The SEC’s rules are in place to promote and ensure diversity in companies and businesses in America. According to the SEC, diversity can be defined in several ways.
On top of the usual inclusion of minorities and women, the language used by the SEC is broad enough to include groups such as the LGBT community, veterans, and those with disabilities.
“The Policy Statement envisions that a regulated entity will use the Joint Standards to conduct a voluntary self-assessment of its own diversity policies and practices,” per the SEC’s website.
Bally’s already signed a deal called the Host Community Agreement with the city of Chicago which stipulates that at least one-fourth of the casino’s equity must be possessed by minorities or minority-owned businesses. Mayor Lori Lightfoot was receptive to the idea of the casino before eventually signing off on its build partly because of the agreement.
“Minority investors will own 25% of the (Chicago) project, and include philanthropists, business owners, sports stars, celebrities and everyday Chicagoans from the Black and Latino communities, as well as other ethnic and gender representation,” Bally’s website says.
Despite the website brief, Bally’s, a Rhode Island-headquartered gaming company with a U.S. sportsbook license in 14 states and casinos in 10, is not guaranteeing anything just yet. It is also not committing to selling shares to non-minority owners.
“The number of ownership interests to be offered, the terms thereof and the price range for the proposed offering have not yet been determined,” Bally’s said in an announcement of the proposal. “The initial public offering is expected to occur after the SEC completes its review process, subject to market and other conditions.”