1 unchanged sentence
We are a global gaming, hospitality and entertainment company with a portfolio of casinos and resorts and online gaming businesses.
−Removed: We provide our customers with physical and interactive entertainment and gaming experiences, including traditional casino offerings, iCasino, online bingo, sportsbook and free-to-play (“F2P”) games.
−Removed: As of December 31, 2022, we own and manage 15 land-based casinos and one horse racetrack in ten states across the United States (“US”) operating under the Bally’s brand.
+Added: We provide our customers with physical and interactive entertainment and gaming experiences, including traditional casino offerings, iGaming, online bingo, sportsbook and free-to-play (“F2P”) games.
+Added: As of December 31, 2023, we own and manage 16 land-based casinos in 10 states across the United States (“US”), one golf course in New York, and one horse racetrack in Colorado operating under the Bally’s brand.
Our land-based casino operations include approximately 15,500 slot machines, 600 table games and 5,300 hotel rooms, along with various restaurants, entertainment venues and other amenities.
2 unchanged sentences
Our revenues are primarily generated by these gaming and entertainment offerings.
−Removed: We own and operate our proprietary software and technology stack, which is designed to allow us to provide consumers differentiated offerings and exclusive content.
+Added: Our proprietary software and technology stack is designed to allow us to provide consumers with differentiated offerings and exclusive content.
Our Strategy and Business Developments
5 unchanged sentences
Notable efforts in the current year include:
−Removed: • In January 2022, we launched Bally Casino, an iCasino app, in New Jersey and in November 2022, we launched our first combined casino and sports book app, Bally Bet Sportsbook & Casino, in Ontario, Canada.
−Removed: We will continue to focus on jurisdictions where there are iCasino opportunities.
−Removed: • In June 2022, we signed a host community agreement with the City of Chicago to develop Bally’s Chicago, a flagship, destination casino resort in downtown Chicago, Illinois.
−Removed: This agreement provides us with the exclusive right to operate a temporary casino, which is expected to open in the second half of 2023, while the permanent casino resort is constructed.
−Removed: • On September 26, 2022, we completed our acquisition of Tropicana Las Vegas from Penn Entertainment, Inc.
−Removed: and Gaming and Leisure Properties, Inc.
−Removed: (“GLPI”), providing us with a presence on the Las Vegas Strip.
−Removed: • During 2022, we made significant progress on our capital improvement and expansion projects focused on gaming and non-gaming amenities at our Bally’s Atlantic City, Bally’s Lincoln and Bally’s Kansas City properties renovating hotel rooms, expanding our gaming floors and product offerings and introducing new restaurant concepts, spas and other customer experience venues.
−Removed: • On January 3, 2023, we completed the sale-leaseback transaction for the land and real estate assets of Bally’s Tiverton and Hard Rock Biloxi for an aggregate consideration of $635 million.
+Added: • In January 2023, we completed the sale-leaseback transaction for the land and real estate assets of Bally’s Tiverton and Hard Rock Biloxi for an aggregate consideration of $625.4 million.
+Added: This transaction was structured as a tax-free capital contribution, allowing us to utilize funds to reduce debt and be better positioned for continued growth projects.
+Added: • In the first half of 2023, we opened the Bally’s Twin River expansion, which included the addition of 40,000 square feet of new gaming space in a landmark expansion of our casino floor, as well as the region’s largest spa inspired by Korea’s traditional bath houses.
+Added: Our expansion represents our continued partnership with, and commitment to invest $100 million in, our home state of Rhode Island and its workforce.
+Added: • In May 2023, in conjunction with Gaming & Leisure Properties, Inc.
+Added: (“GLPI”), we announced a binding term sheet with the Oakland Athletics of Major League Baseball to site their new ballpark on a portion of our Tropicana Las Vegas property.
+Added: The ballpark is expected to welcome more than 2.5 million fans and visitors annually and will be a one-of-a-kind asset for the Las Vegas Strip.
+Added: • In June 2023, we launched our mobile iGaming app in Pennsylvania, making it our third active iGaming region, following Ontario, Canada in 2022 and New Jersey in late 2021.
+Added: In June 2023, Rhode Island legalized iGaming, naming Bally’s as the sole provider in the state.
+Added: We anticipate launching our iGaming app in Rhode Island in early 2024, offering popular live casino games such as blackjack, roulette and baccarat.
