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 completed its public offering of 12.65 million shares of common stock at $55.00 per share, raising approximately $671.4 million in net proceeds. The funds will primarily be used for cash consideration for the acquisition of Gamesys Group plc. If the acquisition does not occur, proceeds will support general purposes, including debt repayment and capital expenditures. The offering was led by Deutsche Bank, Goldman Sachs, and Barclays.
Bally's Corporation (NYSE: BALY) announced an initiative allowing Richmond residents to purchase equity in the proposed $650 million Bally's Richmond Casino Resort. This plan aims to engage the community and provides an opportunity for locals to become stakeholders. David Walton, a local entrepreneur, will assist in promoting the crowdfunding program. Bally's will also host a community engagement event on April 19, 2021, at Forest Hill Park to gather feedback on the casino's selection process.
Bally's Corporation (NYSE: BALY) has priced its public offering at $55.00 per share, totaling 11,000,000 shares. The offering is expected to close on April 20, 2021, contingent upon customary conditions. Should the underwriters exercise their option, the proceeds could reach $671.4 million. These funds will primarily support the acquisition of Gamesys Group plc. Bally's may also use the proceeds for general purposes, including debt repayment and capital investments.
Bally's Corporation (NYSE: BALY) announced it has discontinued a $250 million tangible equity units offering and is considering a private equity-linked securities offering due to an unsolicited investor interest. Bally's expects this alternative could yield proceeds similar to the original offering. Meanwhile, a $600 million common stock offering is set to continue, with a $50 million strategic investment also expected. Proceeds from these offerings will support its acquisition of Gamesys Group plc and may also be used for general corporate purposes or debt repayment.
Bally's Corporation (NYSE: BALY) announced public offerings of $600 million in common stock and $250 million in tangible equity units (Units). The offerings are subject to market conditions, with an option for underwriters to purchase an additional 15%. Proceeds will fund cash consideration for the Gamesys Group plc acquisition, or for general corporate purposes if the acquisition doesn't occur. Each Unit consists of a prepaid stock purchase contract and an amortizing note due April 15, 2024. The offerings are separately made and not contingent on each other.
Bally's Corporation (NYSE: BALY) announced the acquisition of the Tropicana Las Vegas casino from Gaming and Leisure Properties, Inc. for approximately $308 million. The transaction includes a purchase price of $150 million for non-land assets, plus a lease for the land at an annual cost of $10.5 million. Bally's expects this deal to be accretive to shareholder value and requires no cash outlay at closing. The acquisition will enhance Bally's presence on the Las Vegas Strip, attracting over 40 million visitors annually, supporting its growth in online and interactive gaming.
Bally's Corporation (NYSE: BALY) reported preliminary financial results for Q1 2021, estimating revenue over $185 million and Adjusted EBITDA exceeding $50 million, up from $109.1 million and $22.1 million, respectively, in Q1 2020. The significant growth is attributed to increased demand as COVID-19 restrictions eased, particularly in March. CEO George Papanier expressed optimism for continued momentum into April and throughout 2021.
Bally's Corporation (NYSE: BALY) has announced a definitive agreement to combine with Gamesys Group plc, a global online gaming operator. This strategic merger is part of Bally's plan to enhance its position in the omni-channel gaming market, leveraging Gamesys' technology and expertise. The merger will provide significant growth opportunities in the U.S. sports betting and online markets. Bally's has secured interim financing from Deutsche Bank and Goldman Sachs, planning to refinance it through capital market transactions. The combination is expected to create long-term value for both companies.
Bally's Corporation (NYSE: BALY) announced a memorandum of understanding (MOU) with Sinclair Broadcast Group (NASDAQ: SBGI) on April 12, 2021. This partnership will focus on producing and broadcasting Bally's content on Sinclair's 19 regional sports networks, now called Bally Sports. The collaboration aims to enhance live sports engagement through interactive programming and support the launch of the Bally Bet app, reducing reliance on advertising. Both companies will also explore additional programming opportunities across Sinclair's media platforms.
Bally's Corporation (NYSE: BALY) has launched a listening tour in Richmond, VA, aimed at engaging the local community regarding the $650 million Bally's Richmond Casino Resort project. Scheduled events will occur on April 13 and 14, 2021, to address community concerns and gather input from residents and business owners. Michael Monty, Senior Project Manager, emphasized the importance of community involvement, while local activist Jonathan Davis expressed support for the effort. The initiative underscores Bally's commitment to aligning the casino project with Richmonders' interests.