Saratoga Casino Holdings to ‘develop and manage’ mini-casino in Pennsylvania following Bally’s exit
SC Gaming, formed by real estate developer Ira Lubert, has found a new partner in Saratoga Casino Holdings to ‘develop and manage’ a Category 4 mini-casino at the Nittany Mall, in State College, Pennsylvania, which remains subject to all regulatory approvals.
Saratoga Casino Holdings and SC Gaming have signed a framework agreement for the casino with the former replacing Bally’s as SC’s partner in the project with Bally’s saying it would be focusing on ‘other priorities,’ including its $1.7bn Chicago casino.
Construction of the casino is already underway and is expected to take approximately one year to complete. Subject to all regulatory approvals, the casino will include up to 750 slot machines, 30 table games, a full-service restaurant, and several quick-serve dining options.
The total cost of the project is estimated at $120m, and upon completion of the transaction, Saratoga Casino Holdings will acquire a majority interest in the property.
“We are excited to partner with SC Gaming and expand our footprint into the competitive Pennsylvania gaming market,” said Sam Gerrity, CEO of Saratoga Casino Holdings. “This collaboration will allow us to leverage each of our strengths and deliver an unparalleled experience to our customers.”
“After years of delays, we’re overjoyed to be finally moving into active construction,” said Eric Pearson, CEO of SC Gaming. “After an intensive and expansive evaluation process, we’ve found the right partner with Saratoga, who shares our core values and a strong focus on guest experience. The pending partnership will help us build a casino the community can be proud of.”
Pearson, who has headed up the project since its inception, will continue with his role overseeing the development and operations of the planned casino. Saratoga is a family-owned racing and gaming company based in New Yory who runs the Saratoga Casino Hotel in New York’s Saratoga Springs, Saratoga Casino Black Hawk in Colorado, and Magnolia Bluffs Casino Hotel along the Mississippi River in Natchez. It is also part of a consortium looking to develop a casino entertainment complex in Coney Island in partnership with Thor Equities, the Chickasaw Nation, and Legends Hospitality.
