Bally's Commitment to Responsible Gaming Supports University Research Initiatives
In August 2022, the Bally's Corporation donated a whopping $600,000 to the International Center for Responsible Gaming (ICRG). Not stopping there, the Rhode Island-based casino operator gave another $450,000 to the problem gambling institute this month.
The ICRG, which has its headquarters in Massachusetts, works to aid individuals and families grappling with gambling disorders. They support programs that conduct "high-quality scientific research" and "evidence-based education" about gambling issues and responsible gambling practices.
The ICRG revealed that Bally's is the most generous casino company when it comes to donations over the past two years. The agency praised Bally's for its "outstanding commitment and generosity," noting that these contributions greatly influence the responsible gambling environment.
Before donning the Bally's name, the company was known as Twin River Worldwide Holdings. It underwent a transformation when it acquired the Bally's brand from Caesars Entertainment in 2020. Today, this entity operates 16 casinos across 10 states and employs approximately 10,500 people.
Bally's was awarded a permanent license for its new integrated resort in downtown Chicago this week. The company aims to expand its operation by adding one more casino in State College, Pennsylvania. This would give them a portfolio of 17 casinos and presence in 11 states.
Funding Allocations
This week, the ICRG thanked Bally's for their generous contribution and announced where the money would be allocated.
First, the ICRG distributed $402,500 to the University of Sydney's Center for Excellence in Gambling Research. This grant will be used to find ways to prevent gambling-related issues. In particular, it aims to increase usage of responsible gambling tools among gambling operators, thus promoting healthier gambling habits.
Secondly, $172,500 was given to the University of Washington. This funding is earmarked for research on youth and young adults' involvement in sports betting. The focus will be on bettors aged 18-26, as experts believe they are more prone to developing problem gambling disorders. The ICRG believes the University of Washington study will help create responsible gaming strategies targeted at younger bettors.
Bally's Finances
Bally's Corporation is listed on the New York Stock Exchange. Its principal shareholder is Standard General, a New York hedge fund managed by billionaire Soo Kim. Standard General holds 22.4% of Bally's outstanding shares.
Bally's anticipates revenues to range between $2.5 and $2.6 billion in 2023. They also expect their adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to fall in the range of $540-$580 million.
In 2022, Bally's made $2.3 billion in revenue and had an adjusted EBITDA of $548.5 million.
Apart from supporting the ICRG, Bally's made significant contributions to the Community College of Rhode Island. The casino's $5 million gift is going towards creating a curriculum for aspiring casino industry professionals.
Kim emphasized last month that investing in Rhode Island's education is a matter of "top priority" for the company.
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Source: www.casino.org
