Casino in State College now under new controlling interest from Saratoga
Saratoga Casino Holdings Takes Majority Ownership of State College Casino Project
Saratoga Casino Holdings has made a significant move in the Pennsylvania gaming industry by acquiring a majority stake in the State College casino project, specifically the Happy Valley Casino development. The acquisition was announced in July 2025, making Saratoga the principal stakeholder in the project alongside other investors.
The State College casino, named Happy Valley, has now shifted majority ownership to Saratoga Casino Holdings. This move positions Saratoga as the controlling owner and operator for the casino project in Pennsylvania's State College area. The acquisition aligns with Saratoga’s broader strategy of expanding its gaming footprint, including efforts in Pennsylvania and other states.
Ira Lubert, a Penn State alumnus and former chair of the university's board of trustees, was the initial owner of SC Gaming OpCo, LLC, the company that won the state's September 2020 auction round for a Category 4 casino license. However, he has now sold a 60% majority stake in the enterprise to Saratoga under the terms of their agreement.
The new ownership structure of the State College casino project includes SC Gaming HoldCo, LLC, with Saratoga possessing 60% of the enterprise and SC Gaming, LLC, retaining the remaining 40%. The Pennsylvania Gaming Control Board has approved the majority ownership transfer of the State College casino, subject to several conditions.
The Pennsylvania 2017 gaming expansion only allowed for the state's slots licensees and significant stakeholders to seek Cat. 4 casino privileges. Bally's Corp. initially partnered with Lubert to develop and manage the State College casino, but withdrew last September to focus on its Chicago resort. After Bally's withdrawal, Lubert chose to bring on Saratoga in a deal announced in March.
The Pennsylvania Gaming Control Board welcomed individual stakeholders in slot licenses after the bidding for satellite properties ran dry. The approval was given following a public hearing that lasted about an hour and 10 minutes.
Saratoga, a company that has never operated a slot in Pennsylvania, is now the majority owner of a Category 4 casino permit. The acquisition represents a strategic stake by Saratoga in the Pennsylvania casino market, particularly within the State College region.
The State College casino project was initially developed and managed by Bally's Corp., but they withdrew last September to focus on their Chicago resort. Saratoga Casino Holdings is now taking over the Nittany Mall project, which was initially intended to house the casino.
Other related Pennsylvania gaming industry news mentions Boyd Gaming and FanDuel’s arrangements, but they do not pertain directly to Saratoga or the State College casino project. The Pennsylvania Gaming Control Board will receive a $1 million change-of-control fee from the new ownership arrangement.
The Category 3 Valley Forge Casino Resort was purchased by Las Vegas-based Boyd Gaming for $281 million in 2018. Ira Lubert was part of the development team of one such Category 3 resort in Valley Forge Casino Resort.
With this acquisition, Saratoga Casino Holdings is poised to play a pivotal role in moving forward with the casino's development and operation in the Pennsylvania market as of mid-2025.
- Saratoga Casino Holdings is now the principal stakeholder in the Happy Valley Casino development, as they acquired a majority stake in the State College casino project.
- The Pennsylvania Gaming Control Board has approved the majority ownership transfer of the State College casino, with Saratoga possessing 60% of the enterprise.
- Ira Lubert, a Penn State alumnus, initially owned SC Gaming OpCo, LLC, the company that won the state's September 2020 auction round for a Category 4 casino license.
- The State College casino project is located in Pennsylvania's State College area, specifically at the Nittany Mall, which will now be managed by Saratoga Casino Holdings.
- The State College casino, named Happy Valley, was initially developed and managed by Bally's Corp., but they withdrew to focus on their Chicago resort, leaving the project to Saratoga Casino Holdings.
- The Pennsylvania Gaming Control Board has welcomed Saratoga as a new individual stakeholder in the state's gaming industry, following their acquisition of a Category 4 casino permit.
- Other gaming industry news mentions Boyd Gaming and FanDuel’s arrangements, but they do not pertain directly to Saratoga or the State College casino project.
- After selling a 60% majority stake in SC Gaming OpCo, LLC to Saratoga, Ira Lubert retains 40% ownership through SC Gaming, LLC.
- The Pennsylvania gaming control board will receive a $1 million change-of-control fee from the new ownership arrangement, reflecting Saratoga's strategic stake in the State College casino project and the Pennsylvania casino market.
