhere, prompting the company to exercise its option to end the relationship.

Additionally, SC Gaming confirmed that the casino project will proceed as planned and there will be no impact on the project’s progress. The casino is scheduled to open during the first half of 2026.

“As a part of the Pennsylvania Gaming Control Board’s application and approval process, I demonstrated to the Board my resources and capability to independently develop and operate this casino project without reliance on a third party, including Bally’s,” said Ira Lubert.

“I have a proven track record of casino resort development in Pennsylvania, having successfully developed the Valley Forge Casino Resort during the challenging economic conditions following the 2008 financial crisis.

“We remain on track to bring this transformational development to life for Central Pennsylvania. … I wish Bally’s continued success in their exciting ventures, including major projects in Chicago and Las Vegas. ”

Company’s termination of the framework agreement aligns with its long-term strategic goals

“We are grateful for the collaboration and achievements we have accomplished with SC Gaming over the past three years,” said George Papanier, President of Bally’s Corporation.

“However, as our strategic focus evolves, we have made the difficult decision to conclude our relationship. We extend SC Gaming our best wishes for their ongoing development efforts and for their continued success.”

Furthermore, the termination of the framework agreement aligns with Bally’s long-term strategic goals. It allows the company to allocate resources towards other priorities as well. Bally’s remains confident in its ability to overcome challenges and thrive in the growing market.

Bally’s currently owns and manages 15 casinos across 10 states, a golf course in New York, and a horse racetrack in Colorado. The entertainment company also has access to OSB licenses in 18 states.

Its casino operations include approximately 15,300 slot machines, 580 table games, and 3,800 hotel rooms. Upon opening a permanent casino facility in Chicago, Bally’s will own and/or manage 15 casinos across 10 states.

The company also has rights to developable land in Las Vegas post the closure of the Tropicana. Its shares trade on the New York Stock Exchange under the ticker symbol “BALY”.