Bally’s Seeks to Expand Gaming in RI — Wants Approval for Online Casino Gaming
Wednesday, February 15, 2023
Senate President Dominick Ruggerio and Governor Dan McKee at a previous Bally's event PHOTO: GoLocal
Bally's is headquartered in Providence.
The announcement was made this afternoon at the Greater Providence Chamber of Commerce luncheon. The proposed legislation would allow the RI Division of Lotteries to authorize online slots and table games by Bally’s properties in Rhode Island, including Bally’s Twin River Lincoln Casino Resort and Bally’s Tiverton Casino & Hotel.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTRI would receive a percentage of all online slots and table games revenue. Elizabeth Suever, Vice President of Government Relations for Bally’s Corporation, said: “We intend to model this after the legislation used to establish online sports betting in Rhode Island, effectively giving the State complete regulatory control and the ability to ensure the integrity of the program, while maximizing revenue for the State.”
The announcement comes as Bally’s announced a new CEO and that it recorded in the fourth-quarter a net loss of $476.8 million, more than quadruple the $115.29 million net loss recorded in Q4 2021. However, this year's Q4 number was inflated by one-time write-downs of assets in its Interactive division.
Bally’s Study Claims
A recent iGaming study conducted by Spectrum Gaming and paid for by Bally’s in preparation for a statewide discussion about online casino gaming claims:
- Rhode Island could generate an estimated $93.3 million of gross gaming revenue (“GGR”) in the first year, and an estimated $130.6 million in the fifth year.
- Little to no switching of play from retail casinos to online casino gaming is expected, preserving retail casino revenues paid to the State.
- This could generate potential gaming taxes for the State of Rhode Island of $210 million over a five-year period.
Other provisions of the legislation may include:
- Online slot and table gaming wagers would only be accepted from players who are confirmed to be physically present in the state of Rhode Island at the time of their bet.
- The server-based gaming system used to process wagers would be located in a restricted area on the casinos’ premises.
- The State would retain the authority to set terms and conditions for online slots and table gaming including all procedures for responsible gaming, system integrity, security, operations, and accounting.
The effective date of the bill is January 1, 2024, subject to the finalization of relevant regulations.
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