{"id":503107,"date":"2021-06-11T16:19:24","date_gmt":"2021-06-11T20:19:24","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/ballys-corporation-applauds-the-state-of-rhode-island-on-passing-the-marc-a-crisafulli-economic-development-act\/"},"modified":"2021-06-11T16:19:24","modified_gmt":"2021-06-11T20:19:24","slug":"ballys-corporation-applauds-the-state-of-rhode-island-on-passing-the-marc-a-crisafulli-economic-development-act","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ballys-corporation-applauds-the-state-of-rhode-island-on-passing-the-marc-a-crisafulli-economic-development-act\/","title":{"rendered":"Bally’s Corporation Applauds The State Of Rhode Island On Passing The Marc A. Crisafulli Economic Development Act"},"content":{"rendered":"
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Legislation Will Result In Newer VLT Machines In Rhode Island That Will Elevate The Customer Experience<\/h2>\n

The Twin River and Tiverton Casinos Will Become More Regionally Competitive, Creating Jobs and Preserving Gaming Revenue<\/h2>\n

Bally’s Significant Economic Commitment Aligns With and Advances Long-Term Growth Strategy<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n PROVIDENCE, R.I.<\/span>, June 11, 2021<\/span> \/PRNewswire\/ —\u00a0Bally’s Corporation (NYSE: BALY), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today welcomed the State of Rhode Island’s<\/span> (“Rhode Island<\/span>“) passage of 2021-H 5223A and 2021-S 0040A. The legislation extends an initial agreement entered into earlier this year between Rhode Island<\/span>, Bally’s<\/span> and International Game Technology PLC (NYSE: IGT) (“IGT”), which aims to preserve and enhance Rhode Island’s<\/span> gaming revenue — the third largest source of revenue for the State.<\/p>\n

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Known as the Marc A. Crisafulli Economic Development Act, 2021-H 5223A and 2021-S 0040A, establishes a 20-year joint venture between Bally’s<\/span> and IGT that will create a licensed video lottery terminal (“VLT”) provider to supply all gaming machines to the Rhode Island Division of Lotteries for Bally’s<\/span> Twin River Casino Hotel and Tiverton Casino Hotel. Under that joint venture, beginning July 1, 2021<\/span>, Bally’s<\/span> will be responsible for owning and leasing 23% of gaming floor machines to the Rhode Island Division of Lotteries in exchange for 7% of net terminal income. Then, starting January 1, 2023<\/span>, Bally’s<\/span> ownership stake will increase to 40%, subject to further increases based on machine efficiency.<\/p>\n

The legislation also provides for a $250 million<\/span> economic development investment plan. Under the plan,\u00a0Bally’s has committed to make numerous investments in its Rhode Island<\/span>-based properties, which will provide long-term economic benefits to Rhode Island<\/span> as well as Bally’s<\/span> stakeholders. Those investments include, among other things:<\/p>\n