This follows Rhode Island’s entry into the US igaming space, with last month’s legalisation meaning the region became the seventh US state to legalise online casino. This also extended Bally’s role as the sole active casino operator in the area to now include the activity.

Regulated by the state lottery, the igaming offering is only available to people playing in the Ocean State that are over the age of 21. The company will also provide funding to help with responsible gambling education.

“We are thrilled to partner with Stakelogic to bring our live casino operations online in Rhode Island,” stated Robeson Reeves, Chief Executive Officer of Bally’s Corporation.

“With a partner like Stakelogic, we know we are putting our best foot forward, and we are confident that we will be able to provide our Rhode Island customers with a truly exciting live dealer experience.”

This will see the group leverage Stakelogic Live’s software and studio technology, in a bid to “establish” the group’s live casino offering across the North American digital gaming ecosystem.

Bally’s noted that it expects to launch a suite of online live casino games, such as blackjack, roulette, and baccarat, in Rhode Island by April 2024.

“We are very excited about our partnership with Bally’s as it will finally enable Stakelogic to bring its technology to the US,” added Stephan van den Oetelaar, Stakelogic CEO.

“It will also enable us to build on our tremendous growth since launching live casino 14 months ago, positioning Stakelogic as a leading technology company in the igaming industry.”

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As first disclosed by The Nevada Independent, it is thought that arrangement will see the current venue demolished in order to make way for a $1.5bn stadium that will house approximately 30,000 fans at the southern end of the Strip.

The casino operator gained the building and operations of Tropicana from GLPI in a $148m transaction in September 2022, which saw the group enter into a 50-year ground lease with a potential 99-year extension contingent on “key investment milestones” being hit.

Bally’s noted that it will maintain operations “for the foreseeable future,” but added that an evaluation of “all available options for a broader redevelopment” adjacent to the new ballpark will commence.

This is rumoured to include the potential to construct a new casino hotel destination upon completion, which is said to be slated for 2027 – although this could be nudged back one year due to construction timelines.

In addition, the local publication also noted that The A’s were looking for $500m in public funding to aid construction, however, this has reportedly now been lowered to $395m.

George Papanier, Bally’s President, explained: “We are honoured to have been selected to partner with the Oakland Athletics on this monumental step in helping to bring Major League Baseball to the great city of Las Vegas, and to be a part of the once in a generation opportunity of having a professional baseball team located within a short walk of the Las Vegas Strip. 

“The Tropicana has been a landmark of Las Vegas for generations, and this development will enhance this iconic site for generations to come. We are committed to ensuring that the development and ballpark built in its place will become a new landmark, paying homage to the iconic history and global appeal of Las Vegas and its nearly 50 million visitors a year.”

In addition to noting a “key hurdle” associated with The A’s Las Vegas move, Bally’s also elaborated on a “range of benefits” that will be felt as a result of this development.

These include the potential for future offerings with the site to be enhanced due to an expectation of welcoming 2.5 million visitors per year, with the “massive unlocked potential” of “one of the busiest intersections in the country” also touched upon.

Furthermore, the “significant flexibility for an array of strategic options,” including a phased approach and disciplined capital deployment, is also detailed.

GLPI has also agreed to fund up to $175m towards “certain shared improvements within the future development”, which has been agreed in exchange for “a commensurate rent increase”.

Peter Carlino, Chair and CEO of GLPI, commented “We have enjoyed getting to know the Oakland Athletics’ leadership through our dialogue over the past couple years. 

“We are pleased to help facilitate their exciting vision for a new ballpark through our contribution of nine acres of the Tropicana site and look forward to the prominent place that the overall project will occupy in the Las Vegas skyline. 

“The Oakland Athletics’ interest in developing a world-class Major League Baseball stadium on our site underscores its status as one of the most prime locations on the Las Vegas Strip and will enhance any future development of our remaining 26 acres. 

“As the project moves forward, we also expect that GLPI will have opportunities to further invest in the various aspects of the overall project to the extent we deem that doing so will generate an attractive risk adjusted return on our shareholders’ capital.”

Bally’s noted that it will assign approximately nine acres of the 35-acre site to the Oakland Athletics or a related stadium authority, with groundbreaking subject to the passing of legislation for public financing and related agreements, and approval of relocation by MLB.

