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Bally's (NYSE: BALY) has completed the sale lease-back of real property interests for Bally's Kansas City and Bally's Shreveport to Gaming and Leisure Properties (GLPI) in a transaction valued at $395 million. The deal includes $7 million in LP units and $388 million in cash, with $56 million reimbursement for prior capital expenditures.
The proceeds will be used to reduce the company's $620 million revolving credit facility (of which $350 million was drawn as of September 30, 2024) and fund capital expenditures. The properties have been added to a new Master Lease with an initial annual cash rent of $32.2 million, including customary escalators.
Bally's (NYSE: BALY) has announced a new election period for stockholders to choose between receiving $18.25 per share cash merger consideration or keeping their shares outstanding following the merger transaction approval. The new election period runs from December 11, 2024, to January 17, 2025. Stockholders who elect to keep their shares will receive new CUSIP-numbered shares tradeable on NYSE under BALY.T. As of November 19, 2024, approximately 17.5 million shares had already elected to roll over, including 8.8 million shares from Standard General L.P. and affiliates. The merger closing is expected in Q1 2025, subject to regulatory approvals.
