PROVIDENCE, R.I., Feb. 22, 2021 /PRNewswire/ -- Bally's
Corporation (NYSE: BALY), a leading U.S. omnichannel provider of
land-based gaming and interactive entertainment, today submitted a
proposal to the City of Richmond
to develop and operate the "Bally's Richmond Casino Resort," a world
class, destination resort, hotel and casino. The project, which
will span more than 1.6 million total square feet, will include a
casino, sportsbook, hotel, resort-style pool, dining and retail
outlets, and a flexible space for live entertainment and
conferences.
To ensure that the project fosters significant opportunities for
Richmond's local organizations and
minority-owned businesses, Bally's
has entered into strategic partnerships with multiple leaders of
the greater Richmond community,
including Willie Lanier, Sr. and the
Lanier Family, Darrell Green,
Founder of the Darrell Green Youth Foundation, and Warren Thompson, Founder, President and Chairman
of the Board of Thompson Hospitality Corporation. Bally's has also started discussions and begun
forming partnerships with several small business enterprises
including the Carolinas-Virginia Minority Supplier Development
Council and the Virginia Asian Chamber of Commerce, each of which
has committed their support to the proposed project.
Bally's has proposed
construction of the Bally's
Richmond on a 61-acre parcel
located North of Powhite Parkway / East of Chippenham Parkway, on
the western border of Richmond,
Virginia. This central location will make the Bally's Richmond an attractive destination, providing
convenient highway and transit access, as well as connectivity to
downtown Richmond, which is only
six miles away, and neighboring suburbs. Bally's carefully selected this wooded site
located at the city's edge because it will provide the greatest
economic benefit to Richmond
without causing any disruption to nearby communities.
As detailed in the proposal, construction of the Bally's Richmond is projected to take approximately 18
months, with an anticipated opening in 2024. Bally's estimates that construction, which
will supply Richmond with several
years of contractor and sub-contractor work, will cost
approximately $650 million, including
a one-time, $100 million upfront
payment to the City of Richmond
after selection. Upon completion, Bally's estimates that the property will
attract approximately 3.7 million visitors annually, generating
approximately 1,700 full-time equivalent (FTE) employment
opportunities and approximately 2,000 total employees with FTE
payroll. The project is also estimated to generate approximately
$415 million in total gross revenue
annually.
Soo Kim, Chairman of Bally's Corporation's Board of Directors,
said, "As a former director and the largest shareholder of
Richmond-headquartered Media
General, I have a strong interest in the growth, development and
success of this great city. I am grateful for the opportunity to
present this project to the City of
Richmond, which will not only generate hundreds of millions
of dollars in revenue, but, more importantly, thousands of high
paying jobs. The project also demonstrates Bally's deep commitments to supporting local
communities, partnering with local businesses and promoting
diversity."
"We are honored about the prospect of partnering with the
City of Richmond as it embarks
upon this exciting and unique adventure," said George Papanier, President and Chief Executive
Officer of Bally's Corporation.
"Our proposal represents an unprecedented project for the
Richmond community that will
embrace and showcase the city's existing culture and traditions in
an environment positioned towards entertainment and leisure. The
Bally's Richmond would provide the city with a vibrant
new attraction that is sure to turn Richmond into a dynamic tourist
destination."
A World-Class Destination Resort
Among other amenities and offerings, the Bally's Richmond would include:
- a casino, curated to celebrate Richmond's diversity, consisting of 2,500 slot
machines, 90 table games, 30 poker tables, a High Limit Gaming area
and VIP lounge;
- a 4-star, 250-room hotel that will provide the Richmond market, including the Richmond Convention Center, with an advantage
in attracting meeting, incentive, convention and exhibition (MICE)
activities and revenue;
- a 3,000 square foot indoor/outdoor pool area that will include
a stage, access to the B3 Bar (an outdoor food and beverage venue),
and adjacency to local food trucks as well as local beer, wine and
other distilled options from around Richmond;
- a 16,000 square foot multi-dimensional spa, salon and health
club offering a variety of curated wellness treatments,
customizable therapies and massages, advanced skincare options, and
wet and dry facilities;
- a 45,000 square foot multi-use event space with 3,000
high-quality stadium seats, a permanent stage and a
state-of-the-art sound system that will be available for headline
entertainment, art exhibitions, large catered, community, MICE and
sports events, and other performances;
- 13 premier food and beverage venues, including a branded
steakhouse, The Bally Sports Bar & Grill, and a rooftop bar
overlooking the James River and downtown Richmond, as well as a commitment to
incorporate local, VA-based food and beverage vendors to the
property; and
- a visitor center providing a full-range of services for guests
seeking to access sites, museums, and other attractions throughout
the city.
