Bally’s offers Richmond residents ownership stake in proposed casino

April 16, 2021

Operator will partner with local entrepreneur, use crowdfunding platform.

Bally’s Corporation, which is a finalist in Richmond, Virginia’s search for an operator to build a casino resort in the city, on Friday said it will give all Richmond residents a chance to purchase an equity interest in, and become partial owners of, the casino.

Bally’s has said it will invest $650m in the resort, if chosen by city officials.

The operator said it will use a crowdfunding platform to give residents of Richmond a way to make investments in what would be called Bally’s Richmond Casino Resort.

Bally’s said it will partner with David Walton, a Richmond-based serial entrepreneur, known for founding the Black Pages of America, on the program.

Walton said he will help build awareness of the crowdfunding availability.

Bally’s has held a series of meetings with local residents, which it is referring to as a “listening tour.” Michael Monty, senior project manager of Bally’s Richmond, said the company has met with thousands of Richmonders on the tour, with a fourth session scheduled for April 19.

“Once Richmonders better understood the proposal, many expressed interest in becoming a part of it,” Monty said in a statement. “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.”

Walton noted Bally’s has vowed its casino proposal will be a community-focused project that places Richmond first.

“The equity crowdfunding program represents one way for Bally’s to live up to that promise,” Walton said. “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.”

Bally’s said additional information about the equity investment program will be forthcoming.


Public offering price set at $55 per share

Separately, Bally’s said it has priced its previously announced public offering of 11m shares of its common stock at $55 per share. The offering is expected to close on April 20, subject to customary conditions.

Underwriters will have the option to purchase up to an additional 1.65m shares for a period of 30 days.

Bally’s said it expects the net proceeds will be approximately $583.8m, or $671.4m if the underwriters exercise their option to purchase additional shares in full, before expenses.

The company said it intends to use the net proceeds to fund a portion of the cash consideration payable to shareholders of Gamesys Group plc upon consummation of the previously announced combination of Bally’s and Gamesys.

If the merger is not consummated, Bally’s said it will use the proceeds for general corporate purposes, which may include repayment of debt, repurchases of its common stock, capital expenditures, acquisitions and investments.


Product Spotlight


Things get unruly in the company of some fleecy characters in the new Konami Gaming’s new Unwooly Riches slot series.

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

Five years ago, before the mass proliferation of social media we see today – and even before the Covid-19 pandemic – I think you would be hard pressed to find a CEO talking about “Instagrammable moments.” KPIs w...

The Global Gaming Awards: Looking ahead to 2024's ceremonies.
After more than a decade of celebrating gaming's best, Gaming America looks ahead to a bright 2024 for the Global Gaming Awards in the Americas and Asia-Pacific.
From the top: The Indian Gaming Tradeshow & Convention
Tribal gaming is a uniquely American institution and all its uncommon attributes were on display this April at the Indian Gaming Tradeshow & Convention in Anaheim, California.
Review: Terre Haute Casino Resort and Harrah's Hoosier Park Racing & Casino
Terre Haute Casino Resort vs. Harrah's Hoosier Park Racing & Casino, Gaming America's Laura Mack reviews each property.
Eureka Casino interview: CEO Andre Carrier on resort expansion
We spoke with returning guest, CEO Andre Carrier, about Eureka Casino Resort's expansion. He aims to not only change the look and feel of the casino, but to also build residential housing around it.