+Added: We will continue to focus on jurisdictions where there are iGaming opportunities.
+Added: • We rolled out our new Bally Bet sportsbook app, with our partners Kambi and White Hat Gaming, in seven US states.
+Added: We intend to continue rolling out our app to new jurisdictions within the US throughout 2024 to increase customer engagement with the Bally brand and expand our online sports betting presence.
+Added: • In the beginning of September 2023, we opened our temporary casino at the Medinah Temple in Chicago, Illinois, with approximately 791 slot machines, 56 table games, and several food and beverage offerings.
+Added: We remain on track to break ground on the permanent casino development in downtown Chicago in 2024, which will become our flagship destination casino resort.
+Added: • In September 2023, we opened our land-based property expansion at Bally’s Kansas City, which transformed the property, through an extensive aesthetic renovation to its interior and exterior, and through the addition of enhanced dining and gaming experiences.
+Added: The expansion represents the most significant investment that Bally’s has made in the property since its acquisition in 2020.
+Added: • In September 2023, we acquired Trump Golf Links at Ferry Point, subsequently renamed to Bally’s Golf Links at Ferry Point, which includes the assignment of a license agreement to operate an 18-hole links-style golf course located in the Bronx, New York.
+Added: This acquisition continues our strategic objective of developing a diversified portfolio within our Casinos & Resorts segment.
These steps have positioned us as a prominent, full-service, vertically integrated iGaming company, with physical casinos and online gaming solutions united under a single, leading brand.
2 unchanged sentences
Our business is organized into three reportable segments:
−Removed: (i) Casinos & Resorts, (ii) North America Interactive, and (iii) International Interactive.
−Removed: Casinos & Resorts - includes our 15 land-based casino properties and one horse racetrack:
+Added: (i) Casinos & Resorts, (ii) International Interactive, and (iii) North America Interactive.
+Added: Casinos & Resorts - includes our 16 land-based casino properties, one horse racetrack and one golf course:
Property Name Location
−Removed: Bally’s Atlantic City Casino Resort (“Bally’s Atlantic City”) Atlantic City, New Jersey
+Added: Bally’s Atlantic City Casino Resort (“Bally’s Atlantic City”)
+Added: Atlantic City, New Jersey
Bally’s Black Hawk (1)(2)
Black Hawk, Colorado
−Removed: Bally’s Dover Casino Resort (“Bally’s Dover”) Dover, Delaware
−Removed: Bally’s Evansville Casino & Hotel (“Bally’s Evansville”) Evansville, Indiana
−Removed: Bally’s Kansas City Casino (“Bally’s Kansas City”) Kansas City, Missouri
−Removed: Bally’s Lake Tahoe Casino Resort (“Bally’s Lake Tahoe”) Lake Tahoe, Nevada
−Removed: Bally’s Quad Cities Casino & Hotel (“Bally’s Quad Cities”) Rock Island, Illinois
−Removed: Bally’s Shreveport Casino & Hotel (“Bally’s Shreveport”) Shreveport, Louisiana
−Removed: Bally’s Tiverton Casino & Hotel (“Bally’s Tiverton”) Tiverton, Rhode Island
−Removed: Bally’s Twin River Lincoln Casino Resort (“Bally’s Twin River”) Lincoln, Rhode Island
−Removed: Bally’s Vicksburg Casino (“Bally’s Vicksburg”) Vicksburg, Mississippi
−Removed: Hard Rock Hotel & Casino Biloxi (“Hard Rock Biloxi”) Biloxi, Mississippi
−Removed: Tropicana Las Vegas Casino and Resort (“Tropicana Las Vegas”) Las Vegas, Nevada
−Removed: Bally’s Arapahoe Park Aurora, Colorado
+Added: Bally’s Chicago Casino (“Bally’s Chicago”) (3)
+Added: Chicago, Illinois
+Added: Bally’s Dover Casino Resort (“Bally’s Dover”) (2)
+Added: Dover, Delaware
+Added: Bally’s Evansville Casino & Hotel (“Bally’s Evansville”) (2)
+Added: Evansville, Indiana
+Added: Bally’s Kansas City Casino (“Bally’s Kansas City”)
+Added: Kansas City, Missouri
+Added: Bally’s Lake Tahoe Casino Resort (“Bally’s Lake Tahoe”)
+Added: Lake Tahoe, Nevada
+Added: Bally’s Quad Cities Casino & Hotel (“Bally’s Quad Cities”) (2)
+Added: Rock Island, Illinois
