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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) 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.
Bally's Corporation (NYSE: BALY) announced that it has received the required consents for its consent solicitation related to the amendment of the indenture governing its 6.750% Senior Notes due 2027. The consent solicitation, which expired on February 3, 2021, achieved approximately 99.58% approval from holders of the outstanding Notes. The amendment increases the fixed dollar prong of the credit facility basket from $745 million to $975 million while keeping other terms unchanged. Holders who consented will receive a $10 fee per $1,000 principal amount of Notes.
Bally's Corporation (NYSE: BALY) has initiated a consent solicitation to amend the indenture of its 6.750% Senior Notes due 2027. This amendment seeks to increase the fixed dollar limit in the credit facility basket from $745 million to $975 million. The solicitation is open until February 3, 2021, requiring majority consent of the $525 million principal amount outstanding. Consenting holders will receive a $10 fee per $1,000 of notes, conditional upon receiving requisite consents. Deutsche Bank is the solicitation agent for this process.
Sinclair Broadcast Group and Bally's Corporation announced the launch of the new Bally Sports logo, replacing the existing FOX Sports branding for Sinclair's regional sports networks (RSNs). The rebranding aims to create a cohesive partnership and enhance the viewer experience. The transition includes new geographic names for specific RSNs and the discontinuation of some part-time channels to streamline offerings. The partnership, announced in November 2020, plans to revolutionize U.S. sports betting and gamification content, integrating Bally's unique offerings with Sinclair's live coverage.
Bally's Corporation (NYSE: BALY) announced its acquisition of Monkey Knife Fight (MKF), the third-largest daily fantasy sports operator in North America. This all-stock transaction positions Bally's as the third sports betting company to integrate a fantasy sports segment, expanding its growth strategy. MKF, with 180,000 registered users, will enhance Bally's Interactive division and support its plans in key states like California and Florida. The deal, set to close in Q1 2021, includes warrants valued at up to $50 million in Bally's shares.
Bally's Corporation (NYSE: BALY) announced a framework agreement with Ira Lubert to develop and manage a Category 4 casino in Centre County, Pennsylvania. The Pennsylvania Gaming Control Board has awarded Lubert the right to apply for a slot machine license for the casino, expected to begin construction in the first half of 2021. The project is estimated at $120 million and will feature up to 750 slot machines and 30 table games. Bally's aims to enhance its presence in the Pennsylvania gaming market, diversifying its portfolio to support growth in sports betting and iGaming.
Bally's Corporation (NYSE: BALY) has opened the FanDuel Sportsbook at Bally's Atlantic City Hotel & Casino, marking FanDuel's first retail sportsbook in Atlantic City. This temporary facility features six live odds boards, ten self-service betting kiosks, and three live betting windows. A permanent sportsbook location is under construction, expected to launch in Spring 2021, featuring 34 kiosks and a luxury lounge. The initiative is part of Bally's capital improvement projects to enhance the customer experience and leverage their gaming expertise alongside FanDuel's brand strength.
Bally's Corporation (NYSE: BALY) has announced a multi-year partnership with Elite Casino Resorts to launch mobile sports betting in Iowa, marking its entry into the state without a land-based casino. This partnership, effective in 2021, will utilize Elite's Grand Falls Casino and Golf Resort for sports betting access. The collaboration follows Bally's acquisition of the Bet.Works sportsbook technology platform. Once all acquisitions are completed, Bally's operations will expand to 11 states, enhancing its national footprint in the gaming market.
Bally's Corporation (NYSE: BALY) has entered a definitive agreement to acquire Bet.Works, a leading U.S. sports betting platform, for $125 million. The acquisition aims to integrate Bet.Works' proprietary technology into Bally's operations, enhancing its position as a full-service sports betting and iGaming company. This move aligns with Bally's growth strategy and is expected to optimize its market offerings in the rapidly expanding U.S. sports betting sector, projected to reach $12 billion by 2025. The deal is slated for completion in Q1 2021, pending regulatory approval.
Bally's Corporation (NYSE: BALY) has officially changed its name from Twin River Worldwide Holdings, Inc. as of November 9, 2020. This change aligns with its unified branding strategy and reflects the company's growth in operations and geographic presence. Bally's aims to merge physical casino experiences with digital solutions, enhancing its position as an omni-channel gaming company. The company's stock now trades under the new ticker symbol 'BALY'. Bally's operates nine casinos across five states and has plans for further acquisitions, expanding its footprint to 14 casinos in ten states.
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