UPDATED: Bally’s President Tells Investors Revenue Down Due to Impact of Washington Bridge

UPDATED: Bally’s President Tells Investors Revenue Down Due to Impact of Washington Bridge

Bally’s President, George Papanier, told Wall Street analysts and investors in the second quarter earnings call that the Washington Bridge’s failure and the impact on traffic are impacting the business in Rhode Island.

Lost revenue for Bally's in Rhode Island also means less money for Rhode Island's budget. Bally's lost $60 million in the second quarter.

Papanier said during the investor call, "We [Bally's] have general stability across our portfolio with a few exceptions. Visitation to our Rhode Island properties, particularly Lincoln, was again impacted by the Providence Bridge [Washington] disruption on Interstate 195,”

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

“A critical connection between Rhode Island and Massachusetts, this has led to lane closures that disrupt traffic during peak periods. This situation will continue for the foreseeable future," he continued. 

 

Impact on Rhode Island

For Rhode Island's budget, the impact of loss of revenue to Bally's Lincoln and Tiverton casinos due to the bridge failure will mean the loss of millions to the state. Rhode Island receives 61% of all slot machine revenues and 18% of all table game revenues.

GoLocal has chronicled the closure of multiple businesses in Rhode Island due to the Washington Bridge failure.

According to a presentation Governor Dan McKee made in March, the replacement of the Washington Bridges was to be completed by the spring or later summer of 2026. That proved to be false.

Now, McKee says he does not have an expected date of completion. No contractors bid on the construction for the new bridge.

Papanier became President of Bally’s land-based casino business on October 1, 2021. His association with Bally’s began in 2004 when he served as the Chief Operating Officer, an appointment he held until February 2011.

 

Bally's Sold

In late July, hedge fund Standard General agreed to buy the remaining shares in casino chain Bally’s in a deal that valued the casino at about $4.6 billion and gives the hedge fund control of the company.

There are deep ties between Standard General.

Bally's Board Chair Soo Kim, also leads the hedge fund taking over the company.