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Following the green-light being issued by the city’s Department of Planning and Urban Development, the operator noted that it solidifies plans to begin construction in late 2024.

The project is expected to generate in excess of $800m per year, as well as creating 3,000 annual construction jobs and 3,000 permanent jobs upon completion.

The $1.7bn development will include 3,400 slots, 170 table games, 10 food and beverage venues, 500-room hotel tower with rooftop bar, 3,000 seat entertainment centre, 20,000 square foot exhibition and outdoor music venue.

In addition, more than 10 acres of outdoor space includes a park for the community, which will include an expansive public riverwalk with a water taxi stop. 

Furthermore, the project also provides Bally’s with the exclusive right to operate a temporary casino for up to three years while the permanent resort is constructed.

In May 2022, it was revealed that Bally’s beat off competition from Hard Rock and Rush Street Gaming to become the preferred bidder following Chicago’s request for proposal process to construct and operate such a venue in the city.

“Inspired by the city’s interplay—grit and grandeur, structure and the organic, historically-charged and cutting-edge—the design of Bally’s Chicago creates a sense of wonder and adventure accessible to everyone,” said Joyen Vakil, Bally’s Senior Vice President of Design and Development. 

“The plan is uniquely focused on bringing in nature and wellness through the addition of numerous public plazas and parks.”

Furthermore, the development team for Bally’s Chicago includes a collection of locally based and minority-owned businesses.

“We are confident that this team will bring to life this one-of-a-kind urban space,” Vakil added. “The unique and exciting design celebrates Chicago’s motto, urbs in horto – city in a garden – and creates a dynamic public realm on site.”

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The former, disclosed earlier in the year, related to the group’s interactive and north american online gaming segments, with the first quarter having reached restructuring expenses of $16.8m.

“The company implemented its cost-saving initiatives quicker and deeper than originally anticipated, and continues to evaluate additional cost-saving opportunities,” Bally’s noted.

In addition to also heaping praise on a North America interactive segment that “significantly outperformed as cost-savings initiatives took hold,” Robeson Reeves, CEO, also touched upon future ambitions in the space for the company.

This, he said, includes reaching a goal of between six per cent and seven per cent market share in New Jersey, where it is reported that the group currently possesses a four per cent hold.

Elsewhere, progress is said to have been made in Ontario, with a Pennsylvania launch slated for the current month and ongoing monitoring of an igaming bill that was recently introduced in its home market of Rhode Island also being undertaken.

“We are pleased to have achieved strong results across all three of our segments”

Robeson Reeves, Bally’s CEO

“Overall, our igaming business is generating positive returns and we are very optimistic about the future of this business,” he noted.

In addition to hailing the publication of an overdue gambling act white paper in the UK as bringing long awaited clarity for the region’s operator, Bally’s also detailed its performance across the first three months of the year.

This saw revenue track an uptick of 9.2 per cent year-on-year to $598.72m (2022: $548.27m), with gaming contributing $486.89m (2022: $463.7m) while non-gaming occupied $111.82m (2022: $84.56m) of that total.

Elsewhere, net income secured a significant increase from $1.9m one year earlier to $178.3m this time around, while adjusted EBITDA rose 10.2 per cent to $126.4m (2022: $114.7m).

“We are pleased to have achieved strong results across all three of our segments, casinos and resorts, international interactive and North America interactive,” Reeves continued. 

“Notably, our casinos and resorts segment saw continued momentum across the portfolio, generating record first quarter revenues of $328.8m and adjusted EBITDAR of $105.1m, despite the impact of severe weather conditions that occurred in Lake Tahoe throughout the quarter and in Evansville in late March. 

“There is significant consumer demand for this project, and we couldn’t be more excited to begin producing results”

George Papanier, President of Bally’s

“International interactive revenue also remained strong, increasing 7.2 per cent overall, primarily driven by increased revenue activity in the UK totalling 9.6 per cent on a constant currency basis.”

Furthermore, Bally’s has also raised the low end of its AEBITDA guidance range for the full-year, with this now expected to fall between $665m and $700m. This includes a range of $40m to $50m of losses in North America interactive. Revenue is estimated to remain in the range of $2.5bn to $2.6bn.

