{"id":34400,"date":"2021-01-04T08:30:00","date_gmt":"2021-01-04T08:30:00","guid":{"rendered":"https:\/\/wordpress2.hdnweb.com\/2021\/01\/04\/ballys-corporation-to-construct-and-operate-state-of-the-art-gaming-facility-in-centre-county-pa\/"},"modified":"2021-01-04T08:30:00","modified_gmt":"2021-01-04T08:30:00","slug":"ballys-corporation-to-construct-and-operate-state-of-the-art-gaming-facility-in-centre-county-pa","status":"publish","type":"post","link":"https:\/\/wordpress2.hdnweb.com\/en\/2021\/01\/04\/ballys-corporation-to-construct-and-operate-state-of-the-art-gaming-facility-in-centre-county-pa\/","title":{"rendered":"Bally&#8217;s Corporation To Construct And Operate State-of-the-Art Gaming Facility In Centre County, PA"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">PROVIDENCE, R.I.<\/span>, <span class=\"xn-chron\">Jan. 4, 2021<\/span> \/PRNewswire\/ &#8212; <span class=\"xn-location\">Bally&#8217;s<\/span> Corporation (NYSE: BALY) today announced that it has signed a framework agreement with <span class=\"xn-person\">Ira Lubert<\/span> to jointly design, develop, construct and manage a Category 4 licensed casino. The Pennsylvania Gaming Control Board recently awarded Lubert the right to apply for a Category 4 slot machine license for a casino to be located within a 15-mile radius of <span class=\"xn-location\">Unionville Borough<\/span>, <span class=\"xn-location\">Centre County, Pennsylvania<\/span>. <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n                        <a href=\"https:\/\/mma.prnewswire.com\/media\/1322583\/Bally_Logo.html\" target=\"_blank\" rel=\"nofollow\"><br \/>\n                    <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1322583\/Bally_Logo.jpg\" title=\"(PRNewsfoto\/Twin River Worldwide Holdings, Inc.)\" alt=\"(PRNewsfoto\/Twin River Worldwide Holdings, Inc.)\"\/><\/a>\n                <\/p>\n<\/p><\/div>\n<p>Construction of the casino is expected to begin the first half of 2021 and will take approximately one year to complete. Subject to receipt of all applicable regulatory approvals, it will house up to 750 slot machines and 30 table games. The casino will also provide, subject to receipt of separate licenses and certificates, retail sports betting, online sports betting and online gaming.<\/p>\n<p>&#8220;Expanding our rapidly growing, national footprint into the attractive <span class=\"xn-location\">Pennsylvania<\/span> gaming market represents yet another major milestone for <span class=\"xn-location\">Bally&#8217;s<\/span> and a great way to cap off a truly extraordinary year,&#8221; said <span class=\"xn-person\">George Papanier<\/span>, President and Chief Executive Officer of <span class=\"xn-location\">Bally&#8217;s<\/span> Corporation. &#8220;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 iGaming initiatives. We look forward to combining our own proven track record of greenfield development with <span class=\"xn-person\">Ira Lubert&#8217;s<\/span> local knowledge and expertise to bring <span class=\"xn-location\">Bally&#8217;s<\/span> first-in-class gaming experience and amenities to customers and sports fans across <span class=\"xn-location\">Pennsylvania<\/span>.&#8221;<\/p>\n<p>Papanier continued, &#8220;Ira is an experienced real estate developer with significant ties to the greater <span class=\"xn-location\">Centre County<\/span> community and a proven track record in <span class=\"xn-location\">Pennsylvania<\/span> gaming. We look forward to working with Ira, not only to build and develop the facility, but to contribute to the surrounding community.&#8221;<\/p>\n<p><span class=\"xn-location\">Bally&#8217;s<\/span> estimates the total cost of the project, including construction, licensing and sports betting\/iGaming operations, to be approximately <span class=\"xn-money\">$120 million<\/span>. <span class=\"xn-location\">Bally&#8217;s<\/span> will acquire a majority equity interest in the partnership, including 100% of the economic interests of all retail sports betting, online sports betting and iGaming activities associated with the project. <\/p>\n<p><span class=\"xn-person\">Ira Lubert<\/span> said, &#8220;I am excited to have <span class=\"xn-location\">Bally&#8217;s<\/span> 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.&#8221;<\/p>\n<p>The transaction is subject to receipt of required regulatory approvals, operating certificates and other customary closing conditions.