DLA Piper advises investor Ira Lubert in agreement with Bally’s Corporation to construct and manage Pennsylvania casino
DLA Piper represented private equity investor Ira Lubert in a US$120 million agreement with Bally’s Corporation to jointly design, develop, construct and manage a Category 4 licensed casino in Pennsylvania.
Construction of the casino is expected to begin during 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.
“We were pleased to bring our extensive experience advising on investments in the gaming space, as well as our deep understanding of the media, sport and entertainment sector, to assist with this agreement to build and develop a successful gaming and sports betting facility,” said Timothy Lowry, the DLA Piper partner who led the firm’s deal team.
In addition to Lowry (New York/Atlantic City), the DLA Piper team representing Lubert included partner Richard Rubano (New York) and associates Ian Boardman (Los Angeles) and Mike Peacock (Atlantic City).
DLA Piper's market-leading international team of media, sport and entertainment lawyers, located throughout the Americas, Asia Pacific, Europe, Africa and the Middle East, advise firm clients on innovative finance, investment, M&A and corporate matters across media sectors, including in the music, film, TV and new media spaces as well as on the resolution of disputes.