Clicky

Pennsylvania Successfully Auctions One More Mini-Casino License - PennsylvaniaCasinos.com News : PennsylvaniaCasinos.com News
bid
Published on
Update on
Author

Last year, the Keystone made an attempt to auction a license for a mini-casino or satellite casino with the minimum bidding amount set at $7.5 million. This particular auction was a flop since there was no show of interest and subsequently no bids. As such, the mini-casino license auction process was put on the shelves, that is, until this week.

On Wednesday, September 2, the Pennsylvania Gambling Control Board (PGCB) opened the bidding process for a license to operate a Category 4 satellite gaming outlet. This time, thankfully, the auction some interest despite initial speculations that it would be just as bad as it was in the previous event. These were mostly being based on the fact that the overall business climate has been greatly impacted by the pandemic. Moreover, even the existing mini-casinos license holders are yet to open their facilities. Fortunately, construction is already going on in some of the sites.

Now, the latest auction attracted rather unusual interest, so to speak. Ira M. Lubert, a renowned Philadelphia investor, bid for the license. His bid which was in excess of $10 million – $10,000,101 to be precise – was the winning bid. He managed to outbid an unidentified offer that was also submitted during the Wednesday auction.

Lubert’s eligibility to bid for the mini-casino licenses was based on the fact that he is currently a partner in Rivers Casino Pittsburgh thanks to his ownership interest in Holdings Acquisitions Co. LP.  The investor was also being part of the ownership group of Valley Forge -based Casino Resort. Currently, he serves as the chairman and co-founder of Philadelphia-based real estate investment firm Lubert-Adler.

The Location

While Lubert has not officially commented on the mini-casino license option, there is a decent amount of information on potential locations for the Category 4 satellite casino. The investor selected a center point fixed on Unionville, Centre County. A 15-mile radius has been reserved around that spot but to make it official, Mr. Lubert will need to submit an application for a mini-casino license in the reserved zone within the next six months.

One of the locations that could host the mini-casino is Nittany Mall which is located just outside Penn State’s flagship campus. These speculations arise from a recent move made by the investor with regards to signing some paperwork on behalf of Nittany Gaming LLC. The paperwork is for an option to lease a former department store located in the Mall.

Now, this is possibly the last Category 4 satellite casino license auction in the state. According to Gaming Control Board spokesperson Doug Harbach, no more auctions will be held “unless there is legislative change.”

Latest Headlines

Online Gambling and Credit Card Debt Amid Pennsylvania’s Growth Streak

Pennsylvania State Senator Wayne Fontana (D-Allegheny) is advocating for stricter regulations on online gambling payment options, citing concerns about rising credit card debt among players. Now that online gaming and sports betting have joined Pennsylvania’s traditional brick-and-mortar casinos as part of the state’s gaming expansion, Fontana is spearheading a legislative effort to revise the regulations […]

Supremeland Makes US Market Debut with Pennsylvania License

The Pennsylvania Gaming Control Board (PGCB) has granted an interim license to Supremeland, a prominent gaming provider, allowing it to join the US market for the first time. This interim license is a common step in obtaining a license in the lucrative Keystone State gaming market. Supremeland joins the ranks of other successful applicants who […]

Pennsylvania Shatters Records with $5.7 Billion in 2023 Gambling Revenue

The Pennsylvania Gaming Control Board announced a record-breaking $5.7 billion in revenue for the state of Pennsylvania in 2023, marking an important milestone for the gaming sector in the Keystone State. The astounding figure represents a substantial increase of 9.3 percent from the prior year and is complemented by a record-breaking tax income of 2.34 […]

Pennsylvania’s Unexpected November Revenue Trends

Data from the Pennsylvania Gaming Control Board shows that in December 2023, the state’s gaming income took a surprising nosedive, mostly due to decreased sports betting operations. Despite a general upward trend in gaming income over the preceding several months and even years, the sector suffered its first year-over-year loss since February 2021 in November, […]

PA Sports Betting Posts Record-Breaking Performance in October

October saw a staggering increase in Pennsylvania’s sports betting handle, reaching an amazing $829.0 million. This mind-boggling sum was a notable 4.0% rise from the prior peak of $797.1 million, boosting the industry to an all-time high. A substantial 18.8% year-on-year gain in sports betting income, reaching $48.2 million, was propelled by the recent spike […]

Similar Stories in Gambling

Online Gambling and Credit Card Debt Amid Pennsylvania’s Growth Streak

Pennsylvania State Senator Wayne Fontana (D-Allegheny) is advocating for stricter regulations on online gambling payment options, citing concerns about rising credit card debt among players. Now that online gaming and sports betting have joined Pennsylvania’s traditional brick-and-mortar casinos as part of the state’s gaming expansion, Fontana is spearheading a legislative effort to revise the regulations […]

Supremeland Makes US Market Debut with Pennsylvania License

The Pennsylvania Gaming Control Board (PGCB) has granted an interim license to Supremeland, a prominent gaming provider, allowing it to join the US market for the first time. This interim license is a common step in obtaining a license in the lucrative Keystone State gaming market. Supremeland joins the ranks of other successful applicants who […]

Pennsylvania Shatters Records with $5.7 Billion in 2023 Gambling Revenue

The Pennsylvania Gaming Control Board announced a record-breaking $5.7 billion in revenue for the state of Pennsylvania in 2023, marking an important milestone for the gaming sector in the Keystone State. The astounding figure represents a substantial increase of 9.3 percent from the prior year and is complemented by a record-breaking tax income of 2.34 […]

Pennsylvania’s Unexpected November Revenue Trends

Data from the Pennsylvania Gaming Control Board shows that in December 2023, the state’s gaming income took a surprising nosedive, mostly due to decreased sports betting operations. Despite a general upward trend in gaming income over the preceding several months and even years, the sector suffered its first year-over-year loss since February 2021 in November, […]