NBA Legend Charles Barkley Announces Personal News

While Barkley is long retired from the NBA and is now working as an analyst for ESPN's "Inside the NBA," it's clear that Philly and the state of Pennsylvania will always be special to him. In fact, Barkley's latest venture outside of basketball involves the state.

Charles Barkley Makes Business Move in Philadelphia

On Tuesday, Barkley announced that he is opening a steakhouse and cigar lounge at King of Prussia, in partnership with the Valley Forge Casino Resort.

"The Philadelphia area has always felt like home to me, and I'm thrilled to bring something new to a community that's played such a big part in my life," Barkley said in a statement about the new venture.

Barkley added that he and Valley Forge Casino Resort are "creating a spot that’s fun, comfortable and full of personality," adding that he wants it to be the "kind of place where people can unwind, share a great meal and feel that same energy and connection that make this community so special."

In order to add that personal touch from Barkley, the steakhouse and cigar lounge will feature memorabilia and other personal items from the NBA icon reflecting his legendary basketball career. The establishment will also have "design elements that celebrate his unmistakable character and deep ties to the Philadelphia area."

Barkley's liquor brand, Redmont Distilling Co., will also be featured heavily in the new steakhouse.

It has yet to be revealed when Barkley's new steakhouse will open and what it will be named. According to the Philadelphia Business Journal, the development of the steakhouse is part of the renovation at Valley Forge Casino Resort, which also includes hotel room upgrades, gaming floor redesigns and a new dining concept.

Charles Barkley's Net Worth, Career Earnings and More

Barkley earned just a little over $40 million from his NBA contracts during his playing career. Now, according to reports, his net worth is approximately $90 million.

The 62-year-old basketball great has several endorsement deals with brands such as Capital One, Coca-Cola, McDonald’s, Nike and T-Mobile, among many others. He's also a celebrity ambassador for healthcare company Ro.

Aside from his liquor brand, Barkley owns a media company called Round Mound Media.

Clearly, with his upcoming steakhouse, Barkley continues to expand and diversify his business empire. The move in Philly is also a nice touch, which should only strengthen his connection to the area.