Latest news with #Bally
Sydney Morning Herald
14 hours ago
- Business
- Sydney Morning Herald
The $400 million sting that could snuff out Star for good
The adage 'you do the crime you do the time' springs to mind when listening to Star Entertainment's protestations that if stung with a legal fine of $400 million for money laundering, it will go broke. And its no idle threat from the casino operator, which narrowly escaped bankruptcy two months ago after a US-based white knight (Bally's) agreed to lead a rescue mission that involved injecting $300 million into the business. Star has so far only received $100 million, just enough to keep the doors open for a few months, with the rest to come later. So, Star simply doesn't have a lazy $400 million lying around even as the financial transaction regulator, AUSTRAC, asks a federal court judge to throw the book at the casino operator. According to AUSTRAC, $400 million is the appropriate penalty for Star's alleged serious and systemic non-compliance with Australia's anti-money laundering and counter-terrorism financing laws. While Star argues a fine of that size is oppressive and AUSTRAC brands it appropriate, both parties might be correct. AUSTRAC feels it is on solid ground – it's position guided by its agreed settlement a few years ago with Crown Resorts on a $450 million fine for similar breaches of the law. The regulator maintains that Star's parlous financial state is due to other factors – which is correct but effectively academic. If the aim of AUSTRAC's action is to provide a deterrence to others, then a fine of the magnitude it is seeking would certainly hit the mark. A fine of $400 million will certainly jeopardise Star's current rescue plan. In Crown's case, the AUSTRAC matter never saw the inside of a courtroom – the parties settled. So strictly speaking there is no precedent, but the settlement did serve as a template of sorts for the financial crime regulator.
The Age
14 hours ago
- Business
- The Age
The $400 million sting that could snuff out Star for good
The adage 'you do the crime you do the time' springs to mind when listening to Star Entertainment's protestations that if stung with a legal fine of $400 million for money laundering, it will go broke. And its no idle threat from the casino operator, which narrowly escaped bankruptcy two months ago after a US-based white knight (Bally's) agreed to lead a rescue mission that involved injecting $300 million into the business. Star has so far only received $100 million, just enough to keep the doors open for a few months, with the rest to come later. So, Star simply doesn't have a lazy $400 million lying around even as the financial transaction regulator, AUSTRAC, asks a federal court judge to throw the book at the casino operator. According to AUSTRAC, $400 million is the appropriate penalty for Star's alleged serious and systemic non-compliance with Australia's anti-money laundering and counter-terrorism financing laws. While Star argues a fine of that size is oppressive and AUSTRAC brands it appropriate, both parties might be correct. AUSTRAC feels it is on solid ground – it's position guided by its agreed settlement a few years ago with Crown Resorts on a $450 million fine for similar breaches of the law. The regulator maintains that Star's parlous financial state is due to other factors – which is correct but effectively academic. If the aim of AUSTRAC's action is to provide a deterrence to others, then a fine of the magnitude it is seeking would certainly hit the mark. A fine of $400 million will certainly jeopardise Star's current rescue plan. In Crown's case, the AUSTRAC matter never saw the inside of a courtroom – the parties settled. So strictly speaking there is no precedent, but the settlement did serve as a template of sorts for the financial crime regulator.
Hypebeast
a day ago
- Business
- Hypebeast
Bally Resort 2026 Is a Timeless Act
Ballyis currently without a creative director, following the departure of designerSimone Bellotti, who switched over toJil Sanderin March. The Swiss label has yet to name a new leader, but in the meantime, the brand's design team is cooking up collections on their own. EnterResort 2026, Bally's first collection in its post-Bellotti era. The line, in the brand's words, 'crafts a dialogue between legacy and innovation with a contemporary expression of elegance.' That translates to a fine bunch of sharp formals, clean coats, smart shirting, and shiny leathers — many of which remix the brand's best hits — for men and women. On a color palette fusing cream, deep navy, black, and warm brown, the collection boasts the sophisticated sensibilities for the office-goer and the jet-setter alike. Standout silhouettes include perforated bomber jackets, posh trench coats, logomanic silk sets, leather shorts, and cute knit sweaters featuring illustrations of squirrels. Bally's Beckett and East Tote bags return in new buttery textiles, while archival sneaker models, like the Competition model (first introduced in 1983), make a comeback for the contemporary. Overall, this collection is a nod to Bally's rich archives, a reminder of the House's timeless codes in anticipation of its next era. See Bally's Resort 2026 collection in the gallery above.