+Added: Bally’s Shreveport Casino & Hotel (“Bally’s Shreveport”)
+Added: Shreveport, Louisiana
+Added: Bally’s Tiverton Casino & Hotel (“Bally’s Tiverton”) (2)
+Added: Tiverton, Rhode Island
+Added: Bally’s Twin River Lincoln Casino Resort (“Bally’s Twin River”)
+Added: Lincoln, Rhode Island
+Added: Bally’s Vicksburg Casino (“Bally’s Vicksburg”)
+Added: Vicksburg, Mississippi
+Added: Hard Rock Hotel & Casino Biloxi (“Hard Rock Biloxi”) (2)
+Added: Biloxi, Mississippi
+Added: Tropicana Las Vegas Casino and Resort (“Tropicana Las Vegas”) (2)
+Added: Las Vegas, Nevada
+Added: Bally’s Arapahoe Park
+Added: Aurora, Colorado
+Added: Bally’s Golf Links at Ferry Point (“Bally’s Golf Links”)
+Added: Bronx, New York
__________________________________
1 unchanged sentence
Bally’s Black Hawk North Casino, Bally’s Black Hawk West Casino and Bally’s Black Hawk East Casino.
+Added: (2) Properties leased from GLPI.
+Added: Refer to Note 17 “ Leases ” for further information.
+Added: (3) Temporary casino facility, as a permanent casino resort is being constructed.
+Added: International Interactive - includes Gamesys, a business-to-consumer (“B2C”) iCasino operator.
North America Interactive - includes the following North America businesses:
−Removed: • Bally’s Interactive, primarily a business to consumer online iCasino operator;
−Removed: • Consumer facing service and marketing engines, including SportCaller, a B2B and F2P game provider for sports betting companies;
+Added: • Bally’s Interactive, primarily a B2C online iGaming and online sportsbook operator;
+Added: • Consumer facing service and marketing engines, including SportCaller, a business-to-business (“B2B”) and F2P game provider for sports betting companies;
Live at the Bike, an online subscription streaming service featuring livestream and on-demand poker videos and podcasts;
−Removed: and the Association of Volleyball Professionals (“AVP”), a professional beach volleyball organization and host of the longest-running domestic beach volleyball tour.
−Removed: The North America Interactive reportable segment also includes the North American operations of Gamesys, a B2C iCasino operator.
−Removed: International Interactive - includes Gamesys.
+Added: an investment in the Association of Volleyball Professionals (“AVP”), a professional beach volleyball organization and host of the longest-running domestic beach volleyball tour;
+Added: and an investment in Watch Stadium, a content distribution channel focused on sporting events.
+Added: The North America Interactive reportable segment also includes the North American operations of Gamesys.
Refer to Note 23 “ Segment Reporting ” to our consolidated financial statements presented in Part II, Item 8 of this Annual Report on Form 10-K for additional information on our segment reporting structure.
6 unchanged sentences
These insights form the key tenets of our integrated Bally Rewards program specifically to enable customers to utilize compelling rewards universally in our interactive and casino and resort environments.
−Removed: Our Sinclair Broadcast Group (“Sinclair”) media affiliation adds to our comprehensive touchpoint strategy, which strengthens our ability to attract new customers to our integrated brand by showcasing Bally’s with millions of daily impressions.
We believe that our phased approach to the transformation of Bally’s brand was thoughtful and deliberate.
4 unchanged sentences
Interactive Brands
−Removed: We operate a suite of award-winning brands and are focused on building a diverse portfolio of distinctive and recognizable brands that deliver best-in-class platforms, player experiences and gaming content globally.
−Removed: Our brands are:
−Removed: • iCasino brands include Bally Casino , Rainbow Riches Casino, Virgin Casino, Virgin Games, Megaways Casino, VIP Casino, Vera & John, InterCasino , Monopoly Casino, Yuugado, Casino Secret;
+Added: We operate a suite of award-winning brands and are focused on building a diverse portfolio of distinctive and recognizable brands that deliver platforms, player experiences and gaming content globally.
