Bally's Corporation Completes Acquisition Of MontBleu Resort Casino & Spa
Bally's Corporation (NYSE: BALY) has finalized the acquisition of MontBleu Resort Casino & Spa from Caesars Entertainment (NASDAQ: CZR). This strategic acquisition enhances Bally's portfolio, positioning MontBleu as a key entertainment destination near Lake Tahoe, complementing its existing properties. The resort features 418 slots, 17 tables, and 438 hotel rooms, aiming to attract loyal customers. Following the acquisition, Bally's intends to expand its market presence, which currently includes 12 casinos across eight states.
- Acquisition of MontBleu enhances Bally's entertainment portfolio.
- MontBleu's location near Lake Tahoe offers strategic benefits for attracting visitors.
- Integration of MontBleu expected to increase customer visitation to Bally's properties.
- Integration challenges may arise from the acquisition.
- Potential financial strain due to the costs associated with managing multiple properties.
PROVIDENCE, R.I., April 7, 2021 /PRNewswire/ -- Bally's Corporation (NYSE: BALY), a leading U.S. omnichannel provider of land-based gaming and interactive entertainment, today announced that it has completed the previously announced acquisition of MontBleu Resort Casino & Spa ("MontBleu") from Caesars Entertainment, Inc. (NASDAQ: CZR).
George Papanier, President and Chief Executive Officer of Bally's Corporation, said, "MontBleu is a premier entertainment asset that is commensurate with the iconic Bally's brand, and advances our ongoing portfolio diversification strategy. With the close of this transaction, we look forward to integrating the property into the Bally's family, and utilizing it as an attractive destination for our loyal Bally's customers to drive visitation to Lake Tahoe."
MontBleu is located in Stateline, Nevada, which is situated minutes from Lake Tahoe offering spectacular views of the Sierra Nevada mountains. The property features approximately 418 slots, 17 tables, 438 hotel rooms and approximately 14,000 square feet of flexible convention, meeting & exhibition space.
About Bally's Corporation
Bally's Corporation currently owns and manages 12 casinos across eight states, a horse racetrack and 13 authorized OTB licenses in Colorado. With more than 6,000 employees, the Company's operations include 13,308 slot machines, 460 game tables and 3,342 hotel rooms. Following the completion of pending acquisitions, which include Tropicana Evansville (Evansville, IN) and Jumer's Casino & Hotel (Rock Island, IL), as well as the construction of a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 15 casinos across 11 states. Bally's also maintains a multi-year market access partnership with Elite Casino Resorts through which it will provide mobile sports betting in Iowa, as well as a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY."
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, 2019 as filed with SEC on March 13, 2020 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 to place undue reliance on Bally's 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
View original content to download multimedia:http://www.prnewswire.com/news-releases/ballys-corporation-completes-acquisition-of-montbleu-resort-casino--spa-301263768.html
SOURCE Bally's Corporation
FAQ
What is the significance of Bally's acquisition of MontBleu Resort Casino & Spa?
When did Bally's complete the acquisition of MontBleu?
How many casinos does Bally's operate after acquiring MontBleu?
What are the financial implications of the MontBleu acquisition for Bally's?
