Bally’s Eyes Petersburg Casino Despite Credit Downgrades

Casino giant Bally’s Corporation is still interested in building a casino resort in Petersburg, Virginia, even though the company’s credit rating was recently lowered. This is despite facing financial challenges and recent downgrades from all three major credit rating agencies: Moody’s, S&P, and Fitch Ratings.

Bally’s Looking Beyond Petersburg Casino Credit Issues

Bally argues that the credit rating downgrades won’t affect their ability to compete for the Petersburg casino license. The company remains confident in its proposal for a world-class resort, but approval hinges on being chosen by the city council and getting the green light from voters in a referendum.

“We remain confident in our proposal to construct a world-class casino resort in Petersburg,” Bally’s communicated via email to a Petersburg news organization.

Expanding Horizons in the Gaming Industry

The downgrade, shifting Bally’s outlook from “B+” to “B,” reflects concerns about the company’s financial stability. However, this hasn’t deterred Bally’s from seeking opportunities in the gaming industry. With plans for a $1.1 billion casino resort in downtown Chicago and a smaller casino near Penn State University in Pennsylvania, Bally’s is actively expanding its footprint.

Petersburg Casino Project Up for Grabs

Petersburg or “Cockade City” is one of several Virginia cities that could potentially house a casino. The Virginia General Assembly recently passed a bill allowing Petersburg to solicit proposals for a casino resort. However, it still needs to be signed by Governor Glenn Younkin.

Competition Brewing for Petersburg Casino License

Bally’s might not be the only company vying for the Petersburg casino license. Maryland-based Cordish Companies has also shown interest in the project, proposing a multi-phase development exceeding $1.4 billion that would include a casino resort.

Governor Weighs Petersburg Casino Bill

Governor Younkin has until April 8th to decide on the Petersburg casino bill. His decision will determine whether Cockade City can move forward with the casino project and potentially attract bids from companies like Bally’s and Cordish.

What’s Next for Petersburg Casino?

With Bally’s expressing continued interest despite financial hurdles, and Cordish Companies presenting a potentially larger development, Petersburg could become an attractive location for casino development. The governor’s decision on the bill and the city council’s selection process will determine the future of the Petersburg casino project.