More Information on the Richmond Casino-Resort is Coming Out!

Richmond Virginia

Virginia is still in the process of legalizing its casino industry. Some powerful casino companies are now getting ahead of the game, proposing their plans for future gambling properties here. Today, we’re going to talk more about the proposed Richmond Casino-Resort.

There has been a tremendous amount of attention placed on this venue. Many believe it will become one of the most popular new gambling properties on the East Coast. There is some major progress being made to get a casino here up and running.

Here’s what you need to know!

Virginia Continues Moving Towards Casino Legalization

Most of the states throughout the southern United States have tough laws towards casino gambling. That includes Virginia. For decades, lawmakers here have pushed against the legalization of casinos and some felt things would never change.

Recently, many lawmakers here have changed their thinking. Many have begun to realize how much revenue can be earned from this industry. Some of Virginia’s lawmakers are also seeing the huge demand for legal casinos from many state residents.

There have been some exciting updates lately. In early February, a state Senate committee decided to allow residents in five different cities to vote on whether or not to allow casinos. This is a huge move and is likely one of the final steps needed to get the state’s casino industry operational.

Many are pointing towards the economic benefits that legal casinos will bring to different areas of Virginia. That includes several low-income areas desperate for more employment and revenue opportunities. This seems to be the primary reason for this new push to allow casinos here.

Richmond is one area of Virginia working hard to host a new casino-resort. There have been several major companies expressing interest in opening a gambling property here. That includes Bally’s Corporation.

Bally’s officially submitted a proposal to operate this venue. Many are excited to hear what this major casino company has planned.

Bally’s Submits Proposal to Operate a Richmond Casino-Resort

Bally’s Corporation is well-known in the US casino industry. This company launched in 2004 and now owns and operates casinos around the country. Lately, the company has been looking to expand into new states.

This week, Bally’s submitted an official proposal to operate a new casino-resort in Richmond. The company revealed its plans to create and run a “state-of-the-art destination hotel, resort, and casino.” Bally’s has some big plans for this property.

If approved, Bally’s will open a massive 1.6 million-square-foot casino. It will feature a casino, sportsbook, hotel, and resort-style pool. A variety of restaurants and entertainment options will also be constructed here.

Bally’s is also teaming up with several different local companies to ensure this project moves forward in the best way possible. The construction of this property is expected to take 18 months and is expected to cost around $650 million. It is then projected to generate $415 million in gross gaming revenue.

George Papanier, President and Chief Executive Officer of Bally’s Corporation expressed his excitement about this project in an official statement this month.

“We are honored about the prospect of partnering with the City of Richmond as it embarks upon this exciting and unique adventure,” he said. “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.”

Nothing has been approved yet and it’s still unclear if Bally’s will be given permission to operate the casino in Richmond. These plans will certainly stand out with lawmakers, though. Stay tuned for more updates over the next few months!

Las Vegas Tourism Rates Are Expected to Increase Soon

Virginia is choosing to embrace the casino industry at an unusual time. For almost a year, land-based casino revenue has been on a steady decline around the country. Las Vegas has been hit the hardest by this economic situation.

Fortunately, there seems to be some light at the end of the tunnel. Infection rates around the United States are dropping right now. Some of Nevada’s leaders claim a loosening of restrictions is likely just around the corner.

These two factors will likely result in a major tourism boom in Las Vegas. Casino companies are banking on this fact. Some have recently chosen to resume weekday reservations. There’s a real sense of optimism for the city’s gambling industry.

2021 will also feature a number of exciting new casinos in Las Vegas. The most-anticipated is of course Resorts World Las Vegas. This property will be opening to the public sometime this summer and is the most expensive casino-resort ever built in Las Vegas.

Many are excited to see the new Virgin Hotel-Casino open its doors in Las Vegas soon, too. This property is taking the place of the former Hard Rock Hotel-Casino. Virgin is working hard to make this a truly special property.

Are you excited to hear Bally’s plan for a Richmond Casino-Resort? Let us know in the comments section below!

Bally’s Becomes Sports Betting Partner of the NHL

Bally's Atlantic City

Land-based casino operator Bally’s Corporation has entered into an agreement to become an official sports betting partner of the NHL.

The deal enables Bally’s to use the official NHL marks and logos as well as the league’s official data for use in its expanding range of sports betting offerings. Bally’s recently purchased Bet.Works for $125M to launch its sports betting business later this year.

It also allows Bally’s to create NHL content that will be integrated to the game coverage on 19 regional TV networks operated under the Sinclair Broadcast Group which is being rebranded to Bally’s. Sinclair broadcasts the games of 12 NHL teams including the last two Stanley Cup winners in the Tampa Bay Lightning and St. Louis Blues.

Said Bally’s Corporation President and CEO George Papanier:

“We are thrilled to enter into this partnership with the NHL, which represents an important milestone in our strategy to become a leader in the online sports betting and iGaming space. With access to the NHL’s official logos and brands, together with our first-of-its-kind media partnership with Sinclair, we will continue on our path to transform how fans engage with their favorite hockey teams.”

