Latest news with #Bally's
Yahoo
5 days ago
- Business
- Yahoo
Following months of private talks, potential compromise emerges in casino smoking ban debate
A lit cigarette rests in an ashtray by a slot machine at Bally's Twin River Lincoln in 2023. (Photo by Christopher Shea/Rhode Island Current) Early 2027 could be when Rhode Island's two casinos finally go smoke free under a compromise brokered by the Senate's new majority leader. Senate Majority Leader Frank Ciccone, a Providence Democrat, told Rhode Island Current Thursday that legislation will likely come before the Senate Committee on Labor and Gaming next week. The long-awaited proposal ends a loophole that has allowed Bally's Lincoln and Tiverton casinos to avoid the state's indoor smoking ban. 'This took a lot of time meeting with Bally's and the union representing the people there,' Ciccone said in an interview But Patti Doyle, a Bally's spokesperson, said it's not a done deal. 'Conversations between Bally's and other stakeholders are ongoing,' Doyle said in an email. Ciccone has long opposed banning smoking at the two casinos, saying he believes it would cost visitors, and revenue. He initially sought to negotiate an agreement between the Providence-based casino giant and its union workers to expand existing non-smoking areas at the Lincoln facility. But union officials opposed any deals that kept smoke inside, Ciccone said. Rhode Island AFL-CIO President Patrick Crowley said in an interview Thursday that workers were willing to find common ground, but their goal was always to get smoking out of the state's two casinos. 'It's not good for them, it's not good for the customers, it's not good for the state,' Crowley said. So Ciccone instead focused on what Bally's could stomach in the effort to end smoking. That led to his last-minute filing of a bill, submitted on May 23, to raise the cap on marketing reimbursements the company receives from the Rhode Island Lottery — a measure the Senate approved 32-4 on Tuesday despite objections from state regulators. While seemingly unrelated to the smoking debate, the marketing measure intends to help Bally's offset any revenue losses from a smoking ban. The company has projected an annual loss of $20 million, Doyle previously said. Should the revised legislation be approved by the General Assembly, Ciccone said the ban would take effect January 2027. The original companion bills introduced by Sen. V. Susan Sosnowski and Rep. Teresa Tanzi, both South Kingstown Democrats, called for smoking inside the state's casinos to cease immediately upon the governor's signature. Sosnowski did not immediately respond to request for comment. Tanzi questioned why the Senate would consider allowing employees to work within the smoke for an additional 18 months. 'These workers deserve to have a smoke-free environment now,' she said in an interview. 'I look forward to understanding the justification of the 18-month delay.' But Crowley called Ciccone's proposed date 'a big win' for Bally's workers, who have spent years urging lawmakers to end smoking at casinos. The proposal was among the top legislative priorities this year for the AFL-CIO, which commissioned a poll in February suggesting nearly 7 in 10 survey respondents 'strongly' or 'somewhat' supported a smoking ban. Legislative leaders also appear on board. Speaker K. Joseph Shekarchi is one of 10 co-sponsors listed on the latest edition of Tanzi's bill, which has the backing of 55 of the chamber's 75 members. Senate President Valarie Lawson, an East Providence Democrat, has stated she personally supports a smoking ban. New compromise struck on the smoking ban comes a day after the Senate voted 30-3 in support of Ciccone's bill to open Rhode Island's online sports betting industry to new vendors, ending International Game Technology (IGT) PLC's five-year monopoly over the state's digital sportsbook. Democratic Sens. Dawn Euer of Newport, Tiara Mack of Providence, and Linda Ujifusa of Portsmouth voted against the legislation. The bill as approved in a revised form bars the Rhode Island Lottery from extending IGT's contract beyond Jan. 31, 2026, even though the company's deal to operate the Sportsbook RI app runs through November of that year. Ciccone said Thursday that the change was made to align with the Lottery's plans to issue a request for information on expansion in the first quarter of 2026. A Lottery-commissioned report by Spectrum Gaming Group recommended adding four to six new online sports betting vendors, but only if the state makes itself more attractive to popular companies like DraftKings and FanDuel. Spectrum found that companies may not be interested in expanding to Rhode Island due to its 51% tax on operators' revenues — tied with New York and New Hampshire for the steepest in the country. Lottery Director Mark Furcolo wrote to the Senate Committee on Gaming and Labor on April 30 that the legislation could violate regulators' constitutional authority to renew gaming contracts. Furcolo also had concerns with the economic feasibility of expanding to five vendors. 'The bill now addresses our primary concerns but does not eliminate the constitutional issue raised in the letter,' Paul Grimaldi, a spokesperson for the Lottery, said in an email Thursday. Ciccone's bill now heads to the House for consideration. Companion legislation sponsored by Rep. Matthew Dawson, an East Providence Democrat, remains held for further study following its initial May 1 hearing before the House Committee on Finance. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