<\/p>\n<p><b>Advisors<\/b><\/p>\n<p><span class=\"xn-person\">Jones Day<\/span> acted as legal counsel and Innovation Capital, LLC acted as financial advisor to <span class=\"xn-location\">Bally&#8217;s<\/span>, and DLA Piper acted as legal counsel to Lubert, on the transaction. <\/p>\n<p><b>About <span class=\"xn-location\">Bally&#8217;s<\/span> Corporation<\/b><\/p>\n<p><span class=\"xn-location\">Bally&#8217;s<\/span> Corporation currently owns and manages 11 casinos across seven states, a horse racetrack, and 13 authorized OTB licenses in <span class=\"xn-location\">Colorado<\/span>. With more than 5,900 employees, the Company&#8217;s operations include 13,260 slot machines, 459 game tables and 2,941 hotel rooms. Properties include Twin River Casino Hotel (<span class=\"xn-location\">Lincoln, RI<\/span>), Tiverton Casino Hotel (<span class=\"xn-location\">Tiverton, RI<\/span>), Hard Rock Hotel &amp; Casino (<span class=\"xn-location\">Biloxi, MS<\/span>), Casino Vicksburg (<span class=\"xn-location\">Vicksburg, MS<\/span>), Dover Downs Hotel &amp; Casino (<span class=\"xn-location\">Dover, DE<\/span>), <span class=\"xn-location\">Bally&#8217;s<\/span> <span class=\"xn-location\">Atlantic City<\/span> (<span class=\"xn-location\">Atlantic City, NJ<\/span>), Eldorado Resort Casino Shreveport (<span class=\"xn-location\">Shreveport, LA<\/span>), Casino KC (<span class=\"xn-location\">Kansas City, MO<\/span>), <span class=\"xn-person\">Golden Gates Casino<\/span> (<span class=\"xn-location\">Black Hawk, CO<\/span>), Golden Gulch Casino (<span class=\"xn-location\">Black Hawk, CO<\/span>), <span class=\"xn-person\">Mardi Gras Casino<\/span> (<span class=\"xn-location\">Black Hawk, CO<\/span>), and Arapahoe Park racetrack (<span class=\"xn-location\">Aurora, CO<\/span>). Following the completion of pending acquisitions, which include Tropicana Evansville (<span class=\"xn-location\">Evansville, IN<\/span>), Jumer&#8217;s Casino &amp; Hotel (<span class=\"xn-location\">Rock Island, IL<\/span>), and MontBleu Resort Casino &amp; Spa (<span class=\"xn-location\">Lake Tahoe, NV<\/span>), as well as the construction of a land-based casino near the Nittany Mall in <span class=\"xn-location\">State College, PA<\/span>, <span class=\"xn-location\">Bally&#8217;s<\/span> will own and manage 15 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol &#8220;BALY.&#8221;<\/p>\n<p><b>About <span class=\"xn-person\">Ira Lubert<\/span><\/b><\/p>\n<p>Lubert is a well-known real estate and private equity investor, whose projects include a minority founding investment in Rivers Casino Pittsburgh and the development of the Valley Forge Casino Resort near <span class=\"xn-location\">Philadelphia<\/span>, PA.\u00a0 <\/p>\n<p><b>Forward Looking Statements <\/b><\/p>\n<p><i>This communication contains &#8220;forward-looking&#8221; statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements, other than historical facts, including future financial and operating results and <span class=\"xn-location\">Bally&#8217;s<\/span> Corporation&#8217;s (&#8220;<span class=\"xn-location\">Bally&#8217;s<\/span>&#8220;) plans, objectives, expectations and intentions, legal, economic and regulatory conditions and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements are sometimes identified by words like &#8220;may,&#8221; &#8220;will,&#8221; &#8220;should,&#8221; &#8220;potential,&#8221; &#8220;intend,&#8221; &#8220;expect,&#8221; &#8220;endeavor,&#8221; &#8220;seek,&#8221; &#8220;anticipate,&#8221; &#8220;estimate,&#8221; &#8220;overestimate,&#8221; &#8220;underestimate,&#8221; &#8220;believe,&#8221; &#8220;could,&#8221; &#8220;project,&#8221; &#8220;predict,&#8221; &#8220;continue,&#8221; &#8220;target&#8221; or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) uncertainty surrounding the ongoing COVID-19 pandemic, including uncertainty regarding its extent, duration and impact, the resulting closure of <span class=\"xn-location\">Bally&#8217;s<\/span> properties (all of which have re-opened at some limited level of capacity) and the risk that the ongoing COVID-19 pandemic may require <span class=\"xn-location\">Bally&#8217;s<\/span> properties to close again for an indeterminable period of time; (2) the time it will take <span class=\"xn-location\">Bally&#8217;s<\/span> to return its facilities to full capacity and the restrictions applicable to its facilities until then; (3) the costs to comply with any mandated health requirements associated with the virus; (4) customer responses as <span class=\"xn-location\">Bally&#8217;s<\/span> facilities continue to operate under various restrictions including the time it takes customers to return to the facilities and the frequency with which they visit <span class=\"xn-location\">Bally&#8217;s<\/span> facilities; (5) the economic uncertainty and challenges in the economy resulting from the ongoing COVID-19 pandemic, including the resulting reduced