+Added: Our brands are generally as follows, which include certain licensed brands:
+Added: • iGaming brands include Bally Casino , Rainbow Riches Casino, Virgin Casino, Virgin Games, VIP Casino, Vera & John, InterCasino , Monopoly Casino, Yuugado, Canal Bingo, VIP Casino, Casino Secret;
• Sportsbook brand is Bally Bet ;
−Removed: • F2P brand is Bally Play ;
+Added: • F2P brand is Bally Play and SportCaller , a F2P games content provider;
• Online bingo brands include Jackpotjoy, Double Bubble Bingo and Botemania;
−Removed: • SportCaller , a F2P games content provider;
−Removed: • Gamesys , an iCasino and online bingo platform provider and operator;
+Added: • Gamesys , an iGaming and online bingo platform provider and operator;
• Telescope , a provider of real-time audience engagement solutions for live events, gamified second screen experiences and interactive livestreams.
−Removed: Bally Sports Brand
−Removed: Inherent in our naming rights arrangement with Sinclair, our Bally Sports brand encompasses a lineup of 19 regional sports networks to position the Bally Sports brand to be a well-known participant in the sports media industry, producing award-winning live game coverage, while creating and innovating multiplatform content that engages millions of sports fans across the US.
−Removed: We are home to America’s most comprehensive regional sports media rights portfolio that includes more than half of the US-based Major League Baseball, National Basketball Association and National Hockey League teams.
−Removed: We believe Bally Sports represents the future of sports fandom.
−Removed: We are seeking to cultivate and engage the next generation of fans by pursuing opportunities to create an omni-channel entertainment experience with sports at its core.
−Removed: By leveraging the collective scale of our regional sports media rights portfolio, we will seek to develop engaging content across an ever-expanding ecosystem of platforms and devices, meeting fans at the intersection of technology and sports culture.
−Removed: We believe that Bally Sports’ investment in the gamification of sports will usher in a new era of live, interactive sports that will provide fans the opportunity to interact with games in real time, on a personalized level, creating a national lean-in experience.
Our Technology and Product Development
−Removed: The heart of Bally’s real-money gaming solutions is the union of the Gamesys platform with Bally’s casinos and resorts and iGaming products.
−Removed: The combined casino, sports and additional online marketing assets provide social gaming, game development and marketing partnerships that integrate with the casinos and resorts creating an exciting and diverse gaming, hospitality and entertainment environment.
−Removed: Our investment in gaming platforms along with our talented technical and product development teams allowed Bally’s to launch Bally Casino New Jersey within two months of the Gamesys acquisition.
−Removed: In 2022, we rolled-out our new BallyBet 2.0 Product to Arizona, New York, Ontario and Indiana, all with expanded omni-channel marketing features.
−Removed: Our investment in core disciplines across technology, analytics and marketing have allowed us to rapidly bring innovative new experiences to market and provide unique insights into our customer habits and their interactions with both offline and online experiences.
−Removed: The result has been a highly efficient marketing conversion and retention platform that combines online and offline opportunities.
−Removed: Our product offerings comprise varying levels of proprietary and third-party software.
−Removed: Our proprietary platform binds together our product offerings, providing account management, responsible gaming, regulatory compliance and electronic wallet capabilities.
−Removed: Across our product offerings, we have endeavored to own the technology in-house for all critical components and to utilize a combination of new technologies, including data science and machine learning, to optimize conversion, efficiency and efficacy.
−Removed: Our experience from the highly competitive European markets, especially in the UK, allows us to leverage advanced artificial intelligence (“AI”), machine learning and retention capabilities across the online sports, casino and bingo product lines and to bring that expertise to our offline casinos and resorts.
−Removed: We have integrated the previous Bet.Works sports engine with the Gamesys casino platform, known as the Evolve platform, to create a seamless, high performance, efficient and effective online gaming product, BallyBet 2.0, that links our casinos and resorts activity with our iGaming products.
−Removed: Our continued investments into kiosk and player rewards recognize both online and offline activity and are at the forefront of our omni-channel strategy.
−Removed: Bally’s core product offerings are built on integrated, proprietary account management technology.
−Removed: This technology provides users with access to their account history and a uniform identity verification system, which is critical in enabling navigation from our national audience to our iGaming and sportsbook products.
−Removed: Our internally developed machine learning and AI tools recommend games, rewards and payment options and payment amounts to best suit our player’s preferences.
−Removed: We use our AI and machine learning skills to also protect our players by working at the forefront of the industry in developing advanced systems to identify and manage problem gambling behaviors.
