Bally’s Corporation has announced that all Richmond residents will be able to buy an equity interest in and become partial owners of its planned casino resort in Virginia’s capital city.
Bally’s will partner with David Walton, a Richmond-based serial entrepreneur best known for launching the Black Pages of America, to carry out the initiative which to help raise awareness for the crowdfunding round.
According to the operator, the initiative is being implemented as a result of positive input from the local community following a series of meetings held in recent weeks.
“Bally’s has promised that its casino proposal will be a community-focused project that places Richmond first, and the equity crowdfunding program represents one way for Bally’s to live up to that promise,” noted Walton.
“The purpose of the program is to allow all Richmond residents, not just those who may be more fortunate, the opportunity to invest in Bally’s Richmond, and I look forward to working with Bally’s and supporting that effort.”
The firm has a $650 million market capitalisation. After the city narrowed its field of bidders for a potential casino resort project and declined proposals from Golden Nugget, Pamunkey Indian Tribe, and Wind Creek, Bally’s Richmond Casino Resort was recently listed as one of three proposals left standing.
Along with the Cordish Companies’ Live! Casino & Hotel Richmond and Urban One’s One Casino + Resort, Bally’s has advanced.
Bally’s Richmond’s senior project manager, Michael Monty, said: “During our recent engagements with the RVA community, we had the fortunate opportunity to inform thousands of Richmonders about Bally’s Richmond. Once Richmonders better understood the proposal, many expressed interest in becoming a part of it.
“By allowing Richmond residents to own a part of Bally’s Richmond, we are further demonstrating our dedication and commitment to RVA and this project. We look forward to partnering with David Walton on this program, and are excited about the opportunity for Richmonders to own a piece of Bally’s Richmond and benefit from its success as a true stakeholder.”