Bally
Twin River Worldwide Holdings To Become Bally’s Corporation
Twin River Worldwide Holdings announced that, effective November 9, 2020, it will change its name to Bally’s Corporation. Reflecting this change, the Company’s common stock will commence trading on the New York Stock Exchange under the new ticker symbol “BALY” when trading opens on November 9, 2020.
Soo Kim, Chairman of the Company’s Board of Directors, said, “The Bally’s brand embodies a rich history in American gaming and entertainment, aligns perfectly with our current and future growth strategy, and is ripe with untapped innovation potential to help us launch future entertainment services. We thank Caesars Entertainment for entrusting us with one of the industry’s most iconic brands.”
Over the coming months, the Company will continue to implement a unified branding initiative, which complements the considerable geographic growth and operational improvements that the Company has achieved this past year. As a result of its disciplined portfolio diversification strategy, once all pending transactions are closed, the Company will operate 14 casinos, a racetrack and 13 OTBs across ten states. The Company’s rapidly growing footprint will allow it to serve over 80 million customers that reside within the markets of its 14 premier casinos. In addition, the customers in the Company’s database will increase to approximately 14 million players. After the closing of all announced acquisitions, the Company will have approximately 16,000 slot machines or VLTs, approximately 550 table games and over 3,900 hotel rooms.
George Papanier, President and Chief Executive Officer, commented, “This is an exciting and transformative moment for our Company as we unite the high-quality customer offerings that span our increasingly national footprint under a singular preeminent brand. The Bally’s brand is core to our drive to become the first omni-channel gaming company to seamlessly integrate and operate physical casinos with digital solutions. We remain committed to employing our disciplined acquisition strategy, and leveraging regulatory incumbency as well as our retail customer database, to take advantage of the incredible growth potential that an online future offers.”
Affiliate Industry
BALLY’S ENTERS INTO MERGER AGREEMENT WITH AFFILIATES OF STANDARD GENERAL L.P.
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
Bally’s Corporation Announces Partnership With Elite Casino Resorts To Launch Mobile Sportsbook In Iowa
Bally’s Corporation, a premier, full-service company with physical casinos and soon to be vertically integrated with sports betting and iGaming in the U.S. with online gaming platforms united under a single, preeminent brand, announced today that it has entered into a multi-year market access partnership with Elite Casino Resorts (“Elite”). This partnership will allow sports fans in Iowa access to mobile sports betting licensed by Elite’s Grand Falls Casino and Golf Resort, located in Larchwood, Iowa.
This partnership follows Bally’s recently-announced agreement to acquire preeminent U.S. regulated sportsbook technology platform Bet.Works, which provides omni-channel products, platforms, software and content solutions to operators in multiple states, including Iowa.
With the ability to offer sports betting in Iowa, Bally’s national footprint will, once all pending acquisitions are completed, expand into its 11th state. Notably, Iowa represents the first state where Bally’s does not maintain a land-based casino and will establish its market presence through its online platform. The company generally prefers to enter a jurisdiction through an owned casino property, however, with how quickly the market is moving, entering through a market access agreement is a good solution and one that the company may use on occasion to ensure a comprehensive approach.
George Papanier, President and Chief Executive Officer of Bally’s Corporation said, “We are delighted to partner with Elite Casino Resorts in Iowa. We currently operate sportsbooks in Rhode Island, Colorado, Delaware, Mississippi, and soon will be in Atlantic City. Entering the Iowa gaming market with our new, integrated sports betting and iGaming company is very exciting and we look forward to the launch in 2021.”
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