−Removed: We are further investing in the Bally technology and product platform to achieve our vision of a seamless player journey between offline and online gaming and entertainment worlds that recognize and reward players through their entire lifetime whether in our casinos and resorts or online in any of our gaming and entertainment offerings.
−Removed: By leveraging our casinos and resorts, Sinclair partnership and iGaming products and brands, we strive to deliver an entirely new omni-channel gaming and entertainment experience to our customers.
−Removed: We plan to invest in core disciplines across our technology, analytics and marketing platforms to bring new experiences to market and gain an understanding of our customers.
−Removed: We are focused on building a strong brand reputation to distinguish us from our competitors.
+Added: At Bally’s, we’ve brought together a blend of real money technology platforms and know-how that together deliver a portfolio of exciting, diverse, and localized gaming products.
+Added: At its heart, we combine more than 20 years of experience from competitive European online gaming markets, Bally’s iGaming products and entrepreneurial spirit, and strong partnerships with third-party iGaming & Sports providers.
+Added: Our talented technology and product development teams continue to demonstrate a capability to relentlessly develop our products and launch into new markets.
+Added: Our teams are highly skilled, ambitious and experienced.
+Added: In 2021, within our North America Interactive reporting segment, we rolled out Bally Casino to New Jersey only two months after our acquisition of Gamesys.
+Added: In 2022, we introduced our “Bally Bet 2.0” product to Arizona, New York, Ontario, and Indiana, leveraging the Bally’s Interactive “Evolve” sports engine, combined with the acquired heritage of Gamesys.
+Added: In 2023, we enhanced and expanded the reach of our Sportsbook and iGaming products through our strategic partnerships with White Hat Gaming and Kambi Sportsbook.
+Added: Through the passage of Legislation in June 2023, allowing iGaming in the State of Rhode Island, we have been authorized, on behalf of the State Lottery Division, to be the exclusive provider of iGaming to Rhode Island customers for 20 years.
+Added: We anticipate offering, through a partnership with live casino software provider, Stakelogic B.V., online slots, as well as live table games, streamed from a new state of the art live dealer studio at our Bally’s Twin River property.
+Added: Our International Interactive reporting segment has continued to nurture our mature and highly successful B2C business in the UK and our B2B business in Japan.
+Added: In 2023 we expanded in the UK with the launch of the Bally Casino brand, continued to perform well in Japan with highly localized iGaming product developments, and had a soft-launch into Brazil with “BoaBet”, a new brand combining a localized set of sports and casino products tailored for the Brazilian market.
+Added: Our technology platforms comprise varying levels of proprietary and third-party software.
+Added: We invest in internally developed technology where we believe we can use it to leverage a competitive advantage in the market.
+Added: Our platforms provide core player account management functionality, including responsible gaming, critical compliance components, and high-performance electronic wallets.
+Added: Our data and analytics platform helps drive core marketing processes and provides the basis for a global gaming customer-focused platform across our portfolio of casinos and resorts and online gaming businesses.
+Added: We intend to continue to invest in technology that drives business performance with a competitive edge while continuing to integrate our products across our entire portfolio of businesses into a unified and seamless customer experience.
+Added: We plan to continue to expand and optimize our data analytics platform to better identify and manage signs of problem gambling, while continuing to deliver entertaining gaming experiences globally.
The marketing efforts under the Bally’s brand are primarily executed through six funnels:
33 unchanged sentences
shopping, athletic events, television and movies, concerts and travel.
−Removed: Legalized gaming is currently permitted in various forms in different parts of the US, in several Canadian provinces and on many lands taken into trust for the benefit of certain Native Americans in the US and First Nations in Canada.
+Added: Legalized gaming is currently permitted in various forms in different parts of the US, in several Canadian provinces and on many lands taken into trust for the benefit of certain Native American Tribes in the US and First Nations in Canada.
We face significant competition in each of the jurisdictions in which we operate.
Such competition may intensify in some of these jurisdictions if new gaming operations open in these markets or existing competitors expand their operations.
−Removed: Our properties compete directly with other gaming properties in each state in which we operate, as well as in adjacent states.
+Added: Our properties compete directly with other gaming properties in each state in which we operate, except for Rhode Island, as well as in adjacent states.
In some instances, particularly with Native American casinos, our competitors pay substantially lower taxes or no taxes at all.
