PA gives Lubert group Valley Forge slots gambling license
Investor Ira Lubert and his partners have won state permission to put 500 slot machines at the Valley Forge Convention Center and hotel.
"The Pennsylvania Gaming Control Board today awarded one of two available slot operator licenses for a Category 3 resort to Valley Forge Convention Center Partners, L.P.," says the state's gambling regulators in this statement.
Valley Forge is owned by investor Ira Lubert, a partner in a string of real estate and private equity firms that count the State of Pennsylvania's pension funds among their clients, and fellow investors Jonathan Lubert, Michael Heller, Ken Kochenour and Barbara Evans. List of PA casino owners here.
"The license will permit Valley Forge to operate up to 500 slot machines at its location in Montgomery County... The Valley Forge Convention Center has 488 hotel rooms on 850,000 square feet of property and is located at 1160 First Avenue in King of Prussia. Valley Forge estimates that it will produce $74 million in annualized gross terminal revenue from slot machine play by its fifth year five of operation.