BALLYS Stock Price, News & Analysis

Bally's Corporation (NYSE: BALY) has secured marketing rights for the remainder of the 2022 Major League Baseball season as an official sports betting partner of the New York Yankees. This partnership allows Bally's to utilize Yankees trademarks and gain marketing benefits inside Yankee Stadium, including LED advertising and in-game features. The deal enhances Bally's presence in the New York market and adds to its sports and media footprint across six states. Bally's operates an omni-channel platform in online sports betting and iGaming, managing 14 casinos in 10 states.

Bally's Corporation (NYSE: BALY) announced the results of its modified Dutch Auction tender offer, which concluded on July 22, 2022. A total of 4,697,619 common shares were validly tendered at a final purchase price of $22.00 per share, amounting to an aggregate purchase price of $103,347,618. This represents approximately 8.9% of Bally's outstanding shares. All shares tendered at or below the offered price were accepted without a proration factor. Bally's also has $334.6 million available for future share repurchases.

Bally's Corporation (NYSE: BALY) announced preliminary results of its modified "Dutch Auction" tender offer, which expired on July 22, 2022. A total of 4,858,465 common shares were validly tendered at or below the purchase price of $22.00 per share, amounting to an aggregate purchase price of $106,886,230, representing 9.2% of Bally's outstanding shares. The company expects to purchase all validly tendered shares without proration. Bally's has $334.6 million available under its capital return program for future repurchases.

Bally's Corporation (NYSE: BALY) will announce its second quarter 2022 financial results before market opening on August 4, 2022. A conference call for discussing the results will take place at 8:00 a.m. EDT on the same day, accessible via phone at (800) 343-4849 with conference ID BALYQ22022 or through an online audio webcast. Bally's operates 14 casinos across 10 states and is expanding its online presence in sports betting and iGaming.

Bally's Corporation has entered a binding term sheet with GLP Capital to sell its Rhode Island casino properties for $1 billion. The transaction includes a leaseback agreement allowing Bally's to manage operations uninterrupted. The new properties will be added to Bally's existing Master Lease with an incremental rent of $76.3 million. Additionally, GLP will provide up to $200 million for deposit pre-funding. If necessary approvals for Lincoln are delayed, GLP may acquire the Hard Rock Hotel & Casino Biloxi for $635 million instead.

Bally's Corporation (NYSE: BALY) has launched a modified "Dutch auction" tender offer to repurchase common shares for cash, with prices set between $19.25 and $22.00. The total maximum purchase price is $190 million, and the offer will expire on July 22, 2022. If fully subscribed, between 16.4% to 18.8% of its outstanding shares may be acquired. The company intends to use cash reserves and potentially borrowings to fund this acquisition. Shareholder participation decisions will be disclosed six business days before the offer's expiration.

UNITE HERE Local 54 has launched a website, ACTravelAlert.org, to inform travelers about potential labor disputes in Atlantic City as casino contract negotiations approach. With gaming profits back to pre-pandemic levels, workers are pushing for significant wage raises, with contracts for nine casinos, including Bally's (BALY) and Caesars (CZR), expiring on May 31, 2022. Union members are determined to secure better wages to cope with rising living costs, emphasizing that they have previously sacrificed pay for the industry's health.

Bally's Corporation (NYSE: BALY) has been selected by the City of Chicago as the preferred bidder for a $1.7 billion casino resort project. The project promises to deliver significant economic benefits, including an upfront payment of $40 million and annual contributions of $4 million to the city. It is projected to generate over $800 million in stabilized gaming revenue yearly, supporting local pension obligations. Additionally, the project will create 3,000 construction jobs and 3,000 permanent jobs. Bally's commitment includes a Community Investment Program, aiming to empower local investors and businesses.

Bally's Corporation reported Q1 2022 financial results with revenue of $548.3 million, significantly up from $192.3 million in Q1 2021. Net income reached $1.9 million, a turnaround from a $10.7 million loss year-over-year. Adjusted EBITDA improved to $115.0 million but saw a margin decline to 21.0% from 27.3%. The company reaffirmed its 2022 revenue guidance of $2.4 billion to $2.5 billion, now estimated towards the lower range due to foreign exchange uncertainties.