{"id":479912,"date":"2021-04-21T16:22:28","date_gmt":"2021-04-21T20:22:28","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ballys-corporation-issues-statement-regarding-richmonds-casino-resort-decision\/"},"modified":"2021-04-21T16:22:28","modified_gmt":"2021-04-21T20:22:28","slug":"ballys-corporation-issues-statement-regarding-richmonds-casino-resort-decision","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ballys-corporation-issues-statement-regarding-richmonds-casino-resort-decision\/","title":{"rendered":"Bally’s Corporation Issues Statement Regarding Richmond’s Casino Resort Decision"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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\n PROVIDENCE, R.I.<\/span>, April 21, 2021<\/span> \/PRNewswire\/ — Bally’s<\/span> 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<\/span> decision to remove Bally’s<\/span> Richmond Casino Resort from its casino selection process.<\/p>\n

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\n George Papanier<\/span>, President and Chief Executive Officer of Bally’s<\/span> 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<\/span> community. Should the City reconsider its decision, we would be pleased to reengage.”<\/p>\n

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

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<\/span> under our recently awarded temporary sports wagering permit.”<\/p>\n

\n About Bally’s<\/span> Corporation<\/b>\n <\/p>\n

\n Bally’s<\/span> Corporation currently owns and manages 12 casinos across eight states, a horse racetrack and 13 authorized OTB licenses in Colorado<\/span>. 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<\/span>) and Jumer’s Casino & Hotel (Rock Island, IL<\/span>), as well as the construction of a land-based casino near the Nittany Mall in State College, PA<\/span>, Bally’s<\/span> will own and manage 15 casinos across 11 states. Bally’s<\/span> also maintains a multi-year market access partnership with Elite Casino Resorts through which it will provide mobile sports betting in Iowa<\/span>. The Company also maintains a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia<\/span>. Its shares trade on the New York Stock Exchange under the ticker symbol “BALY”.<\/p>\n

\n Cautionary Note Regarding Forward-Looking Statements<\/b>\n <\/p>\n

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<\/span> plans, objectives, expectations and intentions.<\/p>\n

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

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