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Bally's Corporation (NYSE: BALY) is a global leader in the casino-entertainment industry, offering a diverse portfolio of gaming, hospitality, and interactive entertainment experiences. The company operates 15 casinos across 10 states in the U.S., along with a horse racetrack in Colorado. Their offerings range from traditional casinos with slot machines and table games to online gambling platforms that include iGaming, online bingo, and sportsbooks.
Bally's has three main segments: Casinos & Resorts, North America Interactive, and International Interactive. The Casinos & Resorts segment includes 15 casino properties and a horse racetrack, offering a mix of slot machines, table games, and hotel amenities. The North America Interactive segment features Bally Bet, a premier sports betting platform, and Bally Casino, a growing iCasino platform. The International Interactive segment is primarily driven by Gamesys Group's European and Asian operations, providing a strong online gaming presence.
Recently, Bally's has achieved significant milestones such as a strategic partnership with Stakelogic, a leading live casino supplier, following the passage of the Rhode Island iGaming bill. This partnership aims to introduce Bally's live casino operations in Rhode Island by April 2024, enhancing their online gaming portfolio. Additionally, Bally's Kansas City recently opened a land-based property expansion, adding over 35,000 square feet of new gaming and retail space.
Financially, Bally's reported solid results for the second and third quarters of 2023. The company's Casinos & Resorts segment produced record revenues, and the International Interactive segment showed robust growth. However, Bally's experienced a net loss for the quarters due to investments in new projects and technology platforms. Despite this, Bally's maintains a strong revenue guidance for 2023, ranging from $2.4 billion to $2.5 billion, and is focused on capitalizing on its recent expansions and partnerships.
With a workforce of 10,500 employees, Bally's aims to provide exceptional gaming and hospitality experiences. The company is also making strides in technology integration and customer engagement, particularly through its Bally Bet app. As Bally's continues to expand its footprint in both physical and digital spaces, it remains a significant player in the global casino-entertainment industry.
Bally's Corporation (NYSE: BALY) reported preliminary financial results for Q2 2021, estimating total consolidated revenues between $258 million and $268 million with Adjusted EBITDA ranging from $80 million to $84 million. This marks a significant increase from revenues of $28.9 million and negative Adjusted EBITDA of $10.7 million in Q2 2020. The company will not require incremental equity or funds from Gaming and Leisure Properties for its Gamesys acquisition, which is expected to close in Q4 2021, pending regulatory approval.
Bally's Interactive and Sportradar have entered a significant five-year partnership aimed at enhancing Bally's sports betting capabilities. Sportradar will provide Bally's with comprehensive pre-match and live betting services, crucial for Bally's ambition to lead in the North American sports betting market. Following the mobile sportsbook launch in Iowa and Colorado, Bally's plans to expand its Bally Bet platform to additional states in 2021 and 2022. This partnership is part of Sportradar's strategy to secure long-term deals for its services in the U.S.
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.
Bally's Corporation (NYSE: BALY) and Gamesys Group plc successfully received shareholder approvals for their proposed business combination on June 30, 2021. The transaction is expected to close in the fourth quarter of 2021, pending customary regulatory approvals. The merger aims to enhance Bally's growth strategy by integrating Gamesys' advanced gaming technology, creating a vertically integrated company poised to capitalize on the expanding U.S. online sports betting and iGaming markets.
Bally's Corporation (NYSE: BALY) announced a landmark partnership with the Phoenix Mercury, a key member of the WNBA, marking the first gaming access deal with a professional women's sports team. Starting July 1, 2021, Bally's becomes the exclusive sports betting partner, enabling online and mobile sports betting in Arizona, alongside a retail sportsbook near the Phoenix Suns Arena. This 15-year agreement reflects a commitment to diversity, equity, and inclusion, enhancing fan engagement and promoting women's sports.
Bally's Interactive has launched its mobile sportsbook, Bally Bet, in Iowa, marking its second state launch after Colorado. The platform offers unique features such as exclusive in-app games and rewards through the Bally Rewards loyalty program. This expansion, partnering with Elite Casino Resorts, also enhances Bally's visibility through local CBS and Fox affiliates. Future launches in two additional markets are planned for 2021, aiming to solidify Bally's as a leading brand in the U.S. sports betting market.
Bally's Corporation (NYSE: BALY) has entered a multi-year agreement with Boot Hill Casino & Resort in Kansas to launch its mobile sportsbook, "Bally Bet," pending state sports betting legislation. This collaboration allows Bally's to expand its market presence into Kansas, becoming the 14th state for its sports betting operations. Notably, Kansas is a market where Bally's does not have a land-based casino. The partnership aims to enhance the sports betting experience for Kansas fans by leveraging Bally's access to Sinclair Broadcast Group’s regional sports networks.
Bally's Corporation (NYSE: BALY) has completed the acquisition of Jumer's Casino & Hotel for $120 million, funded through its revolving credit facility. This strategic move expands Bally's presence in the growing Illinois gaming market, providing access to lucrative sports betting opportunities. CEO George Papanier noted the acquisition is expected to enhance revenue and cash flow. Jumer's features a 40,000 square foot casino, a hotel, and various entertainment options. The deal is anticipated to be immediately accretive to earnings based on prior performance.
Bally's Corporation (NYSE: BALY) celebrates the Rhode Island Legislature's passage of the Marc A. Crisafulli Economic Development Act, which extends a partnership with International Game Technology (NYSE: IGT). This act establishes a 20-year joint venture where Bally's will lease 23% of gaming machines, increasing to 40% by 2023. The $250 million plan aims for job creation and expansion of the Twin River Casino, enhancing Rhode Island's gaming industry by preserving key revenue streams.
Bally's Corporation (NYSE: BALY) and Oscar de la Hoya's KO Entertainment have partnered to innovate combat sports broadcasting, enhancing fan engagement through gamification. The pilot event, "Oscar de la Hoya's KO Entertainment Presents Bally's Fight Night," will showcase MMA and boxing with real-time data tracking, offering transparency and a unique viewing experience. Scheduled for June 9, 2021, this initiative aims to revolutionize audience interaction while improving fighter safety and experience. Bally's plans to incorporate its Monkey Knife Fight platform into the broadcasts, elevating the interactivity of combat sports.
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