PROVIDENCE, R.I., Dec. 23, 2020 /PRNewswire/ -- Bally's
Corporation (NYSE: BALY) (the "Company") today announced that it
has completed the previously announced acquisition of Eldorado
Resort Casino Shreveport from Caesars Entertainment, Inc. (NASDAQ:
CZR). The total purchase price of the acquisition was $140 million, subject to customary adjustments,
and was funded with cash on hand and available borrowings under the
Company's revolving credit facility.
"Eldorado Shreveport represents the latest step in our ongoing
portfolio diversification strategy, expanding our rapidly growing
geographic footprint into the attractive Shreveport/Bossier
City market," said George
Papanier, President and Chief Executive Officer of Bally's
Corporation. "Eldorado Shreveport is a first-class, premier
entertainment asset that is emblematic of the iconic Bally's brand.
With the close of this transaction, we are looking forward to
integrating Eldorado Shreveport into the Bally's family, and
implementing our proven strategic initiatives to drive growth and
revenue improvements."
Eldorado Resort Casino Shreveport is located in Shreveport, Louisiana, and is situated right
on the banks of the Red River. This premier property includes 1,401
slots, 54 tables and 403 hotel rooms.
About Bally's Corporation
Bally's Corporation currently owns and manages 11 casinos across
seven states, a horse racetrack, and 13 authorized OTB licenses in
Colorado. With more than 5,900
employees, the Company's operations include 13,260 slot machines,
459 game tables and 2,941 hotel rooms. Properties include Twin
River Casino Hotel (Lincoln, RI),
Tiverton Casino Hotel (Tiverton,
RI), Hard Rock Hotel & Casino (Biloxi, MS), Casino Vicksburg (Vicksburg, MS), Dover Downs Hotel & Casino
(Dover, DE), Bally's Atlantic City (Atlantic City, NJ), Eldorado Resort Casino
Shreveport (Shreveport, LA),
Casino KC (Kansas City, MO),
Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino
(Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack
(Aurora, CO). Following the
completion of pending acquisitions, which include Tropicana
Evansville (Evansville, IN),
Jumer's Casino & Hotel (Rock Island,
IL), and MontBleu Resort Casino & Spa (Lake Tahoe, NV), the Company will own and
manage 14 casinos across 10 states. Its shares trade on the New
York Stock Exchange under the ticker symbol "BALY."
Forward Looking Statements
This communication contains "forward-looking" statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
All statements, other than historical facts, including future
financial and operating results and Bally's Corporation's
("Bally's") plans, objectives, expectations and intentions, legal,
economic and regulatory conditions and any assumptions underlying
any of the foregoing, are forward-looking statements.
Forward-looking statements are sometimes identified by words like
"may," "will," "should," "potential," "intend," "expect,"
"endeavor," "seek," "anticipate," "estimate," "overestimate,"
"underestimate," "believe," "could," "project," "predict,"
"continue," "target" or other similar words or expressions.
Forward-looking statements are based upon current plans, estimates
and expectations that are subject to risks, uncertainties and
assumptions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. The inclusion of
such statements should not be regarded as a representation that
such plans, estimates or expectations will be achieved. Important
factors that could cause actual results to differ materially from
such plans, estimates or expectations include, among others, (1)
uncertainty surrounding the ongoing COVID-19 pandemic, including
uncertainty regarding its extent, duration and impact, the
resulting closure of Bally's properties (all of which have
re-opened at some limited level of capacity) and the risk that the
ongoing COVID-19 pandemic may require Bally's properties to close
again for an indeterminable period of time; (2) the time it will
take Bally's to return its facilities to full capacity and the
restrictions applicable to its facilities until then; (3) the costs
to comply with any mandated health requirements associated with the
virus; (4) customer responses as Bally's facilities continue to
operate under various restrictions including the time it takes
customers to return to the facilities and the frequency with which
they visit Bally's facilities; (5) the economic uncertainty and
challenges in the economy resulting from the ongoing COVID-19
pandemic, including the resulting reduced levels of discretionary
consumer spending; (6) challenges Bally's may face in bringing
employees back to work upon re-opening of its facilities; (7)
unexpected costs, charges or expenses resulting from the recently
completed acquisitions; (8) uncertainty of the expected financial
performance of Bally's, including the failure to realize the
anticipated benefits of its acquisitions; (9) Bally's ability to
implement its business strategy; (10) evolving legal, regulatory
and tax regimes; (11) the effects of competition that exists in the
gaming industry; (12) the actions taken to reduce costs and losses
as a result of the COVID-19 pandemic, which could negatively impact
guest loyalty and our ability to attract and retain employees; (13)
risks associated with increased leverage from Bally's recently
completed and proposed acquisitions; (14) the inability or
unwillingness of the lenders under our revolving credit facility to
fund requests that we may make to borrow amounts under the
facility; (15) increased borrowing costs associated with higher
levels of borrowing, (16) the risk that contemplated acquisitions,
and the expected benefits therefrom and the timing thereof, do not
occur as planned or at all; and (17) other risk factors as detailed
under Part I. Item 1A. "Risk Factors" of Bally's Annual Report on
Form 10-K for the fiscal year ended December
31, 2019 as filed with the Securities and Exchange
Commission on March 13, 2020 and
Bally's Quarterly Report on Form 10-Q for the fiscal quarter ended
September 30, 2020 as filed with the
Securities and Exchange Commission on November 6, 2020. The foregoing list of important
factors is not exclusive.
Any forward-looking statements speak only as of the date of
this communication. Bally's does not undertake any obligation to
update any forward-looking statements, whether as a result of new
information or development, future events or otherwise, except as
required by law. Readers are cautioned not to place undue reliance
on any of these forward-looking statements.
Investor Contact
Steve Capp
Executive Vice President and Chief Financial Officer
401-475-8564
InvestorRelations@twinriver.com
Media Contact
Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com
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SOURCE Bally's Corporation