Bally's Corporation - BALY STOCK NEWS

Bally's Corporation (NYSE: BALY) announced the completion of its acquisition of Bet.Works, a U.S. sports betting platform, for a total of $125 million. Half of the purchase price was paid in Bally's common stock, which Bet.Works shareholders will hold for at least one year. This acquisition positions Bally's as a leading, vertically integrated sports betting and iGaming company in the U.S., enhancing its B2B2C business model. The company plans to create two divisions: 'Bally's Casinos' and 'Bally's Interactive,' expanding its online and interactive product offerings to over 14 million active customers.

Bally's Corporation (NYSE: BALY) announced the beta launch of its mobile sportsbook, Bally Bet, in Colorado on May 24, 2021. Developed by Bet.Works, this mobile platform features unique betting options, exclusive games, and social integration aimed at enhancing the user experience. Bally's plan includes expanding into three additional markets in 2021 and further launches in 2022. The Bally Bet app is now available on iOS, Android, and desktop, developed under a strategy to drive growth and diversify its offerings in the competitive sports betting market.

Bally's Corporation (NYSE: BALY) reported significant financial improvement for Q1 2021, showcasing an income from operations of $29.5 million and an Adjusted EBITDA of $52.5 million, up 137.9% from the previous year. Revenue surged by 76.2% to $192.3 million, driven by increased consumer confidence and strategic acquisitions. Despite a net loss of $10.7 million, which slightly widened from $8.9 million in Q1 2020, operation margins improved to 15.33%. The company is advancing its omni-channel strategy, highlighted by the acquisition of Gamesys Group plc.

Bally's Corporation (NYSE: BALY) will announce its financial results for Q1 2021 on May 10, 2021, before the market opens. A conference call will follow at 8:00 a.m. EDT, accessible by dialing (833) 570-1160 and referencing conference ID 7824207. Bally's operates 12 casinos across eight states and is set to expand to 15 casinos in 11 states after recent acquisitions are completed. The company also provides mobile sports betting in Iowa and holds a permit for online sports betting in Virginia.

Bally's Corporation (NYSE: BALY) announced the City of Richmond's decision to exclude its Richmond Casino Resort from the casino selection process. The proposal included a $650 million financial package, which featured a $100 million upfront payment and $28-$30 million in annual taxes, promising to attract 3.7 million visitors and generate $415 million in annual gross revenue. Despite expressing disappointment, Bally's remains committed to providing its online sports betting platform in Virginia under its temporary permit.

Bally's Corporation completed its public offering of 12.65 million shares of common stock at $55.00 per share, raising approximately $671.4 million in net proceeds. The funds will primarily be used for cash consideration for the acquisition of Gamesys Group plc. If the acquisition does not occur, proceeds will support general purposes, including debt repayment and capital expenditures. The offering was led by Deutsche Bank, Goldman Sachs, and Barclays.

Bally's Corporation (NYSE: BALY) announced an initiative allowing Richmond residents to purchase equity in the proposed $650 million Bally's Richmond Casino Resort. This plan aims to engage the community and provides an opportunity for locals to become stakeholders. David Walton, a local entrepreneur, will assist in promoting the crowdfunding program. Bally's will also host a community engagement event on April 19, 2021, at Forest Hill Park to gather feedback on the casino's selection process.

Bally's Corporation (NYSE: BALY) has priced its public offering at $55.00 per share, totaling 11,000,000 shares. The offering is expected to close on April 20, 2021, contingent upon customary conditions. Should the underwriters exercise their option, the proceeds could reach $671.4 million. These funds will primarily support the acquisition of Gamesys Group plc. Bally's may also use the proceeds for general purposes, including debt repayment and capital investments.

Bally's Corporation (NYSE: BALY) announced it has discontinued a $250 million tangible equity units offering and is considering a private equity-linked securities offering due to an unsolicited investor interest. Bally's expects this alternative could yield proceeds similar to the original offering. Meanwhile, a $600 million common stock offering is set to continue, with a $50 million strategic investment also expected. Proceeds from these offerings will support its acquisition of Gamesys Group plc and may also be used for general corporate purposes or debt repayment.