Bally's Corporation announced that it has signed a framework agreement with Ira Lubert to jointly design, develop, construct and manage a Category 4 licensed casino. The Pennsylvania Gaming Control Board recently awarded Lubert the right to apply for a Category 4 slot machine license for a casino to be located within a 15-mile radius of Unionville Borough, Centre County, Pennsylvania. Construction of the casino is expected to begin the first half of 2021 and will take approximately one year to complete. Subject to receipt of all applicable regulatory approvals, it will house up to 750 slot machines and 30 table games. The casino will also provide, subject to receipt of separate licenses and certificates, retail sports betting, online sports betting and online gaming. Bally's estimates the total cost of the project, including construction, licensing and sports betting/iGaming operations, to be approximately $120 million. Bally's will acquire a majority equity interest in the partnership, including 100% of the economic interests of all retail sports betting, online sports betting and iGaming activities associated with the project. The transaction is subject to receipt of required regulatory approvals, operating certificates and other customary closing conditions. Jones Day is advising Bally's Corporation in its $120 million joint venture with Ira Lubert to jointly design, develop, construct and manage a Category 4 licensed casino to be located within a 15-mile radius of Unionville Borough, Centre County, Pennsylvania, and majority equity interest in the partnership, including 100% of the economic interests of all retail sports betting, online sports betting, and iGaming activities associated with the project.