Bally’s Responsible Gaming Contributions Allocated to University Research Programs
Posted on: October 27, 2023, 11:27h.
Last updated on: October 27, 2023, 12:49h.
The Bally’s Corporation donated $600K to the International Center for Responsible Gaming (ICRG) in August 2022. The Rhode Island-based casino operator followed it up with a $450K contribution to the problem gambling institute this month.
The ICRG is headquartered in Massachusetts and strives to help individuals and families affected by gambling disorders. The agency funds relevant programs focused on “high-quality scientific research and evidence-based education programming” on gambling problems and responsible play.
The ICRG said Bally’s has donated more money than any other casino company over the past two years.
Bally’s Corporation’s outstanding commitment and generosity are significantly impacting the responsible gambling landscape, reinforcing the importance of collaborative efforts to ensure a safer and more responsible gambling environment,” an ICRG statement read.
Bally’s was Twin River Worldwide Holdings until 2020, when it acquired Bally’s brand from Caesars Entertainment. The company owns and operates 16 casinos across 10 states and employs 10,500 people.
Bally’s this week received a permanent license for its forthcoming integrated resort in downtown Chicago. Bally’s plans to increase its portfolio to 17 casinos and 11 states, with a Bally’s casino at the Nittany Mall in State College, Pa.
In thanking Bally’s this week, the ICRG also announced two funding allocations from the casino’s gifts.
The ICRG revealed it awarded the University of Sydney’s Center for Excellence in Gambling Research a $402,500 grant. The funds will help finance a project focusing on ways to prevent gambling-related problems.
“A key objective is to boost the utilization of responsible gambling tools provided by gambling operators, ultimately promoting healthier gambling practices,” ICRG officials said.
The ICRG also directs $172,500 to the University of Washington to help fund research on youth and young adults’ participation in sports betting. The research will focus on bettors aged 18-26, who problem gaming experts say are particularly vulnerable to developing problem gaming disorders and participating in risky betting behaviors.
The ICRG says the University of Washington study will provide insights into how responsible gaming schemes might be better tailored toward younger bettors.
The Bally’s Corporation is publicly traded on the New York Stock Exchange. Its largest shareholder is Standard General, a New York hedge fund controlled by billionaire Soo Kim. Standard General controls 22.4% of the outstanding Bally’s shares.
Bally’s is projecting to generate $2.5-$2.6 billion in revenue this year, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) coming in around $540-$580 million.
Bally’s reported revenue of $2.3 billion in 2022 and adjusted EBITDA of $548.5 million.
In addition to supporting the ICRG, Bally’s this year made a considerable donation to the Community College of Rhode Island. The casino’s $5 million gift will help develop a curriculum for students interested in pursuing careers in the casino industry.
Kim said last month that investing in Rhode Island’s education “will always be a top priority for us.”
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