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The plan to build a satellite casino near Penn State University would have been scintillating to people residing in its environs. Now, they might have to wait even longer, as a sizable wrench has been thrown into the plans. If it is any consolation, enthusiasts in the region can still get their gaming fill while accessing offshore casinos and enjoying bonuses that are of “higher value than the industry norms” (source: https://www.techopedia.com/gambling/offshore-casinos). The reason these offshore casinos are able to rival most online casinos and even brick-and-mortar casinos is because they leverage the anonymity, affordability, and security of cryptocurrency and blockchain technology.
The reason the agreement to build the casino is in deep waters is that one of the two parties that were pivotal to the successful completion of the project has pulled out. All the invested parties are wondering what this actually means for the casino. In the later hours of September 13, SC Gaming, led by its major investor and Penn State Alumnus, Ira Lupert, informed the public about their unified stance on discontinuing their relationship that has been three years in the making and lined with several litigations. While their plan to execute the project together was dead in the water, it was made clear that the $130 million deal to build a category four casino is still very much alive and would be financed by SC Gaming.
George Papanier, the president of Bally’s corporation, said, “We are grateful for the collaboration and achievements we have accomplished with SC Gaming over the past three years…However, as our strategic focus evolves, we have made the difficult decision to conclude our relationship. We extend SC Gaming our best wishes for their ongoing development efforts and for their continued success.”
This decision came as a shock to most people as it was only a couple of months ago that the court ruled in favor of the PA Gaming Control Board’s approval of the casino license after the duo was faced with a lawsuit. Following the lawsuits, the plan was to focus on planning and executing the project; as evidenced in an interview that George Papanier gave to Wall Street Analysts, he said, “Obviously, the lawsuits are behind us. We’re now focused on going through the process and obtaining the appropriate approvals … So we’re focused on that. And timing of construction probably won’t be until the first half of 2025 at this point.”
Continuing, Papanier said, “As part of that transaction, obviously, there’s a stage relative to arranging the financing for that. And so now that the court has ruled, we are now going through the whole developmental underwriting process and how we plan for that.”
From every angle, it looked like things were still very much on schedule. SC Gaming and Bally's were going to implement the framework they had agreed upon three years ago until the news that their agreement was being dissolved.
Ira Lupert, in an interview, was the least phased by these new developments. He is convinced that his track record is all the evidence people need to see that he and SC Gaming are more than capable of moving forward as planned. In an interview, he said, “As a part of the Pennsylvania Gaming Control Board’s 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’s…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. 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. 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.”
While it is still too early to call, it will take some herculean efforts for the planning and development to remain on track without outside funding. But if anybody can pull it off, it will be Ira Lupert, who has extensive experience in the gambling industry and his relentless dedication to inventing fun things to do for people living in the area. If the casino does become a reality, it will not only serve as a fun pastime, but it will also play a huge part in developing the area in which it is founded. It will serve as a source of tourism and, by extension, extra revenue for the state.