levels of discretionary consumer spending; (6) challenges <span class=\"xn-location\">Bally&#8217;s<\/span> may face in bringing employees back to work upon re-opening of its facilities; (7) unexpected costs, charges or expenses resulting from recently completed and proposed acquisitions or development projects; (8) uncertainty as to whether <span class=\"xn-location\">Bally&#8217;s<\/span> will be able to realize the anticipated benefits of its acquisitions; (9) risks associated with borrowings to fund <span class=\"xn-location\">Bally&#8217;s<\/span> recently completed and proposed acquisitions, and the need to amend our bank credit facility for the effects of COVID-19 when the current waiver of financial covenants expires next year; and (10) other risk factors as detailed under Part I. Item 1A. &#8220;Risk Factors&#8221; of <span class=\"xn-location\">Bally&#8217;s<\/span> Annual Report on Form 10-K for the fiscal year ended <span class=\"xn-chron\">December 31, 2019<\/span> as filed with the Securities and Exchange Commission on <span class=\"xn-chron\">March 13, 2020<\/span> and <span class=\"xn-location\">Bally&#8217;s<\/span> Quarterly Report on Form 10-Q for the fiscal quarter ended <span class=\"xn-chron\">September 30, 2020<\/span> as filed with the Securities and Exchange Commission on <span class=\"xn-chron\">November 6, 2020<\/span>. The foregoing list of important factors is not exclusive.<\/i><\/p>\n<p><i>Any forward-looking statements speak only as of the date of this communication. <span class=\"xn-location\">Bally&#8217;s<\/span> does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.<\/i><\/p>\n<p><b>Investor Contact<\/b><\/p>\n<p><span class=\"xn-person\">Steve Capp<\/span> <br \/>Executive Vice President and Chief Financial Officer <br \/>401-475-8564 <br \/><a target=\"_blank\" href=\"mailto:InvestorRelations@twinriver.com\" rel=\"nofollow\">InvestorRelations@twinriver.com<\/a> <\/p>\n<p><b>Media Contact<\/b><\/p>\n<p><span class=\"xn-person\">Richard Goldman<\/span> \/ <span class=\"xn-person\">David Gill<\/span><br \/>Kekst CNC<br \/>646-847-6102 \/ 917-842-5384<br \/><a target=\"_blank\" href=\"mailto:BallysMediaInquiries@kekstcnc.com\" rel=\"nofollow\">BallysMediaInquiries@kekstcnc.com<\/a><\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\">\n<\/div>\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY36160&amp;sd=2021-01-04\"\/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/ballys-corporation-to-construct-and-operate-state-of-the-art-gaming-facility-in-centre-county-pa-301200056.html\">http:\/\/www.prnewswire.com\/news-releases\/ballys-corporation-to-construct-and-operate-state-of-the-art-gaming-facility-in-centre-county-pa-301200056.html<\/a><\/p>\n<p>SOURCE  <span class=\"xn-location\">Bally&#8217;s<\/span> Corporation<\/p>\n<\/div>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY36160&amp;Transmission_Id=202101040830PR_NEWS_USPR_____NY36160&amp;DateId=20210104\" style=\"border:0px; width:1px; height:1px;\"\/> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">PROVIDENCE, R.I.<\/span>, <span class=\"xn-chron\">Jan. 4, 2021<\/span> \/PRNewswire\/ &#8212; <span class=\"xn-location\">Bally&#8217;s<\/span> Corporation (NYSE: BALY) today announced that it has signed a framework agreement with <span class=\"xn-person\">Ira Lubert<\/span> to jointly design, develop, construct and manage a Category 4 licensed casino. The Pennsylvania Gaming Control Board recently awarded Lubert the right to apply for a Category 4 slot machine license for a casino to be located within a 15-mile radius of <span class=\"xn-location\">Unionville&#8230;<\/p>\n","protected":false},"author":1,"featured_media":34401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-34400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marco-carvajal"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bally&#039;s Corporation To Construct And Operate State-of-the-Art Gaming Facility In Centre County, PA - Multisitio 2<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wordpress2.hdnweb.com\/en\/2021\/01\/04\/ballys-corporation-to-construct-and-operate-state-of-the-art-gaming-facility-in-centre-county-pa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally&#039;s Corporation To Construct And Operate State-of-the-Art Gaming Facility In Centre County, PA - Multisitio 2\" \/>\n<meta property=\"og:description\" content=\"PROVIDENCE, R.I., Jan. 4, 2021 \/PRNewswire\/ -- Bally&#039;s Corporation (NYSE: BALY) today announced that it has signed a framework agreement with Ira Lubert to jointly design, develop, construct and manage a Category 4 licensed casino. 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