7 unchanged sentences
Human Capital Resources
−Removed: Employee Relations, Diversity and Social Inclusion
+Added: Employee Relations, Diversity and Inclusion
A driving factor of our success is the recruitment and retention of employees who are committed to providing outstanding guest service that promotes diversity, inclusion and respect.
13 unchanged sentences
Environmental, Social and Corporate Governance
−Removed: Our approach to sustainability is underpinned by three pillars:
−Removed: (i) player well-being, (ii) people engagement and (iii) building a brighter future.
−Removed: Player well-being
−Removed: • Formed the ESG Committee.
−Removed: (Senior level leadership across all areas of ESG)
−Removed: • Achieved Gamecare Level 3 Accreditation, the highest RG accreditation available in the industry
−Removed: • Donated $600,000 to the International Center for Responsible Gambling for research into the harms of gambling
−Removed: • Joined and implemented the AGA’s “Have a Gameplan” campaign
−Removed: People Engagement
−Removed: • Measure and maintain high engagement levels utilizing an engagement index target
−Removed: • Evolve our ways of working, embracing flexible and agile hybrid working models suited to roles
−Removed: • Proactively support our employees’ holistic well-being
−Removed: • Continue to hire, nurture and develop a diverse and inclusive workforce
−Removed: • Continue to invest in learning and development of our employees
−Removed: • Ensure our culture and values underpin everything we do
−Removed: Building a Brighter Future
−Removed: • Measured our global environmental impact across Bally’s
−Removed: • In August 2022, Bally’s applied for a science based target confirming our commitment to reduce our Scope 1, 2 and 3 carbon-based emissions
−Removed: • Bally’s supports delivery of six of the United Nations Sustainable Development Goals
−Removed: Government Gaming Regulation
−Removed: The casino and iGaming industries are highly regulated and we must maintain licenses and pay gaming taxes in each jurisdiction in which we operate in order to continue operations.
−Removed: Each of our casino and iGaming businesses is subject to extensive regulation under the laws, rules and regulations of the jurisdiction in which it operates.
−Removed: These laws, rules and regulations generally concern the responsibility, financial stability, integrity and character of the owners, managers and persons with financial interests in the gaming operations.
+Added: Bally’s is committed to engaging and investing in the communities in which we operate and promoting a diverse and inclusive workplace for our valued team members.
+Added: We strive to make a positive impact and embrace our commitment to responsible gaming and business practices.
+Added: Bally’s commitment to Environmental, Social and Governance (“ESG”) is driven from the highest levels of the Company, our Board Chairman chairs the ESG Committee which provides direction on the Company’s ESG strategy, goals, and initiatives.
+Added: In addition, the Company’s executive Diversity, Equity and Inclusion committee sets the strategy for ensuring Bally’s people and business priorities reflect the diversity of our customers and guests and that inclusion is fully embraced as core to our DNA and how we operate.
+Added: Across all jurisdictions where we are located, we are dedicated to building stronger communities by becoming an integral part of the local community by hosting fundraisers, building relationships, growing tourism, and supporting local non-profits.
+Added: The Company made a landmark $5 million (over five years) contribution to the Community College of Rhode Island Foundation as part of our long-term workforce and economic development partnership in Rhode Island.
+Added: In addition, we are committed to ensuring responsible play and guest safety.
+Added: All our employees participate in training to better equip them to identify and mitigate problem play.
+Added: The Company is a member of the US Responsible Gaming Coalition and the corporate Leadership Circle for the National Council on Problem Gambling, adopted American Gaming Association’s Responsible Marketing Code of Conduct and Have a Game Plan Campaign, and commenced the process to obtain Responsible Gaming Accreditation for North America through RG Check in Ontario.
+Added: We are also committed to supporting responsible gaming research and donated over $1 million to the International Center of Responsible Gaming for expanded research for underage play prevention and the usage of responsible gaming tools since 2022.
+Added: Governmental Gaming Regulation
+Added: The casino and iGaming industries are highly regulated, and we must maintain licenses and pay gaming taxes in each jurisdiction in which we operate to continue operations.
+Added: Our casino and iGaming businesses are subject to extensive regulation under the laws, rules and regulations of the jurisdiction in which we operate.
+Added: These laws, rules and regulations generally concern the responsibility, financial stability, integrity and character of the owners, managers, officers and certain employees of our gaming operations.
Violations of laws or regulations in one jurisdiction could result in disciplinary action in that and other jurisdictions.