29-05-2025
- 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
New York Post
29-05-2025
- Business
- New York Post
NYC Council delays vote to advance Bally's casino at former Trump golf course
City Council has given a Bronx cheer to a proposed Bally's casino, for now. The Council, headed by Speaker and mayoral candidate Adrienne Adams, refused Wednesday to allow a vote to advance legislation that would allow gaming operator Bally's to convert part of the former President Trump Golf Course property into a casino. Bally's acquired the golf course at Ferry Point from the Trump Organization in 2023, and it's now called Bally's Golf Links at Ferry Point. Advertisement 4 City Council, headed by Speaker and mayoral candidate Adrienne Adams, refused Wednesday to allow a vote to advance legislation that would allow Bally's to convert part of former President Trump's Golf Course into a casino. AP As part of the deal, Bally's agreed to provide the Trump Organization an additional $115 million — if it wins a casino license. Bally's Chairman Soo Kim complained that a 'whisper campaign' by lobbyists from rival bidders is trying to whip up anti-Trump sentiment among lawmakers to scuttle his casino bid. Advertisement 'They're saying, 'If Bally's wins, Trump benefits.' That's crazy,' Kim told The Post. He said the Bronx and the whole city will benefit, noting the Bally's proposal has laid out more than $600 million in community benefits as well as jobs and millions of dollars in economic activity and tax revenues. Bally's hopes to build a 500,000-square-foot casino on the Bronx site by its golf course, along with a 500-room hotel with a spa and meeting space, retail shops, a 2,000-seat event center and two parking garages with capacity for up to 4,660 vehicles. Kim also ripped the Council for 'moving the goalposts' by not voting on the matter Wednesday. Advertisement 4 Bally's acquired the golf course in 2023 and is now known as Bally's Golf Links at Ferry Point. AP 'If we don't get a vote in the City Council, we can't advance our bid.' The Bronx and the entire city, Kim said, would be losers. But Council sources, who requested anonymity, shot back that Bally's has been slow-footed in lobbying members to woo support for their project and lacks the necessary votes at this time to bring the measure to a vote. Advertisement Time is of the essence. Bally's needs the state legislature to approve a bill to repurpose the parkland property for use as a casino. 4 The deal states that Bally's would provide the Trump Organization an additional $115 million — if it wins a casino license. REUTERS But first, the City Council must give the OK for Albany to proceed via a 'home rule' message. The bids to apply for one of three state casino licenses are due June 27. The state legislature's 2025 session in Albany ends in mid-June, and the Council is expected to meet once more on June 11. The Council provided such a 'home rule' approval for the legislature to approve a law allowing Mets billionaire owner Steve Cohen to repurpose lots around Citi Field to advance his casino bid in partnership with Hard Rock. 4 Bally's chairman, Soo Kim, told The Post, 'They're saying, 'If Bally's wins, Trump benefits.' That's crazy,' and that the Bronx as a whole would benefit if the casino license is approved. Brigitte Stelzer Advertisement The state Senate and Assembly recently approved the land use bill for Cohen. Council sources said while some members have raised concerns about Trump benefiting from a Bally's casino license, it is not the overriding factor in discussions regarding the legislation. A rep for Council Speaker Adams and the Council leadership said the Bally's proposal is still being considered, and there's no concerted plot to kill it. 'We're still working on home rule messages for state legislation. The process hasn't been completed for this legislative session,' said Council spokesman Mandela Jones. Advertisement Brooklyn Councilman Lincoln Restler, who chairs the governmental operations committee that oversees state legislation, said Bally's will get 'another bite at the apple' to get the proposal passed in the coming weeks. Bronx Republican Councilwoman Kristy Marmorato, who represents the neighborhoods around Ferry Point, is opposed to the project, sources said. She declined to comment. But Democrats in the Bronx delegation want to roll the dice and are working to muster the vote to pass the Bally's proposals, a Bronx source said. Advertisement Another Council source claimed Bally's doesn't yet have the support to pass the home rule bill. 'We don't put bills on the floor without the votes,' the insider said. State Sen. Nathalia Fernandez (D-Bronx), who is pushing the Bally's legislation in Albany if she gets the go-ahead from the City Council, said the gaming company's agreement to pay the Trump Organization extra for a casino license was the price paid 'to get him [Trump] out of The Bronx.' 'So while I hate it, I don't want him to get anything on it, it was part of the business deal just to get his name out of the situation, get him out of the golf course and out of the Bronx,' Fernandez said.
