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Bally’s stock jumped 7% in trading on Monday to $9.84. Shares had fallen 30% in the last month in response to uncertainty in Chicago and warnings about the company’s ability to continue as a growing concern in its Q2 earnings report. Former CFO Mira Mircheva resigned on 4 September, prompting Papanier to take over the role on an interim basis.
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.
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The government said it aims to achieve this by increasing the forfeiture rate when gaming machine entitlements are traded from one in three to one in two.
The NSW government initiated its first formal review of ClubGRANTS in over a decade after taking office in 2023. Although the final report was submitted in January 2025, it has yet to be released publicly.
A government spokesperson stated that ministers are still considering the review’s findings, while updated guidance has been issued to clarify funding criteria for statewide services and tax obligations.
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Navarro noted during Thursday’s hearing that she had not presided over Rashid’s original plea agreement and had previously expressed concern that the deal did not fully reflect the severity of his conduct.
At his 2021 sentencing, she described Rashid’s past behavior as “monstrous” and said his victims endured conditions resembling imprisonment.
Rashid began supervised release on July 14, 2023, and was scheduled to remain under federal monitoring until Sept. 17, 2026. The new 17‑month sentence will return him to federal custody, where he will serve the remainder of his term before supervision resumes.