Looking at the aforementioned resorts and casinos performance, as well as expectations for the period that lies ahead, George Papanier, President, added: “Importantly, our portfolio’s near-term capex cycle has peaked for our casinos and resorts segment as several of our growth projects have come to or are nearing completion. 

“This includes an upgrade of our flagship Bally’s Twin River in Rhode Island, which was completed in April, and our Kansas City expansion that will conclude in July. We look forward to the opening of the Chicago temporary casino in late summer 2023, which is on track and on budget. 

“We are also advancing the full build of our Bally’s Chicago permanent facility, which is slightly ahead of schedule and on budget for opening in the summer of 2026. There is significant consumer demand for this project, and we couldn’t be more excited to begin producing results.”

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In a social media post, MKF noted that “with a heavy heart, we regretfully announced that Monkey Knife Fight has shut down permanently,” as of the end of February.

“When Monkey Knife Fight was founded in 2018, we wanted to revolutionise the daily fantasy sports game,” said the group, which had risen to prominence and stood behind major players DraftKings and FanDuel.

Adding: “It’s been a great run, and we hope you’ll fondly remember the times we spent together.”

MKF was acquired by the group in a March 2021 deal for up to $90m in stock, which came amid a wider M&A spree that spread across Bally’s land-based and digital operations. It had been thought that Bally’s was looking to sell the DFS company.

We’re gonna miss you

Drop your favorite MKF memory in the comments ? pic.twitter.com/HwVl3qslZh

— Monkey Knife Fight (@mkf) February 28, 2023

At the time of purchase, it was said that the “unique asset” would become an “integral component” of the Bally’s Interactive division, and would support wider plans to develop a potential sports bettors database in a number of states, with California, Florida and Texas each optimistically cited.

This acquisition came amid a strategic casino expansion across the US, with sights also firmly set towards the online ecosystem as a number of additions were also made in this space. 

The purchase of MKF came amid fellow deals that included B2B free-to-play games provider SportCaller, a $125m Bet.Works transaction and a deal for fan engagement services provider Telescope.

Later in the year, the acquisition binge continued via the completion of a $2bn purchase of online gaming firm Gamesys Group.

However, Bally’s interactive struggles saw a 15 per cent headcount reduction detailed in January of this year, which it was estimated would cost between $10m and $15m in severance costs associated with a restructuring.

This was followed by an announcement of the departure of Lee Fenton as CEO, effective March 31, 2023, before it was revealed that the company’s digital division recorded significant losses through the past year. In a preliminary update, a net loss of $428m throughout 2022 across the North American interactive unit was revealed.

After slamming the group’s interactive performance thus far, Reeves, in an earnings call, promised investors that the company would “play to our strengths” when it comes to the division in a bid to avoid past mistakes.

The current President of Interactive and incoming CEO pledged that the company is “in it for the absolute long haul” and that they’re going to take a “smart approach” to igaming.

This focus on online casino is expected to complement its BallyBet Sportsbook entity, which is only live across the six states of Arizona, Colorado, Indiana, Iowa, New York and Virginia, compared to the numerous entries made by competitors across the US landscape.

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Cordish Gaming

Cordish Gaming Group has a trifecta of what are hailed as “key executive appointments” as the group lays out initial plans that will deliver a further expansion of the Live! Casino brand.

The gaming division of The Cordish Companies has first noted that Joe Billhimer, who has served as Executive Vice President of Pennsylvania Casinos for Cordish Gaming since 2020, has been elevated to the position of Chief Operating & Development Officer. He will also maintain duties as General Manager of Live! Casino & Hotel Philadelphia. 

Furthermore, Craig Clark will be charged with leading the team at Live! Pennsylvania after becoming Executive Vice President and General Manager. 

Ryan Eller will serve as EVP and GM for the company’s flagship property, Live! Casino & Hotel Maryland. All appointments are effective immediately, pending regulatory approval.

“As the company prepares to experience exponential growth in the coming years, these appointments position us to maximize results at our existing operations, while pursuing development and management opportunities in other gaming jurisdictions,” commented Rob Norton, President of the Cordish Gaming Group. 

“Joe, Craig and Ryan are well suited to maintain the same level of excellence and customer service our guests have come to expect at Live! Casinos and Hotels.”

