While construction for the Nittany Mall Casino near Penn State’s campus is underway, there could be a new majority owner in the not-too-distant-future. Ira Lubert, the owner of SC Gaming, agreed to a deal with Saratoga Casino Holdings to develop and manage the new property.
The new deal includes a transfer of ownership, which includes Saratoga Casino Holdings owning 60% of SC Gaming, pending regulatory approval, which could take months, according to the Pennsylvania Gaming Control Board (PGCB).
Until that happens, SC Gaming remains sole decision maker in the process. PGCB Communications Director, Doug Harbach, told PlayPennsylvania on Thursday that the corporate restructuring has been requested. The PGCB’s Office of Enforcement Counsel will respond at a hearing in a public meeting. Harbach provided the rest of the steps before the transformation is complete:
That would be a conditional approval, conditioned on successful licensure of the new entities and individuals who would be subject to licensure after a full background investigation.
Those investigations can take a number of months. Should both of those things happen, the parties could settle on the business transaction.
SC Gaming to have new leadership on project
Lubert has been the face of SC Gaming since the PGCB correctly awarded his winning bid of more than $10 million back in September 2020. Despite the change in ownership, Lubert will own 28.33% of SC Gaming.
In the restructuring document obtained by PlayPennsylvania, Eric Pearson, a licensed principal, will lead the development of the casino as the CEO and General Manager. Pearson confirmed the project has started construction. He said in a statement:
After years of delays, we’re overjoyed to be finally moving into active construction.
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.
Saratoga Casino Holdings owns a property in New York. It is obviously eying expansion into the Keystone State. Sam Gerrity, CEO of Saratoga Casino Holdings, said:
We are excited to partner with SC Gaming and expand our footprint into the competitive Pennsylvania gaming market.
This collaboration will allow us to leverage each of our strengths and deliver an unparalleled experience to our customers.
The casino is slated to open in early 2026 with 750 slot machines and 30 table games. In addition, restaurants and quick dining options will be available.
Saratoga Casino Holdings to replace Bally’s
Lubert and SC Gaming had been in lockstep with Bally’s as its partner to open the Nittany Casino. However, the association ended in September, with Lubert remaining focused on the property opening on time. He said:
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.
Lubert has a proven track record in the Pennsylvania market. He helped develop Valley Forge Casino during the 2008 financial crisis, in which he cited to the PGCB to continue the project without Bally’s.
In addition to the gambling market, Lubert is a mainstay in the Penn State community. As a 1973 graduate of from the institution, Lubert, and his wife, Pam Estadt, donated $10 million to build a new welcome center at Beaver Stadium in Happy Valley.
Despite Lubert taking a step back on the Nittany Casino, he still is credited with bringing the new facility to light.
