Bally's Corporation Acquires The Association Of Volleyball Professionals

Rhea-AI Summary

Bally's Corporation (NYSE: BALY) announced its acquisition of the Association of Volleyball Professionals (AVP) on July 13, 2021. This strategic move aims to enhance Bally's omni-channel growth by integrating interactive content into beach volleyball, boosting traffic and customer engagement. The acquisition includes all AVP assets, such as trademarks, promoter agreements, and digital media. Bally's plans to utilize AVP's distribution channels and Sinclair's 'Bally Sports' networks to promote the league. The AVP Pro Tour is set to begin on August 13, 2021, in Atlanta.

Positive

• Acquisition of AVP aligns with Bally's omni-channel growth and diversification strategy.
• Expected to enhance customer engagement through gamification of beach volleyball.
• Access to AVP's distribution channels and Sinclair's networks for increased visibility.

Negative

• None.

PROVIDENCE, R.I., July 13, 2021 /PRNewswire/ -- Bally's Corporation (NYSE: BALY) today announced that it has acquired the Association of Volleyball Professionals (AVP), the premier professional beach volleyball organization and host of the longest-running domestic beach volleyball tour in the United States. The acquisition represents the latest step in Bally's ongoing omni-channel growth and diversification strategy, providing a significant opportunity for the Company to gamify and incorporate interactive content into beach volleyball, which, in turn, will drive traffic to Bally's platforms and promote customer acquisition. 

Under the terms of the transaction, Bally's acquired all of AVP's assets, including trademarks, AVP America promoter agreements and associated recurring membership revenue, digital photo and video assets, and all proprietary tournament and league management software. Bally's plans to leverage AVP's distribution channels, as well as the Sinclair-owned "Bally Sports" Regional Sports Networks (RSNs), to increase consumer engagement with, and awareness of, the league.

Adi Dhandhania, SVP Strategy and Interactive, said, "The AVP is an attractive asset that complements our rapidly expanding U.S. sports betting vision. Donald and the entire AVP team have done a tremendous job developing the league and transforming it into what it is today, and we look forward to exploring creative ways to amplify and gamify such a dynamic and high-growth sport, providing beach volleyball fans across the nation with unique and interactive content."

Donald Sun, former owner and CEO of AVP, said, "Forming a new relationship with a trusted, forward-thinking partner like Bally's offers the opportunity to develop a strategic roadmap that will grow the sport, expand its footprint and provide new resources to better elevate the game and its athletes. I look forward to being an integral part of the transition, focusing on the best interests of all AVP athletes, fans, staff and partners."

The AVP will kick off its 2021 AVP Pro Tour in Atlanta, Georgia, on August 13-15. The AVP is planning to resume a full season beginning in 2022.

About Bally's Corporation

Bally's Corporation is a leading regional casino-entertainment company with a growing omni-channel presence of online sports betting and iGaming offerings in the US. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 14 states. It also owns Bet.Works, a first-in-class B2B2C sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and SportCaller, a leading global B2B free-to-play game provider.

With more than 6,000 employees, the Company's operations, pro forma for pending acquisitions, include 15,558 slot machines, 465 table games and 5,355 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (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".

About the AVP

Powered by some of the most dynamic and elite athletes in the world, the Association of Volleyball Professionals is the premier professional beach volleyball organization and longest-running domestic beach volleyball tour in the United States. Founded in 1983, the AVP has produced some of the world's most beloved athletes, providing fans with unparalleled access to nail-biting matches on the sand. In 1996, beach volleyball became an official sport of the Olympic Games and the AVP proudly serves as the home court for Team USA's Olympians.

Headquartered in southern California, the AVP operates a 3-tiered development system. AVPFirst, a 501(3)c youth program, is focused on creating healthy lifestyles and a lifelong connection to the sport by offering access to all. AVPNext is a developmental circuit providing athletes the opportunity to develop their skills and earn valuable AVP points to climb the rankings towards becoming a pro. The decorated AVP Pro tour is the gold standard in beach volleyball, with over 100 pro athletes competing for top prize money in front of over 120 million fans worldwide. Additionally, in an effort to grow the sport and celebrate those who love the game, AVP America leads a grassroots movement across the United States to curate thousands of events and matches for fans and players.

Cautionary Note Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about Bally's plans, objectives, expectations and intentions.

Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally's current expectations and assumptions. Although Bally's believes that its expectations and assumptions are reasonable at this time, they should not be regarded as representations that Bally's expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this document and Bally's does not undertake to update or revise them as more information becomes available, except as required by law.

Important factors beyond those that apply to most businesses, some of which are beyond Bally's control, that could cause actual results to differ materially from our expectations and assumptions include, without limitation:

• uncertainties surrounding the COVID-19 pandemic, including limitations on Bally's operations, increased costs, changes in customer attitudes, impact on Bally's employees and the ongoing impact of COVID-19 on general economic conditions;
• unexpected costs, difficulties integrating and other events impacting Bally's recently completed and proposed acquisitions and Bally's ability to realize anticipated benefits;
• risks associated with Bally's rapid growth, including those affecting customer and employee retention, integration and controls;
• risks associated with the impact of the digitalization of gaming on Bally's casino operations, Bally's expansion into iGaming and sports betting and the highly competitive and rapidly changing aspects of Bally's new interactive businesses generally;
• the very substantial regulatory restrictions applicable to Bally's, including costs of compliance;
• restrictions and limitations in agreements governing Bally's debt could significantly affect Bally's ability to operate our business and our liquidity; and
• other risks identified in Part I. Item 1A. "Risk Factors" of Bally's Annual Report on Form 10–K for the fiscal year ended December 31, 2020 as filed with SEC on March 10, 2021 and other filings with the SEC.

The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses.

You should not place undue reliance on Bally's forward-looking statements.

Investor Contact

Robert Lavan
Senior Vice President – Finance and Investor Relations
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 and The Association of Volleyball Professionals

FAQ

What is the significance of Bally's acquisition of AVP?

Bally's acquisition of the AVP is significant for enhancing its omni-channel strategy by incorporating interactive content into beach volleyball, which could drive traffic and improve customer engagement.

When will the AVP Pro Tour start after the acquisition by Bally's?

The AVP Pro Tour is set to kick off on August 13, 2021, in Atlanta, Georgia.

What assets did Bally's acquire from AVP?

Bally's acquired all of AVP's assets, including trademarks, promoter agreements, digital media assets, and tournament management software.

How does Bally's plan to utilize the AVP after the acquisition?

Bally's plans to leverage AVP's distribution channels and Sinclair's 'Bally Sports' networks to increase consumer engagement and awareness of the league.