Virginia: Bally’s says rating downgrades won’t affect Petersburg casino bid

Virginia: Bally’s says rating downgrades won’t affect Petersburg casino bid

Article brief provided by Petersburg Progress-Index
  • Bill Atkinson, Petersburg Progress-Index
April 2, 2024 2:58 PM
  • Bill Atkinson, Petersburg Progress-Index

One of the five vendors bidding on Petersburg’s proposed casino says that a major investment firm’s decision to lower its credit rating will not affect its attempt to secure the city’s gambling business.

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“We remain confident in our proposal to construct a world-class casino resort in Petersburg, Virginia,” a Bally’s spokesperson wrote in an email last week to The Progress-Index. “The recent report issued by Moody’s does not hinder anything related to the proposed project.”

On March 25, Moody’s Investor Services announced it was downgrading the Bally’s Corp. credit rating from B1 to B2 in the wake of the Rhode Island-based entertainment giant’s recent money issues setting up a casino resort in Chicago.