Papanier continued, "Bally's
brings a wealth of experience to this project. We have deep roots
in land-based, regional casinos, demonstrated by our national,
multi-property portfolio. We are a premier omnichannel gaming
company with complete online sports betting and online gaming
capabilities. With a database comprised of 15 million players that
offers unparalleled cross-marketing opportunities, we are
uniquely-situated to successfully develop and operate the
Bally's Richmond, and ensure future economic
opportunity for the City of
Richmond, its local businesses and its residents."
Local Partnerships
As part of this project, Bally's is partnering with the Lanier Family,
who will take a minority ownership interest. The partnership with
the Lanier Family reinforces Bally's commitment to involve and connect with
the local Richmond community. The
Lanier Family will assist Bally's
in its community outreach programs as well as provide project
construction and development services through Lanier United -- a
real estate development and construction company owned by
Willie Lanier, Jr., son of Pro
Football Hall of Famer and Virginia-native Willie
Lanier, Sr.
Pro Football Hall of Famer Darrell
Green has also agreed to acquire a minority stake in the
Bally's Richmond. Green is a resident of Northern Virginia and regarded as one of the
top 100 NFL players of all time. In 1988, Green founded the Darrell
Green Youth Life Foundation, a faith-based charitable organization
developed to "meet the needs of children, their families and the
communities in which they live." The foundation is responsible for
building four centers in the Richmond area aimed at serving underprivileged
youth, as well as hosting an annual golf tournament that raises
funds to invest in the education of children living in at-risk
communities.
In addition, Bally's is
partnering with Warren Thompson and
his company Thompson Hospitality Corporation, which will maintain a
minority ownership interest in the project. Thompson is the
Founder, President and Chairman of the Board of Thompson
Hospitality, which is the nation's largest minority-owned food and
facilities management company, as well as the largest minority
employer in the Commonwealth of Virginia. The partnership will enable
Bally's to further support the
Richmond community by
incorporating certain of Thompson's local restaurant concepts and
minority employees into the project, and entering into supplier
agreements led by his company.
Warren Thompson said, "I am
thrilled to have the opportunity to partner with Bally's, the Lanier Family and Darrell Green on this historic and
transformative project. Bally's
has a proven track record of supporting local organizations and
minority-owned businesses, and is committed to vendor diversity
when sourcing products and services. I look forward to teaming up
with Bally's and contributing to
outreach opportunities that are sure to make a lasting, positive
impact on the Richmond
community."
Supporting the Richmond
Community
Bally's aims to play a
significant role in the local communities in which it operates,
seeking to ensure that it gives back to the businesses and
residents who are vital to its success. To that end, a hallmark of
the Bally's Richmond will be "Richmond Rewards" – a
unique, interactive program that will incentivize players and
guests to redeem the rewards they earn while playing at the
Bally's Richmond at local retailers. Bally's has successfully implemented similar
rewards programs in a number of cities across the U.S.
Working with the Lanier Family, Darrell
Green and Warren Thompson,
Bally's Richmond will solicit small businesses within
the Richmond area to join this
innovative program and will work with participating organizations
to offer the best array of rewards. Players and guests will be able
to view participating businesses and their products through a
virtual store easily accessible from mobile devices. The "Richmond
Rewards" program represents an innovative opportunity for the
casino, its players and local, participating businesses.
Papanier continued, "We are thrilled to be partnering with the
Lanier Family, Darrell Green and
Warren Thompson, each of whom has
deep and significant ties to the greater Richmond community. Through these
partnerships, we will support, utilize and develop lasting
relationships with local and minority-owned businesses. We also
look forward to working with historically Black colleges and
universities to provide education and training opportunities,
internship programs and prospects for long-term employment."
The City of Richmond is
expected to issue its decision on Bally's proposal in June 2021.
Advisor
Innovation Capital is acting as financial advisor to
Bally's on the proposed
project.
About Bally's
Corporation
Bally's Corporation currently
owns and manages 11 casinos across seven states, a horse racetrack
and 13 authorized OTB licenses in Colorado. With more than 5,900 employees, the
Company's operations include 13,260 slot machines, 459 game tables
and 2,941 hotel rooms. Following the completion of pending
acquisitions, which include Tropicana Evansville (Evansville, IN), Jumer's Casino & Hotel
(Rock Island, IL), and MontBleu
Resort Casino & Spa (Lake Tahoe,
NV), 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. 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;
- 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 to place undue reliance on Bally's forward-looking statements.
Bally's Contacts
Investor Contact
Steve Capp
Executive Vice President and Chief Financial Officer
401-475-8564
InvestorRelations@twinriver.com
Media Contact
Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com
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SOURCE Bally's Corporation