Bally’s 

Tracy Harris has been named as an independent member of the Bally’s board of directors in an appointment that is effective upon receipt of regulatory approvals.

Harris’ more than 20 years of experience helping highly regulated corporations, as well as government and non-profit organisations, accelerate growth, enhance profitability, achieve business objectives and mitigate risk.

Soo Kim, Chairman of the Board of Bally’s, said: “On behalf of the entire Board of Directors, I am pleased to welcome Tracy Harris to Bally’s. We will undoubtedly benefit from her deep finance, operations, and strategy expertise.”

PlayMaker

Playmaker has confirmed the appointment of two new c-level executives, which sees the sports content firm look to push ahead with an aggressive growth strategy during the current year. 

Taz Patel has joined the company as the newly created Chief Business Officer role, while Kristine Bill has been promoted to Chief Operations Officer. 

“The appointments of both Taz and Kristine clearly articulate the strategic vision and aggressive growth goals we have set for ourselves in 2023,” said Brandon Harris, CEO of Playmaker. 

“In the coming months, Playmaker is keenly focused on expanding our roster of creative talent, bringing to life more public-facing events and developing and redefining strategic brand partnerships, all while continuing to publish the first-rate sports and entertainment content Playmaker has become so well-known for. 

“Taz and Kristine will be instrumental in leaning into the momentum Playmaker created in 2022, and spring boarding our brand to new levels of creativity, influence and notoriety.”

Racecourse Media Group

Racecourse Media Group has confirmed the appointment of former Flutter United Kingdom and Ireland CEO Conor Grant as incoming Chair.

Grant will initially join RMG as a Non-Executive Director from April 1, with a view to succeed Roger Lewis as Chair from October 2023.

A 25-year veteran of the online gambling sector, Grant most recently served in the aforementioned role where he oversaw the performance and integration of brands such as Betfair, Paddy Power and Sky Bet.

 “I am delighted to be joining Racecourse Media Group at such an exciting time for the business and the broader racing industry,” Grant noted.

“RMG has delivered outstanding results for its shareholders in recent years and I would like to pay tribute to Roger who has done a fantastic job, along with CEO Martin Stevenson, in growing and developing the business. I look forward to working with the RMG team and continuing to deliver for all of our racecourses.

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The operator has vowed to “fully support” those affected and estimated that it will incur between $10m and $15m in severance costs associated with the restructuring.

In a filing with the US Securities and Exchange Commission, which also included a letter to employees by CEO Lee Fenton, Bally’s noted that “the elimination of positions are subject to local law and consultation requirements” as well as the company’s overall business needs.

“2023 brings with it many opportunities to continue to drive our business forwards. We have an amazing company with a strong and resilient business model, which puts us in a great place to do well in the toughest of conditions,” Fenton wrote.

“However, we always need to be acutely aware of the macroeconomic conditions and adjust accordingly to come through what is a challenging environment in the best possible shape. 

“Companies who take tough but decisive steps to effectively manage costs will be stronger and fitter for the future. 

“I am committed to ensuring that Bally’s is one of those that is best placed to flourish in the long term.” 

Despite acknowledging that the pandemic had boosted interactive operations, Fenton noted that the group “continued to hire at full pelt,” which, in hindsight, has led to over recruitment in certain areas. “I take full responsibility for that,” he stressed.

The need to manage the company’s overall cost base in an investment market is noted as key by the company, with confidence shared that the returns will be reaped but that this “will take some time to come to fruition”.

Fenton added: “We have been considering how we re-scope our roadmaps to ensure they are right sized. This is an opportunity to reset the business, so let’s ensure that these changes, whilst made with an extremely heavy heart, put us on an even stronger footing, where we can operate with pace, agility, and focus. 

“I truly believe we will emerge stronger in many ways; we would not be pursuing this unless this was our belief.” 

This advances a potential strategic move first disclosed in November by the company, which said that an in-house evaluation of the loss-making North American interactive businesses would commence in a bid to hone in on “faster paths to profitability”.

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This has seen the real estate investment trust acquire the land and real estate assets of Bally’s Tiverton Casino & Hotel in Tiverton, Rhode Island, and Bally’s Hard Rock Hotel & Casino Biloxi in Biloxi, Mississippi, for a total consideration of $635m.

