Bally's Corporation Announces Partnership With Elite Casino Resorts To Launch Mobile Sportsbook In Iowa

Rhea-AI Summary

Bally's Corporation (NYSE: BALY) has announced a multi-year partnership with Elite Casino Resorts to launch mobile sports betting in Iowa, marking its entry into the state without a land-based casino. This partnership, effective in 2021, will utilize Elite's Grand Falls Casino and Golf Resort for sports betting access. The collaboration follows Bally's acquisition of the Bet.Works sportsbook technology platform. Once all acquisitions are completed, Bally's operations will expand to 11 states, enhancing its national footprint in the gaming market.

Positive

• Partnership with Elite Casino Resorts expands mobile sports betting access in Iowa.
• Entry into Iowa provides Bally's with a new market without the need for a physical casino.
• Acquisition of Bet.Works enhances Bally's technology capabilities for sports betting.

Negative

• None.

PROVIDENCE, R.I., Nov. 24, 2020 /PRNewswire/ -- Bally's Corporation (NYSE: BALY) ("Bally's"), a premier, full-service company with physical casinos and soon to be vertically integrated with sports betting and iGaming in the U.S. with online gaming platforms united under a single, preeminent brand, announced today that it has entered into a multi-year market access partnership with Elite Casino Resorts ("Elite"). This partnership will allow sports fans in Iowa access to mobile sports betting licensed by Elite's Grand Falls Casino and Golf Resort, located in Larchwood, Iowa.

This partnership follows Bally's recently-announced agreement to acquire preeminent U.S. regulated sportsbook technology platform Bet.Works, which provides omni-channel products, platforms, software and content solutions to operators in multiple states, including Iowa.

With the ability to offer sports betting in Iowa, Bally's national footprint will, once all pending acquisitions are completed, expand into its 11th state. Notably, Iowa represents the first state where Bally's does not maintain a land-based casino and will establish its market presence through its online platform.  The company generally prefers to enter a jurisdiction through an owned casino property, however, with how quickly the market is moving, entering through a market access agreement is a good solution and one that the company may use on occasion to ensure a comprehensive approach.

George Papanier, President and Chief Executive Officer of Bally's Corporation said, "We are delighted to partner with Elite Casino Resorts in Iowa. We currently operate sportsbooks in Rhode Island, Colorado, Delaware, Mississippi, and soon will be in Atlantic City. Entering the Iowa gaming market with our new, integrated sports betting and iGaming company is very exciting and we look forward to the launch in 2021."

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."

About Elite Casino Resorts
Elite Casino Resorts, LLC owns and operates three premier destination casino resorts in Iowa including Riverside Casino and Golf Resort^®, located just south of Iowa City, IA; Rhythm City Casino Resort^® located in the Quad Cities Davenport, IA area; and Grand Falls Casino and Golf Resort^® located in Larchwood, IA just minutes from Sioux Falls, SD. Elite Casino Resorts, LLC is a locally owned Iowa-based company.

Investor Contact

Steve Capp
Executive Vice President and Chief Financial Officer
401-475-8564
investorrelations@ballys.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

FAQ

What is the significance of Bally's partnership with Elite Casino Resorts?

The partnership allows Bally's to launch mobile sports betting in Iowa, expanding its market presence without a land-based casino.

When will Bally's launch mobile sports betting in Iowa?

Bally's plans to launch its mobile sportsbook in Iowa in 2021 following the partnership with Elite Casino Resorts.

How many states will Bally's operate in after the completion of their acquisitions?

After completing its acquisitions, Bally's will operate in 11 states.

What technology platform did Bally's acquire recently?

Bally's recently acquired the Bet.Works sportsbook technology platform to enhance its sports betting operations.

Does Bally's currently have a land-based casino in Iowa?

No, Iowa is the first state where Bally's will operate without a land-based casino, relying instead on its online platform.