BALLY'S CORPORATION Bally's Tiverton Casino & Hotel and Bally's Hard Rock Hotel & Casino Biloxi Added to Bally's Master Lease with GLPI
PROVIDENCE, R.I., Jan. 4, 2023 /PRNewswire/ -- Bally's Corporation (NYSE: BALY) today announced the completion of its previously announced real estate transaction with the operating partnership of Gaming & Leisure Properties, Inc. ("GLPI"). Bally's and GLPI completed a sale leaseback transaction relating to the land and real estate assets of Bally's Tiverton Casino & Hotel in Tiverton, RI, and Bally's Hard Rock Hotel & Casino Biloxi in Biloxi, MS, for total consideration of $635 million.
The transaction was structured as a tax-free capital contribution, and a substantial portion of the proceeds will be applied to reduce Bally's debt. These properties have been added to Bally's Master Lease with GLPI, which now includes six properties. The rent for the Master Lease was increased by $48.5 million on an annual basis on account of the transaction.
Bobby Lavan, Chief Financial Officer of Bally's, said, "We are pleased to have completed another transaction with GLPI. This marks an important step for us, ensuring Bally's is best positioned for continued growth."
About Bally's Corporation
Bally's Corporation is a global casino-entertainment company with a growing omni-channel presence of Online Sports Betting and iGaming offerings. It currently owns and manages 15 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 18 states. It also owns Bally's Interactive International, formerly Gamesys Group, a leading, global, online gaming operator, Bally Bet, a first-in-class sports betting platform and Bally Casino, a growing iCasino platform.
With 10,500 employees, Bally's casino operations include approximately 15,000 slot machines, 600 table games and 5,300 hotel rooms. Upon completing the construction of a temporary casino facility in Chicago, IL and a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 17 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by BALY in this press release, its reports filed with the Securities and Exchange Commission (the "SEC") and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for BALY to predict or identify all such events or how they may affect it. BALY has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to those included in BALY's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by BALY with the SEC. These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.
Investor Contact
Robert Lavan
Chief Financial Officer
401-475-8564
InvestorRelations@ballys.com
Media Contact
Richard Goldman
Kekst CNC
646-847-6102
BallysMediaInquiries@kekstcnc.com
BALY-CAS
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SOURCE Bally's Corporation
