Casinos In Providence Rhode Island – Bally’s launches new non-smoking section at Lincoln Casino as it looks to attract new customers Washington Bridge closure found to be one factor in first-quarter loss of $173.9 million
Two days after reporting significant first-quarter losses, Bally Corporation announced Friday morning that it will open a new non-smoking section at Twin River Casino in Lincoln.
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Casino giant Providence on Wednesday reported a net loss of $173.9 million for the first quarter of 2024, compared with a profit of $178.3 million a year earlier.
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George Papanier, Bally’s chairman and director, said in an earnings call that the main cause was “bad weather” in January that turned away potential customers. However, he said the situation would quickly recover in February and March.
Papanier also cited reduced traffic to Bally’s Lincoln and Tiverton casinos due to “construction of the Providence Bridge over Interstate 195.” This is a reference to the westbound Washington Bridge that was closed last December when state officials learned it was at risk of collapsing. .
“One of the two bridges is suffering from structural issues, resulting in lane closures and traffic disruption during peak hours,” Papanier said. “Unfortunately, there is no immediate solution and we expect the disruption to continue.”
Bally Corporate spokesman Timothy Louie declined to say how many customers the state’s two casinos have lost since the bridge closed last December.
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State leaders are moving to hire a contractor to demolish and rebuild the westbound Washington Bridge, which officials hope will be completed by August 2026. The bridge replacement project was initially estimated to cost between $250 million and $300 million, the latest figure. That has apparently increased to $360 million, according to an estimate by U.S. Senate President Jack Reed’s office. Reed’s office referred the new estimate to the Rhode Island Department of Transportation (RIDOT). A RIDOT spokesperson responded to the request Friday afternoon but could not provide any information.
No matter the cost, U.S. Transportation Secretary Pete Buttigieg reaffirmed the federal government’s commitment to the project Thursday in testimony before the Senate Transportation, Housing, and Urban Development Appropriations Subcommittee and related agencies.
Bally’s Twin River Lincoln’s new non-smoking section is located on the first floor near the valet parking entrance. The area includes 22 table games and approximately 550 slot machines, according to a statement from Bally.
“The addition of a non-smoking casino gaming area on the ground floor provides ample space and opportunity for guests who prefer a non-smoking environment to enjoy their favorite games,” Craig Eaton, Bally’s chief operating officer, said in a statement in Rhode Island. “I will.”
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But Lee Gilbert, an organizer with Table Game Dealers Workers Local 711, said the union won’t be satisfied until smoking is completely banned on premises in Lincoln and Tiverton. Gilbert said Barrie’s move to add new smoke-free areas is largely perfunctory and will result in little change to working conditions.
“There are tables in that section, but there are no active matches as far as I know,” he said. “Nothing happens there except slots.”
Bally shareholders will vote on a proposal that could clean the air across the company’s sites at its virtual annual general meeting on May 16. Trinity Health, which owns 440 shares of Barry, has asked its board of directors to prepare a report on the potential economic benefits of banning smoking on its premises.
“Everyone in the world is eliminating it,” Gilbert said. “All of a sudden, the dealers at the tables and the casino employees probably don’t matter anymore.”
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Bally’s said in its first quarter report that it was “successful in launching iGaming as the only provider in Rhode Island.” On March 31, the Rhode Island Lottery reported $1.2 million in revenue from online games launched earlier that month.
Bally’s has approximately 10,000 employees working at 15 casinos in 10 states, golf courses in New York, racetracks in Colorado, and online sports betting licenses in 18 states. The casino operation includes approximately 15,000 slot machines, 550 table games, and 3,900 hotel rooms.
In a regulatory agreement with the state, Bally’s committed to investing $100 million in its Rhode Island properties through June 30, 2043, including expanding Bally’s Twin River and adding new facilities. A 14,000 square foot Korean-style spa and 40,000 square foot casino are scheduled to open in Twin River in the first half of 2023. About $57.4 million of the investment was still committed as of March 31, according to regulatory filings.
