Updated projections on the economic impact of the planned Pennsylvania casino at Centre County reveal eye opening figures.
Among the highlights are the first year revenue projection of $91M and more than $100M one year after that. The projections also predict an annual new tax revenue of $60,000 for Centre County plus 500 permanent jobs in College Township, where the casino will operate for at least a decade.
Located At The Former Macy’s Site
The new Pennsylvania casino would be built on the former Macy’s at the Nittany Mall, which is an ideal location because of the ample free parking space on that side of the mall. Construction is expected to begin later this year, with the casino opening being targeted for next year.
As a mini-casino with a Category 4 license, the planned Pennsylvania casino is expected to have 300-750 slot machines. For an extra fee of $2.5M, the licensee can apply to add up to 30 gaming tables, with the option to add another 10 after one year of operations. Sports betting is also an option but at another additional cost of $10M in licensing fees.
$120M Mini-Casino Project
Last January, Bally’s Corporation announced that it had signed and agreement with Penn State alumnus Ira Lubert to jointly design, develop, construct, and manage a $120M mini-casino project in Centre County. Under the deal, Bally’s will acquire a major interest in the partnership, including 100% interest in retail sports betting, online sports betting, and iGaming activities.
If approved, the casino will breathe some life back to the Nittany Mall which has lost several of its top stores in recent years. Macy’s, Sears, JC Penney, and Bon-Ton have all left Centre County and right now, there is only one anchor store left in the mall-Dunham Sports. With these closures, hundreds of jobs in the area have been lost.