• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

PRESSLED

Your Leading News Source

PRESSLED
Your Leading News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • US
  • Meet the Reporters
  • About/Contact

Bally’s Corporation Issues Statement Regarding Richmond’s Casino Resort Decision

May 14, 2021 by Staff Reporter

PROVIDENCE, R.I., April 21, 2021 /PRNewswire/ — Bally’s Corporation (NYSE: BALY), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today issued the following statement regarding the City of Richmond’s decision to remove Bally’s Richmond Casino Resort from its casino selection process.

George Papanier, President and Chief Executive Officer of Bally’s Corporation, said, “We are the best operator to partner with the City on this endeavor and provided the largest financial package with the most economic benefit to RVA residents and business owners. We were deeply committed to this project, as well as to becoming a responsible neighbor and member of the Richmond community. Should the City reconsider its decision, we would be pleased to reengage.”

With a total value of $650 million, including an upfront, unrestricted $100 million payment to the City, along with $28–$30 million in annual tax payments, Bally’s Richmond offered the largest financial package of the remaining finalists. Bally’s Richmond was estimated to attract approximately 3.7 million visitors annually, generating $415 million in annual total gross revenue, $5.3 billion in economic value over 10 years as well as creating over 2,000 full-time equivalent jobs.

Papanier continued, “Though we stand by the fact that our bid was objectively the strongest, we respect the City’s decision, and look forward to providing our best-in-class online sports betting platform to sports fans across the State of Virginia under our recently awarded temporary sports wagering permit.”

About Bally’s Corporation

Bally’s Corporation currently owns and manages 12 casinos across eight states, a horse racetrack and 13 authorized OTB licenses in Colorado. With more than 6,000 employees, the Company’s operations include 13,308 slot machines, 460 game tables and 3,342 hotel rooms. Following the completion of pending acquisitions, which include Tropicana Evansville (Evansville, IN) and Jumer’s Casino & Hotel (Rock Island, IL), as well as the construction of a land-based casino near the Nittany Mall in State College, PA, Bally’s will own and manage 15 casinos across 11 states. Bally’s also maintains a multi-year market access partnership with Elite Casino Resorts through which it will provide mobile sports betting in Iowa. The Company also maintains a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia. Its shares trade on the New York Stock Exchange under the ticker symbol “BALY”.

Cautionary Note Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about Bally’s plans, objectives, expectations and intentions.

Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally’s current expectations and assumptions. Although Bally’s believes that its expectations and assumptions are reasonable at this time, they should not be regarded as representations that Bally’s expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this document and Bally’s does not undertake to update or revise them as more information becomes available, except as required by law.

Important factors beyond those that apply to most businesses, some of which are beyond Bally’s control, that could cause actual results to differ materially from our expectations and assumptions include, without limitation:

  • uncertainties surrounding the COVID-19 pandemic, including limitations on Bally’s operations, increased costs, changes in customer attitudes, impact on Bally’s employees and the ongoing impact of COVID-19 on general economic conditions;
  • unexpected costs, difficulties integrating and other events impacting Bally’s recently completed and proposed acquisitions and Bally’s ability to realize anticipated benefits;
  • risks associated with Bally’s rapid growth, including those affecting customer and employee retention, integration and controls, and whether Bally’s recently announced combination with Gamesys will be completed and its timing for completion;
  • risks associated with the impact of the digitalization of gaming on Bally’s casino operations, Bally’s expansion into iGaming and sports betting and the highly competitive and rapidly changing aspects of Bally’s new interactive businesses generally;
  • the very substantial regulatory restrictions applicable to Bally’s, including costs of compliance;
  • restrictions and limitations in agreements governing Bally’s debt could significantly affect Bally’s ability to operate our business and our liquidity; and
  • other risks identified in Part I. Item 1A. “Risk Factors” of Bally’s Annual Report on Form 10–K for the fiscal year ended December 31, 2019 as filed with SEC on March 13, 2020 and other filings with the SEC.

The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses.

You should not place undue reliance on Bally’s forward-looking statements.

Investor Contact

Steve Capp
Executive Vice President and Chief Financial Officer
401-475-8564
[email protected]

Media Contact

Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
[email protected]

SOURCE Bally’s Corporation

Originally Appeared On: https://www.prnewswire.com/news-releases/ballys-corporation-issues-statement-regarding-richmonds-casino-resort-decision-301274252.html

Filed Under: BUSINESS, MONEY

Primary Sidebar

More to See

Lone Star: Texas Tech Kicker Jonathan Garibay on Dallas Cowboys ‘Opportunity’

The Dallas Cowboys have a vacancy - and just one kicker presently on the roster. And he's a familiar face to Texas Tech fans, as it's Jonathan … [Read More...] about Lone Star: Texas Tech Kicker Jonathan Garibay on Dallas Cowboys ‘Opportunity’

Pan Asia Bank appoints Naleen Edirisinghe as COO – Financial News

Pan Asia Bank recently announced the appointment of Naleen Edirisinghe as its Chief Operating Officer (COO) with effect from 26th April 2022 to take … [Read More...] about Pan Asia Bank appoints Naleen Edirisinghe as COO – Financial News

CRE funds invest billions in U.S. real estate

Multiple commercial real estate funds have poured more than $2.5 billion into the U.S. real estate market in recent weeks, Bisnow reports. These CRE … [Read More...] about CRE funds invest billions in U.S. real estate

Privacy Policy | Terms and Conditions | About/ Contact
Copyright © 2022 · PRESSLED · As Amazon Associates we earn commissions from qualifying purchases · Log in

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT