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Bally's Corporation
Bally’s Announces $5M Donation to Community College of Rhode Island Foundation as Part of Long-term Partnership
Bally’s Corporation announced a $5 million donation to the Community College of Rhode Island (CCRI) Foundation as part of its long-term partnership. This gift, which marks the largest in the Foundation’s nearly 45-year history and doubles the size of CCRI’s endowment, will increase pathways to higher education and provide economic opportunities for students interested in pursuing a career in the casino and gaming industries, as well as Bally’s employees looking to advance their skillsets.
Bally’s Chairman Soo Kim said: “It is an honor to partner with CCRI on such an exciting and important initiative. We are proud to play an integral part in offering higher education opportunities for Rhode Island’s workforce, creating new jobs, and driving economic development. Rhode Island is our home, and continued investment in its local communities and workforces will always be a top priority for us. While this donation is the latest milestone in our long-term partnership with CCRI, we look forward to supporting this program for many years to come, creating a legacy of economic opportunity.”
Governor Daniel McKee said: “This landmark partnership between Bally’s and CCRI will provide important learning and training for our CCRI students, leading to new workforce opportunities. The generous gift provided by one Rhode Island-based company for the benefit of so many of our state’s community college students is a powerful way to advance economic and social opportunity and teach meaningful, transferable workforce skills. I applaud Bally’s for investing in our state’s higher education system and our students.”
As a result of this investment, CCRI will become the only higher education institution in Rhode Island, and one of a few higher education institutions in New England, to offer students the opportunity to obtain a certificate or associate degree based on a comprehensive gaming-focused curriculum. The program will include traditional classroom learning, online courses, on-campus learning labs, and opportunities to work at a Bally’s property, and consists of casino, hospitality, and hotel management-specific courses such as dealer training, casino operations, cybersecurity, iGaming operations, culinary arts, hotel management, and slot technology.
CCRI will initially focus on working with faculty and staff to build out the course curriculum with a goal of having degree programs available by Fall 2024. Simultaneously, the college’s Division of Workforce Partnerships will quickly develop and launch short-term credentials to upskill Bally’s existing workforce and create a talent pipeline of new employees.
Rosemary A. Costigan, Interim President of CCRI, said: “This remarkable gift recognizes the College’s track record in expanding new programs and degree pathways for students. The initiative, developed in partnership with the Bally’s and CCRI teams, will provide CCRI students with new opportunities to learn and work as the best version of themselves. Our partnership brings attention to the unparalleled value of community colleges and their powerful role in the region’s economy, and I am grateful for Bally’s belief in us and our incredible students.”
CCRI, the largest public institution of higher education in the state, educates nearly 20,000 students each year. Notably, the school is designated a Hispanic-Serving Institution by the United States Department of Education and serves more low-income students and students of color than any other higher education institution in the state.
Former CCRI President Meghan Hughes said: “Bally’s $5 million contribution to the CCRI Foundation marks an extraordinary moment in the college’s history. This partnership between CCRI and Bally’s stands as a testament to the transformative power of education and industry collaboration. Through this initiative, we are investing in community college students and their future success.”
In addition to new certificate and degree program development, Bally’s investment will provide scholarships to qualifying Rhode Islanders seeking a career in the growing gaming and hospitality industries, reflecting the Company’s continued commitment to creating opportunities for economic growth and development in the communities it serves. Additional details on this program, including scholarship opportunities, will be forthcoming.
Affiliate Industry
BALLY’S ENTERS INTO MERGER AGREEMENT WITH AFFILIATES OF STANDARD GENERAL L.P.
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Bally’s Corporation announced that it has entered into a definitive merger agreement (the “Merger”) pursuant to which Standard General L.P. (“Standard General”), the Company’s largest common stockholder, will acquire the Company’s outstanding shares for $18.25 per Bally’s share (the “Cash Consideration”). The price represents a 71% premium over the Company’s 30-day volume weighted average price per share as of March 8, 2024, the last trading day before the public disclosure of Standard General’s initial cash acquisition proposal of $15.00 per share. In lieu of receiving the Cash Consideration, Bally’s stockholders may elect to retain all or a portion of their Bally’s stock by means of a rollover election. Bally’s stockholders electing to retain all or a portion of their Bally’s investment will continue as stockholders of the Combined Company (as defined below). The transaction values Bally’s at approximately $4.6 billion in enterprise value. The Combined Company will remain a publicly traded registrant under the Securities Act of 1934.
Pursuant to the Merger, Bally’s will combine with The Queen Casino & Entertainment Inc. (“QC&E”), a regional casino operator majority-owned by funds managed by Standard General (together, the “Combined Company”). QC&E is a regional gaming, hospitality and entertainment company that currently owns and operates four casinos across three states, including DraftKings at Casino Queen in East St. Louis, IL, the Queen Marquette in Marquette, IA, and the Queen Baton Rouge and the Belle of Baton Rouge in Baton Rouge, LA. QC&E is in the process of executing on transformational redevelopment projects at two of its four properties which are expected to be completed in 2025 and generate meaningful organic growth. The combination will expand the Company’s Casino & Resorts segment to 19 gaming, entertainment and hospitality facilities across 11 U.S. states and enhance the Company’s development pipeline with several exciting projects.
Jaymin Patel, Chairman of the Special Committee, said, “After a detailed consideration by the Special Committee, with the assistance of our outside financial and legal advisors, it was determined that the Cash Consideration from Standard General delivers a meaningful and immediate value to stockholders. We look forward to working with the team at Standard General and QC&E as we move through the process to complete the merger.”
