PROVIDENCE, R.I., Nov. 18, 2020 /PRNewswire/ -- Bally's
Corporation (NYSE: BALY) (the "Company") today announced that it
has completed the previously announced acquisition of Bally's
Atlantic City Hotel & Casino from Caesars Entertainment, Inc.
(NASDAQ: CZR) and Vici Properties, Inc. (NYSE: VICI). The total
purchase price of the acquisition was $25
million, subject to customary adjustments, and was funded
with cash on hand.
"We strongly believe in the potential of the Atlantic City market and are confident that we
can restore Bally's to its former glory," said George Papanier, President and Chief Executive
Officer of Bally's Corporation. "We are pleased to close on this
transaction, which represents the latest addition in our ongoing
portfolio diversification strategy, and look forward to
implementing our capital improvement plans to completely renovate
the property with first-in-class amenities and offerings. We have a
proven track record of implementing strategic initiatives at
acquired properties in order to drive growth and revenue
improvements, and plan to bring the iconic property to a level not
seen in years."
As part of the transaction, Bally's also receives three sports
betting and five iGaming skins in New
Jersey. As previously announced, the Company entered into
strategic partnerships with Esports Entertainment Group and
Sporttrade Inc. for sports betting skins, and PointsBet and
theScore for iGaming skins, all of which provide unique benefits in
the cutting-edge New Jersey sports
betting and iGaming market, and allow the Company to reserve skins
for its own use. In addition, the Company has an agreement with
FanDuel to host a sportsbook inside Bally's Atlantic City, which will debut shortly. The
Company expects these partnerships to be accretive to earnings.
Bally's Atlantic City, located
in Atlantic City, New Jersey, is
situated prominently in the center of the Atlantic City boardwalk. This iconic property
includes 1,500 slots, 105 tables and 1,251 hotel rooms.
About Bally's Corporation
Bally's Corporation currently owns and manages 10 casinos across
six states, a horse racetrack, and 13 authorized OTB licenses in
Colorado. With more than 5,400
employees, the Company's operations include 11,859 slot machines,
405 game tables and 2,538 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) 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), Eldorado Shreveport Resort and Casino (Shreveport, LA), 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 Contacts
Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com
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SOURCE Bally's Corporation