Bally’s Corporation Announces Plan For Richmond Residents To Participate In Equity Ownership Of Bally’s Richmond Casino Resort
PROVIDENCE, R.I., April 16, 2021 /PRNewswire/ -- Bally’s Corporation (NYSE: BALY), the developer and operator of the proposed $650 million “Bally’s Richmond Casino Resort,” and finalist in the City’s casino selection process, today announced that it will provide the opportunity for all Richmond residents to purchase an equity interest in, and become partial owners of, Bally’s Richmond. David Walton, a Richmond-based serial entrepreneur, most known for founding the Black Pages of America, will be partnering with Bally’s to roll out the program and will be providing assistance to generate awareness of this crowdfunding round.
Michael Monty, Senior Project Manager of the Bally’s Richmond, commented, “During our recent engagements with the RVA community, we had the fortunate opportunity to inform thousands of Richmonders about Bally’s Richmond. Once Richmonders better understood the proposal, many expressed interest in becoming a part of it. By allowing Richmond residents to own a part of Bally’s Richmond, we are further demonstrating our dedication and commitment to RVA and this project. We look forward to partnering with David Walton on this program, and are excited about the opportunity for Richmonders to own a piece of Bally’s Richmond and benefit from its success as a true stakeholder.”
“Bally’s has promised that its casino proposal will be a community-focused project that places Richmond first, and the equity crowdfunding program represents one way for Bally’s to live up to that promise,” said David Walton. “The purpose of the program is to allow all Richmond residents, not just those who may be more fortunate, the opportunity to invest in Bally’s Richmond, and I look forward to working with Bally’s and supporting that effort.”
Given the success of its recent RVA community engagements, Bally’s will host the fourth part of its listening tour on Monday, April 19th, 2021 at Forest Hill Park, 4021 Forest Hill Avenue, Richmond, VA, at 1:00pm ET. Bally’s encourages Richmonders interested in providing their feedback regarding the casino selection process and the remaining proposals to participate in this event.
Additional information about the equity investment program will be forthcoming.
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, as well as 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.
(1) Bally’s Richmond is considering an offering of securities exempt from registration under the Securities Act, but has not determined a specific exemption from registration it intends to rely on for the subsequent offer and sale of the securities;
(2) No money or other consideration is being solicited, and if sent in response, will not be accepted;
(3) No offer to buy the securities can be accepted and no part of the purchase price can be received until the offering statement is filed and only through an intermediary’s platform; and
(4) A person’s indication of interest involves no obligation or commitment of any kind.
Executive Vice President and Chief Financial Officer
Richard Goldman / David Gill
646-847-6102 / 917-842-5384
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SOURCE Bally’s Corporation