Casino giant Providence on Wednesday reported a net loss of $173.9 million for the first quarter of 2024, compared with a profit of $178.3 million a year earlier.
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In a regulatory agreement with the state, Bally’s committed to investing $100 million in its Rhode Island properties through June 30, 2043, including expanding Bally’s Twin River and adding new facilities. Twin River’s 14,000 square foot Korean-style spa and 40,000 square foot casino expansion are scheduled to open in the first half of 2023. Approximately $57.4 million of the committed investment remained as of March 31, according to regulatory filings.
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Our stories can be republished online or in print under the Creative Commons CC BY-NC-ND 4.0 license. Edits are for style or brevity only, and we ask that you provide proper attribution. Additionally, AP and Getty images may not be republished. For information on using other photos and graphics, please see our reposting guidelines. Customers walk the casino floor at Bally’s Twin River Lincoln on Thursday afternoon, February 29, 2024 (Christopher Shea/Rhode Island Present)
A bill that would double the amount high rollers can borrow at Twin River Lincoln and Tiverton casinos passed the Rhode Island Senate Thursday night.
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The House voted 28-5 to pass a bill amended by Sen. Frank Ciccone III (D) that would increase the maximum credit that Bally’s can offer to customers from $50,000 to $100,000, with Democratic Rep. Sam of Providence・Mr. Bell and Tiara Mac voted against the proposal. , Joshua Miller of Cranston, Linda Ujifusa of Portsmouth and Bridget Valverde of North Kingstown.
Ciccone said on the Senate floor that the bill was co-sponsored by Senate President Dominic Ruggerio and filed on behalf of Providence-based Bally’s Corporation to keep casinos in the state on par with neighboring states. Ta.
Since 2014, when table games were first introduced to Twin River, the maximum credit amount has been $50,000. Massachusetts has no limits on credit limits. Two tribal casinos in Connecticut, Mohegan Sun and Foxwoods, also have no lending limits.
Some opponents of Ciccone’s bill worry that raising the credit limit to $100,000 could lead to gambling problems.
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“This is bad. Gambling debt is dangerous,” said Sen. Sam Bell, a Providence Democrat who was one of the five no votes. “When it comes to addictive products, you shouldn’t be maximizing profits.”
The bill requires an application process and review based on an individual’s income and credit history before a credit extension is approved.
Ciccone’s bill also drew opposition from the Rhode Island Lottery, which governs state regulations and gambling revenue, including casinos, just before the committee’s June 4 vote.
The Lottery’s Mark Furcolo protested the provision that would allow Bally’s to negotiate a new debt-to-GDP ratio with the State Lottery Department and the Department of Corporate Regulation. This is something that Elizabeth Suber, Bally’s vice president of government relations, has said before, and this will be the case going forward. Allow the company to accept it. Outside. He received additional credit in building a new casino in Chicago.
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Furcolo’s main concern was that the gambling regulator would need to accept “the method of calculating limits and limitations used in Bally’s other debt agreements.”
“Not only are specific “other debt arrangements” not specified in Alternative A, but the Rhode Island Lottery and Department of Corporate Regulation would be bound by methodologies determined by non-state actors. ” Furcolo wrote. “This means that financiers have very different interests in Bally’s than the state, and the remedies available to Bally’s in the event of financial distress are very different.”
Mr. Ciccone introduced a key amendment that would remove references to other debt agreements, but the amendment still allows changes to the way debt ratios are calculated.
Furcolo did not comment on the Senate-passed bill, said Department of Revenue spokesman Paul Grimaldi.
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“We appreciate the Senate’s support for this bill and look forward to the House’s review next week,” Barry spokeswoman Patty Doyle said in an email statement Friday.
The bill originally also included changes to how Bally’s could use promotional points, but that language was finalized before it was removed from committee.
A related bill, sponsored by Representative Gregory Costantino, a Lincoln Democrat, continues to be debated in the House Finance Committee after a May 23 hearing.
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