Bally's Corporation
Bally’s Announces $5M Donation to Community College of Rhode Island Foundation as Part of Long-term Partnership
Bally’s Corporation announced a $5 million donation to the Community College of Rhode Island (CCRI) Foundation as part of its long-term partnership. This gift, which marks the largest in the Foundation’s nearly 45-year history and doubles the size of CCRI’s endowment, will increase pathways to higher education and provide economic opportunities for students interested in pursuing a career in the casino and gaming industries, as well as Bally’s employees looking to advance their skillsets.
Bally’s Chairman Soo Kim said: “It is an honor to partner with CCRI on such an exciting and important initiative. We are proud to play an integral part in offering higher education opportunities for Rhode Island’s workforce, creating new jobs, and driving economic development. Rhode Island is our home, and continued investment in its local communities and workforces will always be a top priority for us. While this donation is the latest milestone in our long-term partnership with CCRI, we look forward to supporting this program for many years to come, creating a legacy of economic opportunity.”
Governor Daniel McKee said: “This landmark partnership between Bally’s and CCRI will provide important learning and training for our CCRI students, leading to new workforce opportunities. The generous gift provided by one Rhode Island-based company for the benefit of so many of our state’s community college students is a powerful way to advance economic and social opportunity and teach meaningful, transferable workforce skills. I applaud Bally’s for investing in our state’s higher education system and our students.”
As a result of this investment, CCRI will become the only higher education institution in Rhode Island, and one of a few higher education institutions in New England, to offer students the opportunity to obtain a certificate or associate degree based on a comprehensive gaming-focused curriculum. The program will include traditional classroom learning, online courses, on-campus learning labs, and opportunities to work at a Bally’s property, and consists of casino, hospitality, and hotel management-specific courses such as dealer training, casino operations, cybersecurity, iGaming operations, culinary arts, hotel management, and slot technology.
CCRI will initially focus on working with faculty and staff to build out the course curriculum with a goal of having degree programs available by Fall 2024. Simultaneously, the college’s Division of Workforce Partnerships will quickly develop and launch short-term credentials to upskill Bally’s existing workforce and create a talent pipeline of new employees.
Rosemary A. Costigan, Interim President of CCRI, said: “This remarkable gift recognizes the College’s track record in expanding new programs and degree pathways for students. The initiative, developed in partnership with the Bally’s and CCRI teams, will provide CCRI students with new opportunities to learn and work as the best version of themselves. Our partnership brings attention to the unparalleled value of community colleges and their powerful role in the region’s economy, and I am grateful for Bally’s belief in us and our incredible students.”
CCRI, the largest public institution of higher education in the state, educates nearly 20,000 students each year. Notably, the school is designated a Hispanic-Serving Institution by the United States Department of Education and serves more low-income students and students of color than any other higher education institution in the state.
Former CCRI President Meghan Hughes said: “Bally’s $5 million contribution to the CCRI Foundation marks an extraordinary moment in the college’s history. This partnership between CCRI and Bally’s stands as a testament to the transformative power of education and industry collaboration. Through this initiative, we are investing in community college students and their future success.”
In addition to new certificate and degree program development, Bally’s investment will provide scholarships to qualifying Rhode Islanders seeking a career in the growing gaming and hospitality industries, reflecting the Company’s continued commitment to creating opportunities for economic growth and development in the communities it serves. Additional details on this program, including scholarship opportunities, will be forthcoming.
Bally’s Corporation has completed the previously announced transactions with Standard General and its affiliates including The Queen Casino & Entertainment, a regional casino operator majority-owned by funds managed by Standard General.
Pursuant to the terms of the merger agreement, Bally’s and Queen combined, with Queen shareholders receiving consideration of 30.5 million shares. Thereafter, the Company paid cash consideration of $18.25 per share to holders of 22.8 million of the Company’s outstanding shares. The cash merger consideration was financed by the issuance of $500 million in senior secured notes due in 2028 provided exclusively by funds managed by Apollo, along with Bally’s available funds on hand and its available funding sources.
Bally’s stockholders owning 17.9 million outstanding shares elected to retain their Bally’s stock by means of a rollover election and continue as stockholders of Bally’s. As a result, 48.4 million shares of common stock are now outstanding upon completion of the merger transactions. Warrants representing the right to purchase up to 11.6 million shares of Bally’s common stock also remain outstanding.
Shares of Bally’s common stock trading under the “BALY.T” ticker which remain outstanding as a result of the rollover election will continue trading on the New York Stock Exchange and revert back to the “BALY” ticker.
The post Bally’s Completes Transactions with Standard General appeared first on Gaming and Gambling Industry in the Americas.
Bally’s Interactive, the digital and sports betting division of Bally’s Corporation, announced the official launch of the Bally Bet Sportsbook app in Tennessee, marking its expansion into the tenth state. This milestone comes on the heels of recent successful Bally Bet launches in Massachusetts and Maryland.
Sports enthusiasts across the Volunteer State can now revel in the comprehensive offerings of the Bally Bet sportsbook app. With a wide array of betting options, including spread, money line and total bets, as well as in-game betting and same game parlays, Tennessee sports fans will have an unparalleled wagering experience.
The newly introduced Parlay Zone, available on the app’s homepage, allows users to select and customize daily pre-built parlays from a variety of popular sporting events. Additionally, users can access the Picks tab on the homepage to gain valuable insights from industry-leading influencers through video clips. Picks, powered by Wager Games, also offers an extensive selection of pre-built and customizable parlays, ensuring a personalized and engaging betting experience.
As an official sports betting partner of the Nashville Predators, Bally Bet has actively engaged with the team’s fan base running social promotions like the “Goals for Gear” official Predators jersey giveaway on the @BallyBet Instagram channel, Bally Bet has fostered a strong connection with the Predators’ loyal supporters. With the app’s launch, fans can anticipate even more exciting in-arena and social activations throughout the NHL season.
Bally’s Corporation and Palms Casino Resort in Las Vegas announced a strategic partnership offering Bally Rewards members the ability to earn travel rewards at Palms in Las Vegas.
This collaboration aims to enhance the gaming experience for qualified Bally Rewards members to cash in on trips to Palms in Las Vegas. By leveraging their combined expertise and resources, Bally’s Corporation and Palms are committed to delivering an incredible new way to gain rewards and offer unforgettable experiences for Bally Rewards members.
“We are thrilled to join forces with Palms in Las Vegas for this exciting venture. Our goal is to provide our Bally Rewards members with unparalleled rewards and experiences, and this partnership is a significant step towards achieving that,” said Mike Donovan, Chief Marketing Officer and SVP of Gaming.
Bally’s Corporation and Palms Casino Resort in Las Vegas are initially focusing on travel getaways for Bally Rewards members, but they plan to potentially broaden their partnership in the future. By combining the strengths of these two leading companies, they aim to eventually enhance the gaming experience for their guests through tier matching, tournament invitations, and annual trips.
“We’re pleased to welcome Bally Rewards members to Palms Casino Resort and provide an exciting Las Vegas experience. Partnering with Bally’s Corporation allows us to explore new opportunities and introduce Palms hospitality to Bally’s members,” said Greg Shulman, VP of Casino Marketing at Palms Casino Resort.
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