NHL Embraces Sports Betting

The NHL has been one of the most progressive pro sports leagues when it comes to embracing sports betting in the last couple of years. The NHL has partnered with the American Gaming Association to bring responsible gaming messages directly to fans via an extensive public service campaign inside arenas.

Last month, the NHL entered into a deal with an Eastern European sports betting company covering the Czech Republic and Slovakia. Most recently the Detroit Red Wings entered into a sports betting partnership with online gambling operator PointsBet.

First Time for Bally’s

While this kind of partnership isn’t new to the NHL, this deal represents the first time that Bally’s has forged a sports betting deal with a major professional sports league, making this a landmark deal for the company.

Rhode Island based Bally’s currently operates in seven states with a total of 11 casino properties. It has pending deals that will add four new properties in three different states to its existing portfolio.

Bally’s Corporation to Construct $120M Casino Near Penn State

Bally's Atlantic City
Bally’s Corporation announced on Monday that it has entered into an agreement with former Penn State University trustee Ira Lubert for the design, development, construction, and operation of a Category 4 licensed Pennsylvania casino.

The said casino will have up to 750 slot machines and feature 30 table games, and it will be built near the “Nittany Mall” which is located about four miles from the Penn State campus. According to Bally’s the Pennsylvania casino will also have a retail sports betting shop, online sports betting, and online gaming, subject to separate licenses.

Per Bally’s Chief Executive Officer George Papanier:

“Expanding our rapidly growing, national footprint into the attractive Pennsylvania gaming market represents yet another major milestone for Bally’s and a great way to cap off a truly extraordinary year. Regional, land-based casinos remain the cornerstone of our portfolio diversification strategy, providing the necessary support for the growth, development and success of our future sports betting and iGaming initiatives. We look forward to combining our own proven track record of greenfield development with Ira Lubert’s local knowledge and expertise to bring Bally’s first-in-class gaming experience and amenities to customers and sports fans across Pennsylvania.”

Bally’s Will Acquire Majority Interest

Under the agreement, Bally’s will acquire a majority interest in the partnership, including 10% of the economic interests of all retail sports betting, online sports betting, and iGaming operations related to the project. Including construction and licensing costs, Bally’s estimates the cost of the Pennsylvania casino to be $120M.

According to Bally’s, construction will start during the first half of 2021 and will take approximately one year to finish. Once completed, it will be Bally’s first casino in Pennsylvania. The company owns or manages 11 gambling properties across seven states and will add three more in new states, including the Pennsylvania project.

About Ira Lubert

Lubert graduated from Penn State in 1973. The well-known real estate and property equity investor has been part of casino developments in Pittsburgh and Valley Forge. He served as chair of the Penn State Board of Trustees in 2016 and of the six-man committee that hired Bill O’Brien as the school’s football coach in 2012.

The chairman and co-founder of Lubert-Adler was recently awarded by the Pennsylvania Gaming Control Board the right to apply for a Category 4 slot machine license for a casino to be constructed within a 15-mile radius of Unionville Borough, Center County, Pennsylvania. Lubert has a minority founding investment in Rivers Casino.

Rhode Island Casinos Reopen After Three-Week Closure

Casino Floor In Michigan

With Rhode Island’s three-week shutdown over, Bally’s Corporation has reopened its two casinos in Lincoln and Tiverton effective Monday, December 21, 2020.

Table games, slot machines, stadium gaming, and virtual table games are now open at the Twin River Casino Hotel in Lincoln and the Tiverton Casino Hotel property. But while the racebook in Lincoln is also now operational, the one at Tiverton is still closed. Lincoln’s poker room will remain closed and the same also goes for the two hotels, Event Center in Lincoln, Valet, Entertainment offerings, and some restaurants.

Both properties will be operating from from 6:00 a.m. – 10:00 p.m. from Sundays to Thursdays and 6:00 a.m. to 10:30 p.m. during Fridays and Saturdays.

Said Marc Crisafulli, Executive Vice president of Bally’s Corporation and president of its Rhode Island casinos:

“We are incredibly excited to welcome back our guests to both of our Rhode Island casinos and to do so in a safe manner. The health and safety of our customers and employees continues to be our priority and we wish to underscore that all safety and health protocols remain in place.”

Reopening Protocols

With Rhode Island still having one of the highest number of COVID-19 cases in the United States, Bally’s Corporation has established reopening protocols to protect their guests and employees. These include temperature checking, the mandatory wearing of facemasks inside the properties.

If a guest does not have a face mask, the Rhode Island casino will provide one for him/her. Temperature checking will be done via non-invasive thermal cameras or temporal thermometer. Guests or employees who have a temperature of above 100.4 degrees will not be allowed to enter the casino premises. As for employees Twin River employees will be screened daily and those who exhibit COVID-19 symptoms will not be allowed to work on that particular day.