Some jurisdictions, including those in which we are licensed, empower their regulators to investigate participation by licensees in gaming outside their jurisdiction and require access to periodic reports reflecting those gaming activities.
−Removed: Violations of laws in one jurisdiction could result in disciplinary action in other jurisdictions.
−Removed: Under gaming laws in jurisdictions in which we have operations, and under our organizational documents, certain of our securities are subject to restrictions on ownership which may be imposed by specified governmental authorities.
+Added: Pursuant to the gaming laws in the jurisdictions where we have operations, and under our organizational documents, certain of our securities are subject to restrictions on ownership which may be imposed by specified governmental authorities.
These restrictions may require a holder of our securities to dispose of the securities, or, if the holder refuses or is unable to dispose of the securities, we may be required to repurchase the securities.
1 unchanged sentence
Our Regulatory Agreement
−Removed: On February 17, 2022, certain of our subsidiaries, the Rhode Island Department of Business Regulation (“DBR”) and the Division of Lotteries (“DoL”) of the Rhode Island Department of Revenue amended and restated our Regulatory Agreement (the “Regulatory Agreement”).
−Removed: The amendment and restatement of the Regulatory Agreement was mandated by legislation enacted in Rhode Island in June 2021.
+Added: We are party to an Amended and Restated Regulatory Agreement (the “Regulatory Agreement”), with the Rhode Island Department of Business Regulation (“DBR”) and the State Lottery Division of the Rhode Island Department of Revenue (“DoL”).
The Regulatory Agreement contains financial and other covenants that, among other things, (i) restrict the acquisition of stock and other financial interests in us, (ii) relate to the licensing and composition of members of our management and Board of Directors (the “Board”), (iii) prohibit certain competitive activities and related-party transactions and (iv) restrict our ability to declare or make restricted payments (including dividends), incur additional indebtedness or take certain other actions, if our leverage ratio exceeds 5.50 to 1.00 (in general being gross debt divided by Adjusted EBITDA, each as defined in the Regulatory Agreement).
2 unchanged sentences
A failure to comply with the Regulatory Agreement could subject us to injunctive or monetary relief, payments to the Rhode Island regulatory agencies and ultimately the revocation or suspension of our licenses to operate in Rhode Island.
−Removed: In addition, our master contracts with Rhode Island were extended through June 30, 2043, and allow for consolidation of promotional points between Bally’s Twin River and Bally’s Tiverton, obligate Bally’s Twin River to build a 50,000 square foot expansion, obligate Bally’s to lease at least 20,000 square feet of commercial space in Providence, and commit us to invest $100 million in Rhode Island over this extended term, including an expansion and the addition of new amenities at Bally’s Twin River.
−Removed: The June 2021 legislation authorized Bally’s Twin River to become a licensed technology provider, which it did on July 1, 2021.
−Removed: As a licensed Technology Provider, Bally’s Twin River was entitled to an additional share of net terminal income on Video Lottery Terminals (“VLTs”) which they owned or leased.
−Removed: This June 2021 legislation also authorized a joint venture between Bally’s and International Gaming Technology PLC (“IGT”) to become a licensed technology provider and supply the State of Rhode Island with all VLTs at both Bally’s Twin River and Bally’s Tiverton for a 20.5-year period starting January 1, 2023.
−Removed: The joint venture was organized as the Rhode Island VLT Company, LLC, with IGT owning 60% of the membership interests and Bally’s or its affiliates owning 40% of the membership interests.
+Added: In addition, our master contracts with Rhode Island extended through June 30, 2043, and allow for consolidation of promotional points between Bally’s Twin River and Bally’s Tiverton, obligate Bally’s Twin River to build a 50,000 square foot expansion, obligate Bally’s to lease at least 20,000 square feet of commercial space in Providence, and commit us to invest $100 million in Rhode Island over the term, including an expansion and the addition of new amenities at Bally’s Twin River.
+Added: As a licensed Technology Provider since July 1, 2021, Bally’s Twin River is entitled to an additional share of net terminal income on Video Lottery Terminals (“VLTs”) which they owned or leased.
+Added: June 2021 legislation in Rhode Island also authorized a joint venture between Bally’s and IGT Global Solutions Corporation (“IGT”) to become a licensed technology provider and supply the State of Rhode Island with all VLTs at both Bally’s Twin River and Bally’s Tiverton for a 20.5-year period starting January 1, 2023.
