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Bally's Corporation reports developments across casino resorts, interactive gaming, sports betting and lottery technology. The company operates Bally-branded casinos and resorts in the United States and the United Kingdom, owns the Bally Bet sportsbook and iGaming platform in North America, and holds a majority interest in Bally's Intralot S.A., a lottery solutions supplier and gaming operator.
Recurring news includes quarterly results, integration of completed portfolio transactions, casino and resort development projects in Chicago, the Bronx and Las Vegas, credit facilities, sale-leaseback transactions and debt repayment activity. Company updates also cover live entertainment partnerships at casino properties and operating trends in Casinos & Resorts, Bally's Intralot B2C and North America Interactive.
Bally's Corporation (NYSE: BALY) reported preliminary financial results for Q2 2021, estimating total consolidated revenues between $258 million and $268 million with Adjusted EBITDA ranging from $80 million to $84 million. This marks a significant increase from revenues of $28.9 million and negative Adjusted EBITDA of $10.7 million in Q2 2020. The company will not require incremental equity or funds from Gaming and Leisure Properties for its Gamesys acquisition, which is expected to close in Q4 2021, pending regulatory approval.
Bally's Interactive and Sportradar have entered a significant five-year partnership aimed at enhancing Bally's sports betting capabilities. Sportradar will provide Bally's with comprehensive pre-match and live betting services, crucial for Bally's ambition to lead in the North American sports betting market. Following the mobile sportsbook launch in Iowa and Colorado, Bally's plans to expand its Bally Bet platform to additional states in 2021 and 2022. This partnership is part of Sportradar's strategy to secure long-term deals for its services in the U.S.
Bally's Corporation (NYSE: BALY) announced its acquisition of the Association of Volleyball Professionals (AVP) on July 13, 2021. This strategic move aims to enhance Bally's omni-channel growth by integrating interactive content into beach volleyball, boosting traffic and customer engagement. The acquisition includes all AVP assets, such as trademarks, promoter agreements, and digital media. Bally's plans to utilize AVP's distribution channels and Sinclair's 'Bally Sports' networks to promote the league. The AVP Pro Tour is set to begin on August 13, 2021, in Atlanta.
Bally's Corporation (NYSE: BALY) and Gamesys Group plc successfully received shareholder approvals for their proposed business combination on June 30, 2021. The transaction is expected to close in the fourth quarter of 2021, pending customary regulatory approvals. The merger aims to enhance Bally's growth strategy by integrating Gamesys' advanced gaming technology, creating a vertically integrated company poised to capitalize on the expanding U.S. online sports betting and iGaming markets.
Bally's Corporation (NYSE: BALY) announced a landmark partnership with the Phoenix Mercury, a key member of the WNBA, marking the first gaming access deal with a professional women's sports team. Starting July 1, 2021, Bally's becomes the exclusive sports betting partner, enabling online and mobile sports betting in Arizona, alongside a retail sportsbook near the Phoenix Suns Arena. This 15-year agreement reflects a commitment to diversity, equity, and inclusion, enhancing fan engagement and promoting women's sports.
Bally's Interactive has launched its mobile sportsbook, Bally Bet, in Iowa, marking its second state launch after Colorado. The platform offers unique features such as exclusive in-app games and rewards through the Bally Rewards loyalty program. This expansion, partnering with Elite Casino Resorts, also enhances Bally's visibility through local CBS and Fox affiliates. Future launches in two additional markets are planned for 2021, aiming to solidify Bally's as a leading brand in the U.S. sports betting market.
Bally's Corporation (NYSE: BALY) has entered a multi-year agreement with Boot Hill Casino & Resort in Kansas to launch its mobile sportsbook, "Bally Bet," pending state sports betting legislation. This collaboration allows Bally's to expand its market presence into Kansas, becoming the 14th state for its sports betting operations. Notably, Kansas is a market where Bally's does not have a land-based casino. The partnership aims to enhance the sports betting experience for Kansas fans by leveraging Bally's access to Sinclair Broadcast Group’s regional sports networks.
Bally's Corporation (NYSE: BALY) has completed the acquisition of Jumer's Casino & Hotel for $120 million, funded through its revolving credit facility. This strategic move expands Bally's presence in the growing Illinois gaming market, providing access to lucrative sports betting opportunities. CEO George Papanier noted the acquisition is expected to enhance revenue and cash flow. Jumer's features a 40,000 square foot casino, a hotel, and various entertainment options. The deal is anticipated to be immediately accretive to earnings based on prior performance.
Bally's Corporation (NYSE: BALY) celebrates the Rhode Island Legislature's passage of the Marc A. Crisafulli Economic Development Act, which extends a partnership with International Game Technology (NYSE: IGT). This act establishes a 20-year joint venture where Bally's will lease 23% of gaming machines, increasing to 40% by 2023. The $250 million plan aims for job creation and expansion of the Twin River Casino, enhancing Rhode Island's gaming industry by preserving key revenue streams.
Bally's Corporation (NYSE: BALY) and Oscar de la Hoya's KO Entertainment have partnered to innovate combat sports broadcasting, enhancing fan engagement through gamification. The pilot event, "Oscar de la Hoya's KO Entertainment Presents Bally's Fight Night," will showcase MMA and boxing with real-time data tracking, offering transparency and a unique viewing experience. Scheduled for June 9, 2021, this initiative aims to revolutionize audience interaction while improving fighter safety and experience. Bally's plans to incorporate its Monkey Knife Fight platform into the broadcasts, elevating the interactivity of combat sports.