Social Distancing Measures

Likewise, the Rhode Island casinos are implementing strict social distancing measures. Guests are not permitted to be within less than six feet from other guests not belonging to their party. The same distance must be maintained while standing in lines, using ATMS, elevators, kiosks, or moving around the casino floor.

Slot machines are also separated six feet apart as are stadium gaming, or virtual table games. The food court will be open but it will also have limited seating capacity. Meanwhile, beverages will be served using disposable cups. Plexiglass barriers also separate players.

The Sale of Bally’s AC Has Officially Concluded!

Bally's Atlantic City

Back in April, news broke that Caesars Entertainment was selling Bally’s Atlantic City to Twin River Holdings. It was one of the largest acquisitions for Twin River as a company in its history. New reports claim that the sale of Bally’s AC has now officially concluded.

Twin River is now going by Bally’s name. This company has worked hard to expand around the United States over the past few years. Today, we’re going to talk about what this sale means for Atlantic City moving forward.

Let’s get into it!

Caesars Entertainment Has Undergone Some Major Changes Recently

The name Caesars is synonymous with flashy hotels and casinos. This company was founded back in 1990 and quickly took control over some of the biggest and best gambling venues in the country. Over the past decade, however, the company began seeing large revenue declines.

In 2019, news broke that Eldorado Resorts paid an astounding $17 billion to acquire Caesars Entertainment. It was the largest casino sale in history. As many expected, however, it took more than a year for this deal to go through.

In order to gain approval from state gambling commissions and the SEC, both of these companies needed to make some major changes. Much of that centered around casino sales. Commissions wanted to ensure that this merged company would not form a monopoly.

This merger has been completed and things seem to be running smoothly. Not long ago, the new Caesars purchased Willaim Hill for more than $3 billion. This was done in an effort to break into the fast-growing US sports betting industry.

Caesars has also sold many of its properties recently. To the surprise of analysts, the company allowed Twin River to take control of its Bally’s brand name. Twin River is now known as Bally’s Corporation and is focused on expansion, too.

We’re set to see some big changes with Bally’s casino in Atlantic City sometime in the near future.

The Sale of Bally’s AC Has Finally Concluded!

As we just mentioned, Caesars Entertainment has gone through several major casino sales over the last year and a half. The company announced it was selling Bally’s Atlantic City to Twin River Holdings back in April. This sale was instrumental in Caesars getting its merger approval from the New Jersey Gaming Commission.

A major casino sale like this cannot happen overnight, though. There were several hoops that both Caesars and Twin River (now known as Bally’s Corporation) needed to jump through. Fortunately, this sale has now officially concluded.

The acquisition price for this venue was $25 million. That’s a good deal when considering the venue is situated in one of the country’s biggest gambling destinations. Historically speaking, however, Bally’s Atlantic City is one of the worst-performing casinos in New Jersey.

Officials within Bally’s Corporation are confident they can turn things around. Earlier this month, the company pledged to invest more than $90 million towards renovations for this venue. The goal is to make this the best new gambling venue in the city.

George Papanier, President and Chief Executive Officer of Bally’s Corporation released a statement this week on the final sale of this venue.

“We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally’s to its former glory,” he said. “We are pleased to close on this transaction, which represents the latest addition in our ongoing portfolio diversification strategy, and look forward to implementing our capital improvement plans to completely renovate the property with first-in-class amenities and offerings. We have a proven track record of implementing strategic initiatives at acquired properties in order to drive growth and revenue improvements, and plan to bring the iconic property to a level not seen in years.”

This is one of the biggest moves for Bally’s Corporation in years. Atlantic City has been improving massively over the years. 2020 has halted much of the progress being made, yet many analysts expect things to recover next year.

New Jersey’s Online Gambling Revenue is Holding Strong

The country’s land-based casino industry has been hurting badly this year. For months, all casinos around the US were completely shut down. Many, including some of the ones in Las Vegas, have remained closed to this day.

New Jersey started allowing its casinos to open again in July. Like casinos in other states, these venues struggled to attract players. As time went on and regulations were lifted, more people began flocking to Atlantic City.

Land-based casino revenue remains low, even with the uptick in tourism. Fortunately, New Jersey has a regulated online sports betting and casino gambling industry. These online gaming platforms are bringing the state some much-needed revenue right now.

New Jersey is proving how valuable these online gambling options can be. In October, for example, the state broke its own all-time revenue record for sports betting and online casino gambling. Many other states are now looking more into the regulation of these gambling options.

Many expect additional regulations to begin hitting the casinos in New Jersey. Earlier this month, Governor Murphy began ordering casino restaurants to close at night. He has warned that if things do not recover, the casinos here may be forced to shut down again. With the sale of Bally’s AC now finalized, everyone hopes that things are better here by the time the venue’s renovation is complete.

Are you excited to see what Bally’s Corporation does to its new casino in Atlantic City? Do you think the casinos in New Jersey will need to shut down again? Let us know in the comments section below!