Bally's Corporation - BALY STOCK NEWS

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.

Bally's Corporation (NYSE: BALY) and FanDuel Group celebrated the grand opening of the FanDuel Sportsbook at Bally's Atlantic City on March 15, 2021, timed for the college basketball season. The sportsbook features state-of-the-art technology, including a 25-foot LED video wall and 20 self-serve betting kiosks, allowing bets on major U.S. sports. This marks Bally's fifth retail sportsbook in the U.S. and the second in New Jersey. The partnership began with an online launch in Colorado and combines Bally's gaming experience with FanDuel's sports betting expertise.

Bally's Corporation (NYSE: BALY) announced the launch of its 'Bally's For RVA' campaign aiming to promote the proposed $650 million Bally's Richmond Casino Resort. The facility is projected to deliver significant economic benefits, including a $100 million upfront payment to Richmond, creating over 2,000 permanent jobs, and generating $5.3 billion in economic value over ten years. The campaign coincides with a voter referendum scheduled for November 2, 2021, intended to bolster local awareness and support for the project.

Bally's Corporation (NYSE: BALY) has announced a multiyear strategic partnership with the NBA, becoming an Authorized Sports Betting Operator. This partnership follows Bally's previous agreement with the NHL and will grant access to official NBA data and branding across its online betting platforms. CEO George Papanier highlighted the partnership as a significant opportunity to engage more NBA fans. This collaboration also focuses on maintaining the integrity of NBA games. Bally's currently manages 11 casinos and plans to expand its portfolio, increasing its footprint in the gaming industry.

Bally's Corporation (NYSE: BALY) reported a net income of $20.2 million for Q4 2020, up 51.4% year-over-year, primarily due to bargain purchase gains. However, adjusted EBITDA dropped 47.6% to $21.1 million, reflecting COVID-19 impacts. Revenue decreased 9.4% to $118.1 million, influenced by state restrictions, despite operational improvements at several properties. The company closed strategic acquisitions, including Bally's Atlantic City and Eldorado Resort Casino Shreveport, further expanding its footprint. Looking ahead, Bally's anticipates a rebound in consumer demand and plans additional capital improvements.

Bally's Corporation (NYSE: BALY) has submitted a proposal to the City of Richmond to develop the Bally's Richmond Casino Resort, a $650 million project spanning over 1.6 million square feet. This destination will feature a casino, hotel, sportsbook, dining and retail outlets, and a flexible entertainment space. Construction is estimated to take 18 months with a projected opening in 2024. The resort aims to create 1,700 full-time jobs and generate $415 million in annual revenue, while also fostering partnerships with local organizations and promoting diversity.

Bally's Corporation (NYSE: BALY) has formed a multiyear strategic partnership with the NHL, marking its first with a professional sports league. This partnership allows Bally's to use NHL marks, logos, and official data across its sports betting products. Bally's will leverage its media partnership with Sinclair Broadcast Group to create engaging content for NHL fans across 19 regional sports networks. CEO George Papanier highlighted the significance of this milestone in Bally's strategy to lead in online sports betting and iGaming.

Bally's Corporation (NYSE: BALY) announced the acquisition of SportCaller, a top B2B provider of free-to-play (F2P) games for sports betting and media companies. This strategic move aims to enhance Bally's interactive offerings, complementing recent acquisitions of Bet.Works and Monkey Knife Fight. SportCaller's platform, featuring over 100 games across 30 sports in 37 countries, will aid in player engagement and retention. The acquisition is expected to leverage Sinclair's media reach and expand Bally's user base in non-sports betting states. Financial terms were not disclosed.

Bally's Corporation (NYSE: BALY) will release its financial results for the fourth quarter and full year 2020 on March 4, 2021, before the market opens. A conference call will follow at 8:00 a.m. EST to discuss these results. Investors can join by dialing (833) 570-1160 and using conference ID 2192019. Bally's currently operates 11 casinos across seven states and has plans to expand to 15 casinos after completing acquisitions. The company employs over 5,900 staff and operates more than 13,000 slot machines.