Bally’s eyes ESG gains with new committee
US casino operator commits to UN social development goals framework as Standard General takeover talks rumble on
Bally’s has announced the formation of its first environmental, social and governance (ESG) committee as part of a focus on generating improved sustainability at the US-based firm.
The four-member committee includes Bally’s chairman Soo Kim, CEO Lee Fenton, and independent director Wanda Y Wilson.
Bally’s interactive president Robeson Reeves has been appointed the first chair of the group.
Speaking about the drive towards ESG, Reeves highlighted it as a necessity following the prior absorption of the Gamesys Group and Bally’s transition to a new corporate identity.
“Bally’s is committed to expanding its role as a responsible leader in the gaming industry, serving as an integral partner in the communities in which we operate, and providing transparency to our investors and other stakeholders on ESG topics,” he said.
“Our recent accomplishments represent the first important steps towards achieving this goal, and I look forward to providing updates as additional progress is made,” he added.
The ESG committee will be responsible for continuing to formulate ESG strategies and goals, identify and evaluate ESG risks and impacts, and oversee ESG practices at Bally’s.
Bally’s has revealed that it has completed a company-wide sustainability audit, something which the firm has said will help shape its long-term ESG strategy going forward.
In line with this strategy, in Q1 Bally’s will publish its Sustainability Accounting Standards Board metrics for the fiscal year 2021, detailing its ongoing focus on environmental excellence, strong governance, and safe operations.
Beginning next quarter, Bally’s will also begin reporting under the UN social development goals framework.
The operator has also confirmed the enhancement of its responsible gaming platform, under the GamCare Safer Gambling Standard, as well as the launch of the ‘Game in Good Hands’ customer commitment to operate a “trustworthy, rewarding, and responsible” brand portfolio.
The operator will also increase funding of the Bally’s Foundation, which oversees the firm’s charitable efforts.
Elsewhere, the proposed private takeover of Bally’s by Soo Kim’s Standard General company moved a step closer, with the appointment of a special committee of “independent and disinterested” directors to review the non-binding proposal from the Bally’s chairman.
Macquarie Capital has been recruited to advise the firm from a financial perspective, while Potter Anderson & Corroon LLP has been retained as legal counsel.
The committee will perform an evaluation of the proposed move, as well as establishing any potential strategic alternatives which may be possible.