Bally's Corporation - BALY STOCK NEWS

Bally's Corporation (NYSE: BALY) reported preliminary financial results for Q1 2021, estimating revenue over $185 million and Adjusted EBITDA exceeding $50 million, up from $109.1 million and $22.1 million, respectively, in Q1 2020. The significant growth is attributed to increased demand as COVID-19 restrictions eased, particularly in March. CEO George Papanier expressed optimism for continued momentum into April and throughout 2021.

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.