Developers of the Centre County mini-casino planned at Nittany Mall are counting on more than $100 million in annual revenue from the gaming operation after investing $79.5 million upfront.
Those financial figures are included in a formal application submitted March 1 to the Pennsylvania Gaming Control Board by SC Gaming OpCo LLC. That company is headed by Philadelphia businessman/investor Ira Lubert. His $10 million bid at a gaming board auction Sept. 2 entitled him to develop Pennsylvania’s fifth mini-casino at a location close to the campus of Penn State University, where he is a longtime trustee and financial contributor.
The gaming board posted portions of the application on its website Tuesday, with various financial and personal details blacked out as “confidential.” The application stated SC Gaming OpCo LLC, with Lubert as president and full owner, was newly formed under Delaware law Nov. 5 for purposes of operating the casino.
Information posted last month on the website of College Township, where the mall is located, previously confirmed the former Macy’s site there would contain what the state defines as a Category 4 casino. The smaller-than-customary casinos can have up to 750 slot machines and 30 to 40 table games, plus a sportsbook and dining/entertainment facilities.