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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) announced public offerings of $600 million in common stock and $250 million in tangible equity units (Units). The offerings are subject to market conditions, with an option for underwriters to purchase an additional 15%. Proceeds will fund cash consideration for the Gamesys Group plc acquisition, or for general corporate purposes if the acquisition doesn't occur. Each Unit consists of a prepaid stock purchase contract and an amortizing note due April 15, 2024. The offerings are separately made and not contingent on each other.
Bally's Corporation (NYSE: BALY) has announced a definitive agreement to combine with Gamesys Group plc, a global online gaming operator. This strategic merger is part of Bally's plan to enhance its position in the omni-channel gaming market, leveraging Gamesys' technology and expertise. The merger will provide significant growth opportunities in the U.S. sports betting and online markets. Bally's has secured interim financing from Deutsche Bank and Goldman Sachs, planning to refinance it through capital market transactions. The combination is expected to create long-term value for both companies.
Bally's Corporation (NYSE: BALY) announced a memorandum of understanding (MOU) with Sinclair Broadcast Group (NASDAQ: SBGI) on April 12, 2021. This partnership will focus on producing and broadcasting Bally's content on Sinclair's 19 regional sports networks, now called Bally Sports. The collaboration aims to enhance live sports engagement through interactive programming and support the launch of the Bally Bet app, reducing reliance on advertising. Both companies will also explore additional programming opportunities across Sinclair's media platforms.
Bally's Corporation (NYSE: BALY) has launched a listening tour in Richmond, VA, aimed at engaging the local community regarding the $650 million Bally's Richmond Casino Resort project. Scheduled events will occur on April 13 and 14, 2021, to address community concerns and gather input from residents and business owners. Michael Monty, Senior Project Manager, emphasized the importance of community involvement, while local activist Jonathan Davis expressed support for the effort. The initiative underscores Bally's commitment to aligning the casino project with Richmonders' interests.
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.
Sinclair Broadcast Group (NASDAQ: SBGI) and Bally's Corporation (NYSE: BALY) have officially rebranded Sinclair's regional sports networks as Bally Sports. This change follows their strategic partnership announced in November 2020. The rebranding aims to enhance viewer engagement with innovative sports experiences, set to begin in time for Major League Baseball's season start on April 1. Bally's has secured naming rights for 19 RSNs and plans to launch a Bally Sports app, providing subscribers access to local teams and live games. More upgrades, including gamification features, are planned in the future.
Bally's Corporation has been selected as a finalist by Richmond's Evaluation Panel for a proposed $650 million casino resort. The project promises a $100 million upfront payment to the city and is projected to generate 4,300 construction and over 2,000 permanent jobs. Additionally, it anticipates 3.7 million annual visitors, yielding $5.3 billion in economic value over ten years. Bally's aims to foster local partnerships, including support from minority organizations and educational institutions. A virtual meeting is scheduled for April 1, 2021, with final recommendations expected in May 2021.
Bally's Corporation (NYSE: BALY) has completed its acquisition of Monkey Knife Fight, a rapidly growing daily fantasy sports operator in North America. This acquisition positions Bally's as one of only three sports betting companies in the U.S. with a fantasy sports segment, enhancing its long-term growth strategy. Monkey Knife Fight adds approximately 200,000 registered users and a presence in 37 states, boosting Bally's player database and competitive advantage in the sports betting market.
Bally's Corporation (NYSE: BALY) has entered a multiyear agreement to become an Authorized Gaming Operator of Major League Baseball (MLB). This marks Bally's third partnership with a major sports league, following deals with the NHL and NBA. The agreement allows Bally's to utilize official MLB league and team logos and data in its sports betting products, enhancing fan engagement through innovative content. MLB Opening Day is on April 1, 2021, as Bally's aims to integrate these assets into its offerings across 19 regional sports networks.
Bally's Corporation (NYSE: BALY) has received a temporary sports wagering permit from the Virginia Lottery to conduct online sports betting in Virginia. This approval enhances Bally's position in the U.S. sports betting market, expected to generate approximately $412 million in annual handle and $61.8 million in tax revenue. With this permit, Bally's expands its operations to 13 states upon completing pending acquisitions, allowing it to tap into Virginia's strong sports fanbase and improve its player database.
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