Bally’s Says Rating Downgrades Won’t Affect Petersburg Casino Bid
Moody’s, S&P, and Fitch Ratings have recently downgraded Bally’s credit rating due to the company’s financial struggles with their Chicago casino project, among other reasons. This has lowered the corporation to junk status.
Interesting Timing for Bally’s Credit Rating Downgrade
Bally’s Corporation is among the five companies vying for Petersburg’s casino project. The casino corporation has, however, already downplayed the credit rating downgrade, assuring the city that this won’t impact their proposal.
Casino giant Bally’s wants a Petersburg casino, but will their bad credit hurt their chances? VA gov decides this week! Who else is vying for the license? Find out all about VA’s newest casino fight: https://t.co/e5xzvrtSJu#PetersburgCasino #VACasinos
— Casino_US (@Real_CasinoUS) April 4, 2024
Despite the credit rating concerns, Bally’s expresses optimism and looks forward to the selection process.
According to the company spokesperson, Bally’s remains “confident” in their plan to build a world-class casino resort in Petersburg, Virginia. They maintain the downgrade “does not hinder anything” related to the project.
Despite their optimism, Bally’s acknowledges that several factors beyond their control will influence the project’s success. These factors include:
- Petersburg City Council selecting Bally’s proposal.
- Petersburg voters approving the casino referendum in November.
- Governor Youngkin signing the casino legislation (Senate Bill 628).
- Virginia General Assembly potentially needing to re-approve the bill during a special session.
Bally’s to Join Competitors in Presenting Proposals on April 14th Town Hall
A town hall meeting is scheduled for April 14th at the Petersburg Public Library, during which all five casino proposal finalists, including Bally’s, will present their proposals.
Senate Bill 628, if approved, would allow Petersburg to become Virginia’s fifth casino location. The legislation awaits Governor Youngkin’s signature by April 8th.
Petersburg residents will also get a chance to weigh in on the casino referendum in November.
For this Petersburg casino project, Bally’s faces competition from The Cordish Companies, Penn Entertainment, Rivers Casino, and The Warrenton Group.
Looking Ahead: Can Bally’s Overcome the Odds?
While Bally’s remains confident in their proposal for a Petersburg casino resort, several hurdles await before the project becomes a reality. The company’s recent credit rating downgrade adds a layer of uncertainty, but the bigger challenges lie in the selection process, voter approval, and navigating the state’s legislative landscape.
The decision will hinge on a multitude of considerations, including the company’s record, financial viability, community engagement, and alignment with Petersburg’s goals and values.
With presentations scheduled for April 14th and a key decision from Governor Youngkin looming, the coming week will be crucial in determining whether Bally’s or one of its competitors will win the Petersburg casino bid.
