{"id":3257,"date":"2024-09-13T22:37:50","date_gmt":"2024-09-13T22:37:50","guid":{"rendered":"http:\/\/restaurace-pohoda.eu\/?p=3257"},"modified":"2024-09-19T13:40:49","modified_gmt":"2024-09-19T13:40:49","slug":"ballys-wont-participate-in-casino-near-penn-state-campus","status":"publish","type":"post","link":"http:\/\/restaurace-pohoda.eu\/index.php\/2024\/09\/13\/ballys-wont-participate-in-casino-near-penn-state-campus\/","title":{"rendered":"Bally\u2019s Won\u2019t Participate in Casino Near Penn State Campus"},"content":{"rendered":"

Bally\u2019s and SC Gaming announced today that their agreement to open and operate a Category 4 satellite casino near Penn State University at the Nittany Mall has been terminated, but the project will move forward and remains on track to open in the first half of 2026.<\/p>\n

\"Bally's
The Nittany Mall in State College, Pa. Bally\u2019s will no longer be part of a casino project there. (Image: Mason Asset Management)<\/figcaption><\/figure>\n

The decision arrived three years after the two companies struck an accord<\/a> to develop a \u201cmini casino\u201d in what was previously a Macy\u2019s department store at the Nittany Mall \u2014 a shopping venue located just five miles from Penn State\u2019s campus. Bally\u2019s wasn\u2019t eligible to bid on the license when the auction was held four years ago, but Ira Lubert \u2014 the sole owner of SC Gaming \u2014 was eligible due to his stake in Rivers Casino Pittsburgh. He was the winning bidder and later partnered with Bally\u2019s, agreeing that the gaming venue would bear the regional casino operator\u2019s brand.<\/p>\n

Amid Bally\u2019s shifting corporate priorities, the agreement was scuttled and Lubert is making clear to state regulators that he has the financial resources to advance the project on his own<\/strong>.<\/p>\n

\n

As a part of the Pennsylvania Gaming Control Board\u2019s 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\u2019s,\u201d he said in a statement.<\/p>\n<\/blockquote>\n

Lubert developed the Valley Forge Casino Resort during the global financial crisis and has a 3% stake<\/a> in Rivers Pittsburgh.<\/p>\n

A Lot\u2019s Changed for Bally\u2019s in Three Years<\/h2>\n

When\u00a0 Bally\u2019s and SC Gaming decided to team up on the Pennsylvania mini casino three years ago, the project was inline with the casino operator\u2019s prior ventures. Since then, however, Bally\u2019s rapidly became more ambitious, targeting larger, more expensive developments in bigger cities.<\/p>\n

\n

The shift in Bally\u2019s land-based casino priorities includes development of a permanent gaming venue<\/a> in Chicago, which will be the operator\u2019s highest-priced project to date. Additionally, the gaming company is pursuing a license in the New York City area and still holds the operating rights for Tropicana Las Vegas<\/a>.<\/p>\n<\/div>\n

While the future of the Tropicana site is in flux and there are no assurances that Bally\u2019s will procure a downstate permit in New York, the Chicago venture alone requires significant attention from the gaming company, indicating shedding of smaller projects, such as the Pennsylvania mini casino, could be prudent at this time.<\/p>\n

Additionally, in July, Bally\u2019s agreed to be acquired<\/a> by Standard General \u2014 the hedge fund that is the gaming company\u2019s largest shareholder. Such a transaction wasn\u2019t on the table three years ago when the operator agreed to work with SC Gaming on the Nittany Mall casino.<\/p>\n

Bally\u2019s Has New Vision<\/h2>\n

Prior to Bally\u2019s accepting the Standard General takeover offer, some shareholders criticized<\/a> the company for becoming financially strained and placing too much emphasis on expensive projects in Chicago, Las Vegas, and New York. Some investors argued that some or all of those projects should be abandoned in the name of cost savings.<\/p>\n

Some cost efficiencies are likely to be realized by dropping out of the Pennsylvania mini casino partnership, but Bally\u2019s didn\u2019t quantify that. With Chairman Soo Kim, the founder of Standard General, likely to take on a larger day-to-day role in Bally\u2019s operations, it\u2019s possible more cost-cutting moves will take place, but that remains to be seen. It is, however, clear that the Nittany Mall casino didn\u2019t fit with Bally\u2019s new vision for its future.<\/p>\n

\u201cThe termination of the framework agreement aligns with Bally\u2019s long-term strategic goals and allows the company to allocate resources towards other priorities. Bally\u2019s remains confident in its ability to adapt and thrive in the ever-changing market,\u201d said the company in the press release.<\/strong><\/p>\n

The post Bally\u2019s Won\u2019t Participate in Casino Near Penn State Campus<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s and SC Gaming announced today that their agreement to open and operate a Category 4 satellite casino near Penn State University at the Nittany Mall has been terminated, but the project will move forward and remains on track to open in the first half of 2026. The Nittany Mall in State College, Pa. Bally\u2019s…<\/p>\n","protected":false},"author":1,"featured_media":3259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17],"tags":[],"_links":{"self":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3257"}],"collection":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/comments?post=3257"}],"version-history":[{"count":2,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3257\/revisions"}],"predecessor-version":[{"id":3260,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/posts\/3257\/revisions\/3260"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media\/3259"}],"wp:attachment":[{"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/media?parent=3257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/categories?post=3257"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/restaurace-pohoda.eu\/index.php\/wp-json\/wp\/v2\/tags?post=3257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}