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About Dice Game
A US listing can improve access to capital without making the underlying business more attractive. London has a capital-markets problem. Gambling has an investment problem. The two overlap, but they are not the same thing.
Frank Fantini, founder and publisher emeritus of Eilers-Fantini, thinks the change began before Covid. “There is a tendency to look at the world as pre-Covid and post-Covid,” he says. “But the decline in gaming began earlier than that with the slowdown in new jurisdictions and new projects.”
The US land-based casino market had begun to mature and the number of obvious new markets and projects was shrinking. Online gambling offered a new source of growth, particularly through the expansion of legal sports betting. That opportunity was quickly reflected in share prices.
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According to the FBI, which raided his Las Vegas house on human trafficking warrants in 2014, Rashid “persuaded, induced, enticed and caused hundreds of victims to prostitute themselves for his benefit” beginning in 2002.
“Rashid operated a high-end prostitution business that transported victims across the United States, using various paid websites … to advertise the victims for prostitution purposes,” read a press release from the US attorney’s office, District of Nevada.
Prosecutors said Rashid imposed strict rules, manipulated the women, and used threats to maintain control. Some victims were encouraged to tattoo his name or image as a sign of loyalty, and many were led to believe he could advance their entertainment careers.
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The VGT dispute and construction reset are the latest chapters in a long and bumpy road for Bally’s since winning Chicago’s sole casino licence in 2022. Work has been halted for debris overflow and for unapproved contractors, and the company faced an $800 million funding gap that was eventually filled through a financing agreement with Gaming and Leisure Properties. Potential interference with city water lines also necessitated a significant redesign of the hotel plan.
At one point, the IGB ordered a temporary work stoppage at Bally’s permanent casino following reports of alleged ties between an unapproved dumpster service with organised crime.
Bally’s has been granted two years’ worth of extensions for the permanent project. State law allows for two-year temporary licences, but the Illinois Gaming Board approved an extension to three years in 2023. That pushed the deadline to this September, but Bally’s ultimately received another year’s worth of extensions through language included in the state’s omnibus revenue bill that was passed in June.