Bally's Completes Previously Announced Sale Leaseback Transaction With GLPI

Rhea-AI Summary

Bally's Corporation (NYSE: BALY) has completed a $150 million sale-leaseback transaction with Gaming & Leisure Properties, Inc. (GLPI) involving the Bally's Quad Cities in Rock Island, IL, and Bally's Black Hawk in Black Hawk, CO. The initial annual fixed rent for these properties is set at $12 million, with future increases expected. This strategic move enhances Bally's Master Lease with GLPI while expanding its casino portfolio, which includes 14 casinos in 10 states. The company aims to bolster its omni-channel gaming presence, furthering its growth in online sports betting and iGaming.

Positive

• Completed a $150 million sale-leaseback transaction with GLPI, enhancing liquidity.
• Initial annual fixed rent from the transaction is set at $12 million, providing predictable revenue.
• Expansion of portfolio includes Bally's Quad Cities and Black Hawk properties.

Negative

• None.

PROVIDENCE, R.I., April 4, 2022  /PRNewswire/ -- Bally's Corporation (NYSE: BALY), a global gaming, hospitality and entertainment company with a portfolio of casinos and resorts and online gaming businesses, today announced its completion of a previously announced real estate transaction with Gaming & Leisure Properties, Inc. ("GLPI").

Bally's and GLPI completed a sale-leaseback transaction relating to the Bally's Quad Cities in Rock Island, IL and Bally's Black Hawk in Black Hawk, CO casino properties for a cash purchase price of $150 million payable by GLPI. These properties will be added to Bally's Master Lease with GLPI and will have initial annual fixed rent of $12 million, subject to increases over time. 

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 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 16 states. It also owns Gamesys Group, a leading, global, online gaming operator, Bally's Interactive, a first-in-class sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, SportCaller, a leading, global B2B free-to-play game provider, and Telescope Inc., a leading provider of real-time fan engagement solutions.

With approximately 10,000 employees, Bally's casino operations include more than 15,800 slot machines, 500 table games and 5,300 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (NV) transaction, as well as completing the construction of a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 16 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".

Media Contact
Richard Goldman / Shea Maney
Kekst CNC
646-847-6102 / 917-842-1573
BallysMediaInquiries@kekstcnc.com 

 

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SOURCE Bally's Corporation

FAQ

What recent transaction did Bally's Corporation complete with GLPI?

Bally's Corporation completed a $150 million sale-leaseback transaction with Gaming & Leisure Properties, Inc. (GLPI) involving two casino properties.

How much annual rent will Bally's receive from the recent sale-leaseback transaction?

Bally's will receive an initial annual fixed rent of $12 million from the transaction, with increases expected over time.

Which properties are included in the sale-leaseback transaction by Bally's?

The transaction includes the Bally's Quad Cities in Rock Island, IL, and Bally's Black Hawk in Black Hawk, CO.

How many casinos does Bally's own after this transaction?

Bally's Corporation operates 14 casinos across 10 states, with plans to expand to 16 casinos with ongoing developments.

What is the significance of the recent transaction for Bally's Corporation?

The completion of this transaction enhances Bally's liquidity and strengthens its Master Lease agreement with GLPI.