“Betting on Change: Bally’s Corp. Secures Funding Amid Culinary Strikes at Virgin Hotels”

The strike led by union workers at the Virgin casino-hotel, which commenced in mid-November, seems poised to extend into the upcoming year.

During the weekend, Culinary Workers Union Local 226 members demonstrated outside Virgin Hotels Las Vegas, carrying placards and chanting while an electronic sign operated by the company displayed, “Respond to our request to arbitrate.” The union declined the offer for third-party mediation, adding further complexity to the ongoing labor protest.

The Culinary Union strike initiated on Nov. 15, following several months of fluctuating negotiations regarding a new five-year agreement for approximately 700 non-gaming Culinary members at Virgin. The prior contract lapsed in June 2023.

Management at Virgin maintains that the union’s demands are not financially feasible. The casino hotel has accused the labor union of not negotiating sincerely.

The University of Southern California football team lodged at Virgin in preparation for their appearance in the Las Vegas Bowl at Allegiant Stadium. Although the Trojans won the match, team officials found it necessary to address crossing the union’s picket line, issuing a statement supporting labor while blaming bowl game organizers for placing them in the midst of ongoing talks.

The following is a summary of gaming updates from other locations.

MGM Osaka

MGM Osaka, the integrated resort initiative being developed by Las Vegas-based MGM Resorts International alongside Japan’s Orix Corp., is set to commence construction in 2025.

The $8 billion endeavor on reclaimed territory identified as Yumeshima Island in Osaka has been in the planning phase for several years, with construction kicking off in April.

The completion date for the property featuring 2,500 rooms along with 2,000 slot machines and 200 table games has been postponed to 2030.

Bally’s aims to divest stake in Chicago casino

Bally’s Chicago Inc. has initiated an offering for a 25 percent equity share in its Chicago casino and resort development.

The organization is promoting the offering through an initial public offering and private placement, with Loop Capital Markets acting as the exclusive placement agent.

Proceeds generated will aid in the construction of Bally’s definitive casino and resort at the historic former Tribune Publishing site in Chicago. This venture, aligned with the Host Community Agreement with the city of Chicago, invites eligible investors to get involved in an initiative aimed at delivering top-tier entertainment and fostering regional economic advancement.