New Majority Casino Ownership: Exciting Changes at State College Casino

A significant shift in casino ownership is making headlines with the development of the State College project in Pennsylvania! Saratoga Casino Holdings is set to take over as the majority owner of the highly anticipated State College casino, marking a major change in the ownership landscape of the property currently under construction at the Nittany Mall, just a stone’s throw away from the Penn State University Park Main Campus.

On June 26, 2025, the Pennsylvania Gaming Control Board (PGCB) officially approved this ownership transfer, subject to several pending conditions, marking a major milestone for the project. The casino is expected to become a vibrant addition to the local landscape, attracting visitors and enhancing the gaming experience in the region.

Overview of the Ownership Transfer

Following a public hearing that lasted over seventy minutes, the PGCB provisionally signed off on Saratoga Casino Holdings assuming a majority stake in SC Gaming, the entity that snagged the state’s September 2020 auction for a Category 4 casino license with an impressive bid of $10,000,101.

This project was initially helmed by Ira Lubert, a distinguished Penn State alumnus and former chair of the university’s board of trustees, who was behind the winning bid through SC Gaming OpCo, LLC. Initially, Lubert partnered with Bally’s Corporation for the development and management of the so-called ‘mini-casino,’ which plans to include up to 750 slot machines and 30 live dealer table games along with a sportsbook. However, Bally’s withdrew from the venture last September to concentrate on its Chicago resort.

Strategic Partnership with Saratoga

Post Bally’s exit, Lubert declared his capability to independently orchestrate the casino’s development and subsequently announced the partnership with Saratoga Casino Holdings. The terms of this partnership entail Lubert selling a 60% majority stake in this endeavor.

Third Investment by Ira Lubert

Lubert’s strategic maneuvering within Pennsylvania’s gaming landscape is noteworthy. Being one of the most adept individuals to capitalize on the state’s gaming expansion of 2017, he has successfully navigated various ownership and casino category laws that permitted mini-casinos to sprout in the state.

• Lubert was previously part of the development team at Valley Forge Casino Resort, a Cat. 3 resort where the firm invested considerable resources to enhance gaming offerings.
• For just $5 million, they brought 500 slots to the property, previously a convention center.
• The resort was initially opened at a cost of $132.5 million, establishing a foundation for future growth in the gaming market.

The expansion permitted Cat. 3 casinos to eliminate their entry restrictions for a fee of $1 million, an incredible opportunity that significantly enhanced the property’s attractiveness for future investments.

New Ownership Structure

Lubert and SC Gaming have consistently stated they weren’t pursuing an immediate change in the casino license’s ownership. However, on June 30, 2025, they unveiled a new ownership structure incorporating a new entity, SC Gaming HoldCo, LLC—where Saratoga will retain a 60% stake, and SC Gaming, LLC, holds the remaining 40%.

This new arrangement raised minimal concerns from the PGCB, which noted that the state would benefit from a $1 million change-of-control fee while questioning why Saratoga and SC Gaming do not have plans for a physical sportsbook despite legal mobile sports betting being established in Pennsylvania.

Conclusion

The latest developments signal a bright future for the State College Casino, now under the stewardship of Saratoga Casino Holdings. With a strong focus on enhancing the gaming experience, this project is set to create excitement and opportunities within the local community.

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This partnership and subsequent operational strategies promise to extend significant benefits, including job opportunities and an engaging tourist attraction for visitors to the area.