Bally’s Credit Downgrades Won’t Keep Company From Pursuing Petersburg Casino
Rhode Island-based Bally’s Corporation suffered its thirdly deferred payment rating downgrade this week when Fitch Ratings on Mon lowered its outlook on the cassino companion from “B+” to “B.”
The non-investment ground level implies Bally’s has a “negative” outlook because of its murky financial situation. The company is scrambling to conjure $800 million to monetary fund the expression of its $1.1 one thousand million gambling casino resort connive inward downtown Windy City at the Freedom Center.
Along with Chicago, Bally’s wants to establish a littler cassino inward Pennsylvania close the Penn State University campus. Bally’s officials make also expressed interest group inwards building a cassino inwards Old Dominion State should an chance come up past right smart of Petersburg.
Bally’s bidding on the Richmond cassino chance in 2021 but was not picked past local officials in the VA capital. Richmond’s casino be after was at last rejected by city voters.
Legislative efforts experience since resettled the capital of Virginia cassino certify most 25 miles in the south to Petersburg.
The Old Dominion General Assembly finally month passed legislation to earmark the Petersburg Campaign City Council to force field proposals for a cassino resort, but the invoice hasn’t yet been signed by Gov. Glenn Younkin (R). The regulator has until Apr 8 at 11:59 pm EST to represent on the measure.
Bally’s Remains Interested inward Petersburg
Fitch united its “Big Three” course credit rating counterparts — Moody’s and S&P — inward lowering its tier for Bally’s. Despite the demotions, Bally’s brass told The Progress-Index that the rating adjustments won’t impact the company’s ability to participate inwards a private-enterprise(a) summons cognitive process should unity occur inward Petersburg.
We remain sure-footed in our proposal to build a world-class gambling casino resort hotel inward Petersburg,” a Bally’s interpreter wrote inwards an email to the Petersburg Campaign tidings outlet.
“The success of this proposal, however, is depending on(p) upon our selection past the city and the city’s voters’ favorable reception via referendum inwards November,” the Bally’s button continued. “We are optimistic and looking at send on to the next steps inwards the process.”
Though Bally’s mightiness allay tender on the Petersburg casino licence should the metropolis go authorized to deal a bidding period, the metropolis council might follow smart to spell with a competitor due to the company’s situation.
It’s terra incognita at this crossroads how many companies mightiness call on a Petersburg casino, but Maryland-based Cordish Companies has uttered interest. Cordish inwards tardily 2022 floated a $1.4 1000000000000 mixed-use evolution inwards Petersburg Campaign that would include a casino resort. The propose would follow built o'er many years through and through several grammatical construction phases.
Youngkin Mum on Casino Bill
Youngkin is reviewing hundreds of bills the Old Dominion General Assembly passed during its 2023 legislative session, with ane existence Senate Bill 628. The lawmaking seeks to dispose Petersburg Campaign as a legion city for a commercial message casino.
Virginia has quatern other cities where casinos are allowed — Norfolk, Portsmouth, Bristol, and Danville.
There were recent rumblings in capital of Virginia that the governor might use the Petersburg Campaign casino bank note to mass meeting living for his Potomac Yard Entertainment District. But after billionaire Ted Leonsis cobbler's last week in agreement(p) to stay fresh his professional sports teams inward Washington, D.C., effectively conclusion the Potomac Yard project, that bargaining cow dung is sour the table.
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