Special Committee of Bally’s Retains Financial and Legal Advisors in Connection With Standard General’s Proposal

Rhea-AI Summary

Bally's 's special committee of independent directors, evaluating a non-binding acquisition proposal from Standard General, has retained Macquarie Capital as its financial advisor and Potter Anderson & Corroon LLP and Sullivan & Cromwell LLP as legal counsel. The company cautions stockholders that no final decisions have been made, and there is no guarantee of a definitive offer or transaction.

Financial Analyst

With Bally's Corporation considering an acquisition proposal, the move to engage Macquarie Capital as a financial advisor signifies a strategic evaluation of the offer's financial implications. Macquarie's expertise in mergers and acquisitions will likely involve a rigorous valuation process, assessing the offer against Bally's current market capitalization, growth prospects and shareholder value. The retention of two legal firms suggests a complex legal landscape, perhaps due to regulatory hurdles or the structuring of potential deals. Investors should monitor this situation, as acquisition talks can lead to stock volatility based on perceived benefits or concerns regarding the transaction's success.

Legal Expert

The engagement of Potter Anderson & Corroon LLP and Sullivan & Cromwell LLP indicates Bally's commitment to thorough legal due diligence. These firms will scrutinize the acquisition's legal framework, ensuring compliance with securities law and fair treatment of shareholders. The legal outcome could influence the deal's structure, potentially affecting the timing and certainty of completion. Stakeholders should be aware that legal complexities can extend timelines or even derail transactions.

Market Research Analyst

The announcement reflects Bally's exploration of strategic alternatives, which may include not just the acquisition by Standard General but other potential transactions. This suggests Bally's is seeking to optimize its market position and shareholder value. The outcome of this strategic review could realign Bally's market strategy, possibly affecting its competitive stance within the gaming and hospitality industry. Stakeholders should consider the broader market implications, including potential industry consolidation or shifts in market dynamics as a result of this process.

PROVIDENCE, R.I.--(BUSINESS WIRE)-- The special committee of independent and disinterested directors (the “Special Committee”) of Bally’s Corporation (“Bally’s” or the “Company”) (NYSE: BALY) formed to evaluate the preliminary, non-binding acquisition proposal from Standard General, dated March 11, 2024 (the “Proposal”), among other things, today announced that it has retained Macquarie Capital as its financial advisor and Potter Anderson & Corroon LLP and Sullivan & Cromwell LLP as its legal counsel in connection with its evaluation of the Proposal, as well as any potential strategic alternatives to the Proposal.

The Special Committee cautions Bally’s stockholders and others considering trading the Company’s securities that no decisions have been made with respect to the Proposal. There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required by law.

About Bally’s Corporation

Bally’s Corporation is a global casino-entertainment company with a growing omni-channel presence of Online Sports Betting and iGaming offerings. It currently owns and manages 16 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 18 states. It also owns Bally’s International Interactive, formally Gamesys Group, a leading, global, online gaming operator, Bally Bet, a first-in-class sports betting platform, and Bally Casino, a growing iCasino platform.

With 10,500 employees, the Company’s casino operations include approximately 15,000 slot machines, 600 table games and 5,300 hotel rooms. Upon completing the construction of a permanent casino facility in Chicago, IL and a land-based casino near Nittany Mall in State College, PA, Bally’s will own and manage 17 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol BALY.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “intend,” “plan” and “will” or, in each case, their negative, or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Bally’s in this press release, its reports filed with the Securities and Exchange Commission (“SEC”) and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for Bally’s to predict or identify all such events or how they may affect it. Bally’s has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to those included in Bally’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by Bally’s with the SEC. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240328386416/en/

Media

Diane Spiers

(609) 377-4705

dspiers@ballys.com

Investor

Marcus Glover

Chief Financial Officer

(401) 475-8564

ir@ballys.com

James Leahy, Joseph Jaffoni, Richard Land

JCIR

(212) 835-8500

baly@jcir.com

Source: Bally’s Corporation

What is the name of the company evaluating the acquisition proposal from Standard General?

Bally's is evaluating the acquisition proposal from Standard General.

Which financial advisor has Bally's 's special committee retained for evaluation?

Macquarie Capital has been retained as the financial advisor by Bally's 's special committee for evaluation.

Who are the legal counsels hired by Bally's 's special committee for the evaluation process?

Potter Anderson & Corroon LLP and Sullivan & Cromwell LLP have been hired as legal counsels by Bally's 's special committee for the evaluation process.

Is there a guarantee that a definitive offer or transaction will be made by Bally's ?

Bally's cautions that there is no guarantee of a definitive offer or transaction being made.

What obligation does the company have regarding updates on the transaction?

The company does not undertake any obligation to provide updates on the transaction, except as required by law.