These venues have now been added to operators master lease, with GLPI also retaining the option, subject to receipt by Bally’s of required consents, to acquire the real property assets of Bally’s Twin River Lincoln Casino Resort in Lincoln, Rhode Island, prior to December 31, 2024, for a purchase price of $771m and additional rent of $58.8m.

Bobby Lavan, Chief Financial Officer of Bally’s, said: “We are pleased to have completed another transaction with GLPI. This marks an important step for us, ensuring Bally’s is best positioned for continued growth.”

The aforementioned master lease has subsequently increased by $48.5m on an annual basis, subject to contractual escalations based on the Consumer Price Index, with a one per cent floor and two per cent ceiling, subject to CPI meeting a 0.5 per cent threshold. 

This has an initial term of 15 years (with 14 remaining) followed by four five-year renewals at the tenant’s option. Normalised rent coverage, which includes Bally’s Dover Casino Resort, Bally’s Evansville Casino & Hotel, Bally’s Quad Cities Casino & Hotel and Bally’s Black Hawk Casinos, is expected to be 2.0x in the first calendar year following closing.

In connection with the closing, a $200m deposit funded by GLPI in September 2022 was credited to the company, along with a $9m transaction fee. 

Peter Carlino, GLPI’s Chair and CEO, added: “We are pleased to grow our master lease with Bally’s with two premier assets, and concurrently enter a new state with Rhode Island.”

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This has seen the company hail “a major victory” after Chicago’s city council voted to approve an amendment to Planned Development No. 1426, which authorises zoning for the construction of Bally’s Chicago Casino, a $1.7bn flagship destination.

The support comes after the Plan Commission and Committee on Zoning recommended approval of the project to the council earlier this week. 

During the vote, members of the development team are said to have described the benefits and resources that the riverfront casino is expected to bring, such as vendor contracting, workforce development, and equity ownership opportunities for minorities and women.

“This is a significant achievement and another critical step forward in the process of developing Bally’s Chicago,” said Soo Kim, Bally’s Chair. 

“We are confident that the casino will bring numerous long-term, positive economic benefits, including good-paying, union jobs, to this great city.”

The $1.7bn project will include 3,400 slots, 170 table games, 10 food and beverage venues, 500-room hotel tower with rooftop bar, 3,000 seat entertainment centre, 20,000 square foot exhibition, outdoor music venue, and outdoor green space, including an expansive public riverwalk with a water taxi stop. 

Furthermore, the project also provides Bally’s with the exclusive right to operate a temporary casino for up to three years while the permanent resort is constructed.

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This alliance, which concerns the Tropicana Las Vegas, will see both parties take a neutral approach to organising campaigns, which will enable each employee to make an informed decision regarding their union representation.

The IUOE is the tenth largest union in the American Federation of Labor and Congress of Industrial Organizations with approximately 400,000 active members in 123 local unions throughout the United States and Canada.

“Bally’s and IUOE are aligned in our efforts to advance employee representation locally and at the national level,” said Jose Soto, Organizing Director of IUOE Local 501. 

“As a result of the commitment and integrity demonstrated by Mr Kim and his team, we’ve developed a strong relationship with Bally’s that we are confident will benefit the company’s workforce for many years to come.”

This comes after the company entered into a multi-project labour agreement with the Chicago & Cook County Building & Construction Trades Council and the AFL-CIO Building and Construction Trades Department to facilitate the construction of its flagship Bally’s Chicago casino in October.

Soo Kim, Chair of the Board of Bally’s, explained: “Bally’s employees are our most valuable asset, and we have worked hard to ensure that they maintain an unimpeded right to select their representation. 

“We have an established track record of building positive relationships with organised labour and look forward to continuing to foster our relationship with IUOE.”

Towards the close of September, Bally’s finalised the long mooted acquisition of Tropicana Las Vegas from Gaming and Leisure Properties and PENN Entertainment for $308m.

The real estate investment trust offloaded non-land real estate assets as PENN unloaded outstanding equity interests, with GLPI to receive a cash payment of $148m for the purchase of the Tropicana property’s non-land assets.

Pursuant to the terms of the original agreement, GLPI retained its ownership of the land and, concurrent with the closing, entered into a 50-year ground lease with Bally’s, subject to extension upon the group achieving a capital investment threshold, for an initial annual rent of $10.5m.

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