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Bally's casino proposal in Virginia gets rejected

21 April 2021

(PRESS RELEASE) -- Bally's Corporation, a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today issued the following statement regarding the City of Richmond's decision to remove Bally's Richmond Casino Resort from its casino selection process.

George Papanier, President and Chief Executive Officer of Bally's Corporation, said, "We are the best operator to partner with the City on this endeavor and provided the largest financial package with the most economic benefit to RVA residents and business owners. We were deeply committed to this project, as well as to becoming a responsible neighbor and member of the Richmond community. Should the City reconsider its decision, we would be pleased to reengage."

With a total value of $650 million, including an upfront, unrestricted $100 million payment to the City, along with $28-$30 million in annual tax payments, Bally's Richmond offered the largest financial package of the remaining finalists. Bally's Richmond was estimated to attract approximately 3.7 million visitors annually, generating $415 million in annual total gross revenue, $5.3 billion in economic value over 10 years as well as creating over 2,000 full-time equivalent jobs.

Papanier continued, "Though we stand by the fact that our bid was objectively the strongest, we respect the City's decision, and look forward to providing our best-in-class online sports betting platform to sports fans across the State of Virginia under our recently awarded temporary sports wagering permit."

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