The right to exit
Bally’s said its decision to exercise its right to pull out of the three-year agreement was due to a shift in “corporate strategic priorities.”
The planned facility was expected to house up to 750 slot machines, 30 table games, food and drink stations, and a sportsbook.
Pearson said that the loss of its partner in the project won’t detract from the casino’s bottom line.
“The project is unchanged,” said Person.” There is no change in our timelines, our schedules, all of the work that we’ve been doing over the past 4 years to prepare for the project to start.”
SC Gaming owner Ira Lubert also said that he proved during the Pennsylvania Gaming Control Board’s license application process that he can develop the facility without the help of a partner.
“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,” Lubert said.
“With that experience, I am fully confident that this project will be a success, delivering a casino development that both College Township and the Commonwealth can take pride in,” he added. “We remain on track to bring this transformational development to life for Central Pennsylvania, and I wish Bally’s continued success in their exciting ventures, including major projects in Chicago and Las Vegas.”
Keeping busy
Bally’s exit from the casino development process does mark a complete withdrawal from the Pennsylvania market. The Bally Casino mobile app is still available for online customers and offers slot machines, jackpots, table games, and live-dealer games.
Bally’s online casino generated $183.7 million in gross gaming revenue in August, a 26.7 percent year-over-year increase. The casino app was responsible for $3.6 million of that total.
The casino company is also busy with the development of a new location in the Medinah Temple area of Chicago.
The $940 million project will include a 34-story hotel with 500 rooms, a 3,000-seat theater, a two-acre park, 3,300 slot machines, 173 table games, six restaurants, VIP areas, and a food hall.
Gaming and Leisure Properties, Inc. recently completed a $250 land purchase for the casino, signaling the next stage of the development.
Bally’s temporary facility in Chicago has already welcomed more than 1.3 million visitors and produced more than $114 million in gaming receipts during its first year of operation. The full-fledged casino is expected to generate $35 million in annual taxes.
