In a surprising turn of events, Bally’s Corporation has announced that it has sold its Tiverton casino property in Rhode Island. The sale, which comes just two years after the casino’s grand opening, has left many in the state wondering what the future holds for the popular gaming destination.
The sale of the Tiverton casino was announced in a press release issued by Bally’s Corporation on Monday morning. According to the release, the property was sold to an undisclosed buyer for an undisclosed amount. While the specifics of the sale have yet to be disclosed, industry analysts speculate that the sale could be worth upwards of $100 million.
The decision to sell the Tiverton casino comes as Bally’s looks to refocus its efforts on other markets, including its recently acquired properties in Atlantic City and Las Vegas. In a statement, Bally’s CEO George Papanier emphasized the company’s commitment to growth and expansion, stating that the sale of the Tiverton property is part of a larger strategy to “streamline operations and maximize profitability.”
While the sale of the Tiverton casino may benefit Bally’s bottom line, it has left Rhode Island lawmakers scrambling to fill the revenue void left by the casino’s departure. The Tiverton casino, which opened in September 2018, has been a significant source of revenue for the state, generating millions of dollars in tax revenue each year.
In response to the sale, Rhode Island Governor Dan McKee has called for an emergency meeting with state lawmakers to discuss potential solutions. In a statement issued on Monday afternoon, Governor McKee expressed his concern over the loss of revenue from the Tiverton casino and called on lawmakers to come up with a plan to mitigate the impact on the state’s budget.
While the sale of the Tiverton casino may have caught many off guard, industry experts believe that the property’s prime location and strong customer base will make it an attractive investment for the new owner. With its close proximity to Providence and easy access to major highways, the Tiverton casino has always been a popular destination for both locals and tourists alike.
As Rhode Island lawmakers grapple with the fallout from the sale of the Tiverton casino, all eyes are on Bally’s Corporation to see what its next move will be. Will the company reinvest the proceeds from the sale into other properties, or will it continue to focus on expanding its presence in new markets? Only time will tell, but one thing is for certain – the sale of the Tiverton casino has left a major void in Rhode Island’s gaming industry, and lawmakers will need to act quickly to fill it.