Yahoo
7 days ago
- Business
- Yahoo
If R.I. passes casino smoking ban, state would pay more to cover Bally's ads under this bill
A roulette wheel inside the 40,000 square-foot gaming space and food hall Bally's opened at its Twin River Lincoln casino in 2023. (Photo by Christopher Shea/Rhode Island Current) A last-minute bill filed on behalf of the state's sole casino operator cleared a Rhode Island Senate committee hearing after roughly 10 minutes Wednesday, despite strong objections from the Rhode Island Lottery. Now it's set to sprint toward a floor vote in the full chamber on Tuesday. The bill introduced on May 23 by Senate Majority Leader Frank Ciccone, a Providence Democrat, would increase the cap for reimbursements Bally's Corp. receives from the Rhode Island Lottery for its marketing costs. But the legislation really serves as a contingency plan should lawmakers push forward legislation to ban smoking at the company's Lincoln and Tiverton properties. Ciccone confirmed that he introduced the legislation at the request of Bally's as a way to make up for anticipated lost revenue if a smoking ban is enacted this year. For years, unionized workers, public health advocates and progressive lawmakers have pushed to end the loophole that exempts Bally's casinos from an indoor smoking ban. Bally's Twin River in Lincoln and Bally's Tiverton Casino & Hotel allow patrons to smoke while casinos in Massachusetts and Connecticut are smoke-free. Bally's projects it could lose $20 million annually if smoking were fully banned at the Lincoln and Tiverton casinos, said the company's spokesperson Patti Doyle. 'As we look to the possibility of the smoking ban being enacted, we need as many tools in our arsenal as possible to bring back any lost revenue to the state,' Doyle said. Ciccone has long opposed banning smoking at the two casinos, saying he believed it would mean lost revenue. 'I just feel that the people who are here are because they can smoke and gamble — it's as simple as that,' Ciccone said in an interview. 'If that closes, you're going to lose a small percentage of them.' The Rhode Island Lottery is responsible for reimbursing Bally's under different rate structures — one for the Lincoln facility and one for the Tiverton casino. Both casinos have been regulated under two-tiered rates since 2010, when Tiverton's license was still held by Newport Grand under different ownership. In Lincoln, the state reimburses 60.7% of all casino marketing expenditures between $4 million and $10 million. The state pays nothing for Bally's marketing expenditures over $10 million up to $14 million, then reimburses 60.7% of expenditures between $14 million and $17 million. In Tiverton, the state reimburses 60.1% of marketing expenditures between $560,000 and $1.4 million. Doyle said the Tiverton casino was capped at the lower end because its contract was tied to the now-defunct, smaller Newport Grand tier structure. During the fiscal year ending on June 30, Rhode Island Lottery projects Bally's Lincoln will be reimbursed a total of $3,640,800 for marketing expenditures, while Bally's Tiverton will be reimbursed a total of $506,890, said lottery spokesperson Paul Grimaldi. But if Ciccone's bill becomes law, Grimaldi said, Bally's Lincoln would have been reimbursed $6,068,000 and the Tiverton casino would have been reimbursed $844,816 — representing a nearly $2.8 million increase. Lottery Director Mark Furcolo's interpretation of the legislation is that the state would have to reimburse Bally's at a rate of approximately 60.5% up to a cap of $27.25 million. 'Should Bally's spend more than it has during the last three fiscal years, there would be a greater impact to the state,' Furcolo wrote to the committee. As we look to the possibility of the smoking ban being enacted, we need as many tools in our arsenal as possible to bring back any lost revenue to the state. – Patti Doyle, Bally's spokesperson Furcolo said he was not opposed to the idea of consolidating Bally's marketing program from an administrative standpoint, but he doesn't believe the state should be on the hook for additional reimbursement. He added that amending any new contract would require a 'time-consuming legal undertaking' and could conflict with the Lottery's plans to issue a request for information on potentially expanding the number of online sports betting apps available in the state. Despite Furculo's opposition, the Senate Committee on Labor and Gaming voted 6-0 to advance Ciccone's bill at its initial hearing Wednesday. Not present were Democrats Ryan Pearson of Cumberland, Ana Quezada of Providence, and Brian Thompson of Woonsocket. Ciccone joined the panel in his ex-officio role as majority leader. Ciccone's bill is scheduled to be voted by the full Senate on Tuesday, chamber spokesperson Greg Paré said in an email Thursday. Companion legislation has not been introduced in the House. Momentum to make casinos smoke-free has grown in the House, where Speaker K. Joseph Shekarchi is one of 10 cosponsors listed on the latest edition of a bill sponsored by Rep. Teresa Tanzi, a South Kingstown Democrat. The House Committee on Finance held an initial hearing on Tanzi's bill on April 10, when it was held for further study — as is standard practice for a first look by a legislative legislation introduced by Sen. V. Susan Sosnowski in February has yet to be heard by the Senate Committee on Labor and Gaming. No hearing date has been set. Newly-elected Senate President Valarie Lawson, an East Providence Democrat, has stated she personally supports a smoking ban, but indicated she would like to see the standard committee review process play out. The growing support in the House mirrors overall sentiment in Rhode Island. The AFL-CIO in February released a poll that found nearly seven in 10 survey respondents 'strongly' or 'somewhat' supported a smoking ban at the state's two casinos. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Fashion Network
15-05-2025
- Business
- Fashion Network
Swiss brand Bally closes its Tuscan production site following Regent's restructuring plan
After several months of negotiations with unions and local authorities, Swiss footwear and accessories brand Bally has officially shut down its production site in Lastra a Signa, just outside Florence. The factory, which had reduced its workforce from 55 to 28 since December, ceased operations after the remaining employees reached an economic settlement. See catwalk The announcement came from union Uiltucs, which recalled that American investment fund Regent, having acquired Bally in 2024, had already declared its intention to shut down the Tuscan site in February. The closure involved laying off the site's entire workforce. Since then, various efforts have been made to reach a shared and sustainable resolution for the impacted employees. "All possible solutions were considered—from social safety nets to the potential acquisition by a third party—but none moved forward, as workers opted to accept the financial offer, which met the expectations of the vast majority," said Giuseppe Franzone, a representative of Uiltucs. The union, reportedly the last one still active at the regional level, represented the majority of workers involved in the negotiations.
