There’s an old saw that when you owe the bank a small amount of money, you have problems. But when you owe the bank a million dollars (or more), it’s the bank that has trouble.
It appears to be a similar situation with Bally’s Corp., which issued a “going concern” warning this August. The stock promptly cratered. Uncertainty immediately surrounded the $8 billion in mega-resort projects to which Bally’s has committed. Bally’s had effectively taken Wall Street hostage and threatened suicide.
But when Casino Reports came calling, defenders, detractors, and even government officials with skin in the game headed for the tall grass.