Yahoo
27-05-2025
- Business
- Yahoo
Bally's, Designer Brands, Stitch Fix, Olaplex, and Sunrun Stocks Trade Up, What You Need To Know
A number of stocks jumped in the morning session after the major indices rebounded (Nasdaq +2.0%, S&P 500 +1.5%) as President Trump postponed the planned 50% tariff on European Union imports, shifting the start date to July 9, 2025. Companies with substantial business ties to Europe likely had some relief as the delay reduced near-term cost pressures and preserved cross-border demand. The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks. Among others, the following stocks were impacted: Casino Operator company Bally's (NYSE:BALY) jumped 8.9%. Is now the time to buy Bally's? Access our full analysis report here, it's free. Footwear Retailer company Designer Brands (NYSE:DBI) jumped 7.9%. Is now the time to buy Designer Brands? Access our full analysis report here, it's free. Apparel and Accessories company Stitch Fix (NASDAQ:SFIX) jumped 5.8%. Is now the time to buy Stitch Fix? Access our full analysis report here, it's free. Personal Care company Olaplex (NASDAQ:OLPX) jumped 5.1%. Is now the time to buy Olaplex? Access our full analysis report here, it's free. Renewable Energy company Sunrun (NASDAQ:RUN) jumped 6.1%. Is now the time to buy Sunrun? Access our full analysis report here, it's free. Bally's shares are extremely volatile and have had 42 moves greater than 5% over the last year. In that context, today's move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business. The biggest move we wrote about over the last year was 10 months ago when the stock gained 24.6% after the company announced it has that it agreed to be acquired by Standard General L.P (the company's largest shareholder). According to the press release, Standard General will acquire shares of Baly's it doesn't already own for $18.25/share. This price represents a 71% premium over BALY's 30-day volume-weighted average price per share as of March 8, implying an enterprise value of $4.6 billion. Bally's is down 41.3% since the beginning of the year, and at $11.41 per share, it is trading 48.3% below its 52-week high of $22.07 from November 2024. Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Boston Globe
22-05-2025
- Business
- Boston Globe
R.I. must lower taxes to attract DraftKings, FanDuel, report finds
Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up Spectrum's report recommends between four and six companies be awarded licenses in the state, noting that every other state in New England has multiple vendors. Advertisement Yes, but: The report found that 'absent changes to the state's online sports wagering to make it more competitive, Spectrum believes there would not be a market response to opening the state to additional operators.' Spectrum outlined several recommendations for making the state more attractive to other companies, including lowering the effective tax rate to be more in line with neighboring states. It also suggests that there may need to be a change to the state constitution to allow online betting servers to be hosted outside of the state's two existing casinos in Lincoln and Tiverton. Advertisement The bigger picture: Rhode Island was the first state in New England to legalize sports betting (both in-person and online), but efforts to appease existing Rhode Island companies (IGT and Bally's) and generate as much tax revenue as possible has left the state in a pickle. The rest of the region now offers more options to gamblers and has lower tax rates for operators. That makes the path to bringing DraftKings or FanDuel to the state more complicated than passing a single piece of legislation. Then again, after that brutal loss by the Knicks last night, maybe sports betting should be banned entirely. This story first appeared in Rhode Map, our free newsletter about Rhode Island that also contains information about local events, links to interesting stories, and more. If you'd like to receive it via email Monday through Friday, . Dan McGowan can be reached at