Robeson Reeves, Bally’s Chief Executive Officer, said, “Our team is well positioned to continue to execute on our initiatives to drive growth across all our segments including in our International Interactive business, North America Interactive and our Casinos & Resorts (“C&R”) segments, while proceeding with our development pipeline, including construction of our permanent casino resort in Chicago, for which we recently announced a comprehensive financing plan. The addition of four complementary properties through this merger to our existing 15 domestic casino properties will add further geographic and market diversity to our portfolio. With QC&E’s development pipeline recently completed or already well underway, we see a path toward additional revenue and EBITDAR growth and value accretion as those projects are completed in 2025. We look forward to bringing our ultimate vision to bear and to working closely with the Standard General team to execute on that vision.”
Soo Kim, Managing Partner of Standard General, said, “The Transaction provides Bally’s stockholders with a significant cash premium along with certainty of value for their investment or, if they elect to retain their shares, the opportunity to participate in the longer-term growth prospects of our expanded portfolio and significant development pipeline. The addition of the complementary QC&E assets builds upon the Company’s attractive growth profile. We look forward to working with the Board of Directors and the Company’s senior management team as they continue to execute on their business plan.”
In connection with the transaction, in addition to Standard General, Sinclair Broadcast Group, Inc. (“Sinclair”), and Noel Hayden have committed to support the Merger and to make rollover elections. As a result, at least 47% of Bally’s outstanding fully-diluted equity interests will be rolled over into the Combined Company.
A special committee of independent and disinterested directors (the “Special Committee”) of Bally’s Board of Directors, which has been advised by its own independent financial and legal advisors in evaluating the Merger and the Cash Consideration, determined that the Merger is in the best interest of Bally’s and its stockholders (aside from Standard General, Sinclair and Noel Hayden) and unanimously recommended that the Company’s Board of Directors approve the Merger. Acting upon the recommendation of the Special Committee, Bally’s Board of Directors approved the Merger and recommends that stockholders approve the Merger. The factors considered by the Special Committee in arriving at its unanimous decision will be outlined in public proxy filings to be made by Bally’s. The Bally’s Special Committee and Board of Directors are making recommendations with respect to the Cash Consideration and are not making recommendations with respect to the rollover election.
Bally's Corporation
Bally’s Corporation Joins Responsible Online Gaming Association to Advance RG Best Practices
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The Responsible Online Gaming Association (ROGA), an independent trade association advancing the industry’s commitment to promote responsible online gaming, announced that Bally’s Corporation (Bally’s) is joining the Association in support of ROGA’s mission to enhance responsible gaming (RG) initiatives and best practices and empower consumers to make informed decisions about their online play.
Bally’s will work in collaboration with ROGA’s existing members – bet365, BetMGM, DraftKings, Fanatics Betting and Gaming, FanDuel, Hard Rock Digital, and PENN Entertainment – to promote responsible online gaming, fund independent peer-reviewed research, develop evidence-based responsible gaming best practices, and drive consumer education and awareness.
“We are thrilled to welcome Bally’s to ROGA—further demonstrating the collaborative effort of the iGaming and online sports betting industry to keep all forms of online gaming entertaining and fun for every American. Bringing on additional operators fulfills ROGA’s commitment to industry-wide collaboration, and I am encouraged and excited for the future of responsible gaming as we work together to enhance consumer protections and collectively amplify RG education efforts,” Dr. Jennifer Shatley, executive director of ROGA, said.
“We are proud to join the Responsible Online Gaming Association alongside some of the industry’s leading companies. At Bally’s, we are committed to promoting responsible gaming and empowering our customers to make informed decisions about their online play. By collaborating with ROGA and its members, we can enhance responsible gaming initiatives, fund research, develop best practices, and educate consumers. Together, we will strive to create a safer and more enjoyable online gaming environment for all,” Robeson Reeves, Chief Executive Officer of Bally’s Corporation, said.
ROGA’s members have dedicated more than $20 million in support of ROGA’s mission, centered around five core pillars: research, consumer and industry education and awareness, promoting best practices, an independent data clearinghouse, and an independent certification program.
Ushering in unprecedented industry collaboration in support of promoting RG, the Association is currently working towards developing several impactful initiatives to support ROGA’s core mission.
Bally's Corporation
Carnival Cruise Line Partners with Bally’s Corporation
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Carnival Cruise Line is welcoming more casino players to join the fun on board its fleet of 27 ships by partnering with Bally’s Corporation, one of the world’s leading gaming and entertainment companies, to extend cruise benefits to Bally’s Rewards guests.
In addition to special events, Bally Rewards’ Legend, SuperStar, and Star tier guests are now eligible for complimentary and discounted Carnival cruises. The new partnership between Carnival and Bally’s also extends the reach of both brands. Known as America’s Cruise Line, Carnival sails from 14 U.S. homeports – more than any other cruise line – and Bally’s operates 15 popular properties nationwide.
“We’re committed to our Carnival Players Club guests and in Bally’s, we have a partner that values its own loyal guests with the same fervor. We have plenty of fun to go around across our fleet, so we’re excited to bring Bally’s on board with us and look forward to growing this unique partnership,” Marty Goldman, Carnival Corporation’s senior vice president of global casino operations, said.
“This collaboration brings together two industry leaders, combining the excitement of Bally’s gaming experience with the unparalleled entertainment and hospitality of Carnival Cruise Line. Together, we will create unforgettable experiences for our guests, both on land and at sea. This partnership represents a new chapter in our commitment to providing exceptional entertainment and gaming options to our valued patrons,” Mike Donovan, chief marketing officer and senior vice president of gaming for Bally’s Corporation, said.
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