+Added: The joint venture was organized as the Rhode Island VLT Company, LLC, with IGT owning 60% of the membership interests and Bally’s or its affiliates owning 40% of the membership interests (“RI Joint Venture”).
On December 30, 2022, Bally’s Twin River and Bally’s Tiverton purchased additional machines directly from IGT to effectively own 40% of the machines.
−Removed: On January 1, 2023 Bally’s Twin River and Bally’s Tiverton contributed all of their machines to Rhode Island VLT Company, LLC in return for an aggregate 40% membership interest, and IGT contributed all of their machines at Bally’s Twin River and Bally’s Tiverton to the Rhode Island VLT Company, LLC in return for a 60% membership interest.
+Added: On January 1, 2023, Bally’s Twin River and Bally’s Tiverton contributed all of their machines to the RI Joint Venture in return for an aggregate 40% membership interest, and IGT contributed all of their machines at Bally’s Twin River and Bally’s Tiverton to the RI Joint Venture in return for a 60% membership interest.
Other Laws and Regulations
Our businesses are subject to various laws and regulations in addition to gaming regulations.
−Removed: These laws and regulations include restrictions and conditions concerning alcoholic beverages, food service, smoking, environmental matters, employees and employment practices, currency transactions, taxation, zoning and building codes and marketing and advertising.
+Added: These laws and regulations include restrictions and conditions concerning alcoholic beverages, food service, smoking, environmental matters, employees and employment practices, currency transactions, taxation, zoning and building codes, marketing and advertising and data privacy.
Such laws and regulations could change or could be interpreted differently in the future, or new laws and regulations could be enacted.
−Removed: Material changes to any of the laws, rules, regulations or ordinances to which we are subject, new laws or regulations or material differences in interpretations by courts or governmental authorities could adversely affect our operating results.
+Added: Material changes to any of the laws, rules, regulations.
+Added: or ordinances to which we are subject, new laws or regulations or material differences in interpretations by courts or governmental authorities could adversely affect our operating results.
The sale of alcoholic beverages is subject to licensing, control, and regulation by applicable local regulatory agencies.
5 unchanged sentences
In order to protect our brands, technology and other creative output, we rely on a combination of trademarks, copyright, patents, trade secrets and contract law to establish and protect our proprietary rights.
−Removed: Our core brand in the United States is Bally and Bally’s, which includes Bally’s Casino, Bally Bet, Bally Play and Bally Sports.
−Removed: The Bally brand is protected by around 75 trademark registrations and applications in the US and foreign jurisdictions.
−Removed: In line with our multi-brand strategy, we register trademarks for brands either directly exploited by us in the provision of interactive gaming services or for the purpose of licensing to third parties.
−Removed: Our other brands in the US include Live at the Bike and in foreign jurisdictions:
−Removed: Jackpotjoy, Botemania, Vera & John, Yuugado, Intercasino, and Casino Secret.
+Added: Our core brand in the United States is Bally’s and Bally.
+Added: We use “Bally’s” in connection with a majority of our land-based properties.
+Added: We use variations of “Bally” in connection with our interactive products, including Bally Casino, Bally Bet, Bally Live and Bally Sports.
+Added: The Bally’s and Bally brand is protected by approximately 150 trademark registrations and applications in the US and foreign jurisdictions.
+Added: In line with our multi-brand strategy, we register trademarks for brands either directly exploited by us in the provision of gaming services or for the purpose of licensing to third parties.
+Added: Our brands in foreign jurisdictions include:
+Added: Jackpotjoy, Botemania, Vera & John, Yuugado, InterCasino, VIP Casino and Casino Secret.
+Added: We also operate interactive sites under brand license agreements with third parties, including the Virgin, Rainbow Riches, Double Bubble Bingo, Canal Bingo and Monopoly brands.
In addition, we hold an exclusive trademark license for Hard Rock in relation to our Hard Rock Biloxi casino.
4 unchanged sentences
Although our business is not dependent on any one of our patents or combination of our patents, we file patent applications where we believe it is appropriate to do so.
−Removed: Our patent portfolio comprises approximately 20 granted US patents and we license in patented technology where required for the operation of our business.
+Added: We also license in patented technology where required for the operation of our business.
We protect our trade secrets and confidential information by nondisclosure agreements and confidentiality clauses.
14 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.