BALLYS Stock Price, News & Analysis

Bally's Corporation (NYSE: BALY) has announced the retirement of Marc Crisafulli, EVP of Government Relations, Legal and Regulatory, effective September 16, 2022. Crisafulli joined in May 2019 and significantly contributed to the company's strategy, particularly in advancing important legislation in Rhode Island. His efforts were pivotal in the passage of the Marc A. Crisafulli Economic Development Act, establishing a joint venture with IGT and an economic investment plan of $250 million. Bally's management praised his contributions and leadership during his tenure.

Genius Sports has entered a significant partnership with Bally's Interactive, providing comprehensive data and streaming solutions for its sports betting platforms. This agreement includes access to exclusive data rights for major sports leagues such as NASCAR, NCAA basketball and football, and the NFL. Additionally, Genius Sports will deliver thousands of low-latency video feeds, enhancing live betting experiences for users. This partnership aims to improve operational performance and profitability for Bally's Interactive brands, including Bally Bet.

Bally's Corporation (NYSE: BALY) announced its financial results for Q2 2022, reporting revenue of $552.5 million, net income of $59.5 million, and an adjusted EBITDA of $141.2 million. While revenue increased significantly from $267.7 million in Q2 2021, net income saw a decline from $68.9 million in the prior year. The company updated its full-year revenue guidance to $2.2 billion to $2.3 billion and adjusted EBITDA guidance to $535 million to $550 million, citing foreign exchange impacts and lowered expectations for its Atlantic City property.

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.