Bally's Corporation Explained

Bally's Corporation
Traded As:
Russell Microcap Index component
Industry:Gambling, Entertainment
Hq Location City:Providence, Rhode Island[1]
Hq Location Country:U.S.
Revenue:$2.4 billion[2]
Revenue Year:2023
Net Income:$−187.5 million
Net Income Year:2023
Assets:$6.9 billion
Assets Year:2023
Equity:$635 million
Equity Year:2023
Owner:Standard General (26%)[3]
Num Employees:10,500[4]
Num Employees Year:2023

Bally's Corporation is an American gambling, betting, and interactive entertainment company headquartered in Providence, Rhode Island. It operates 13 casinos across ten states, a horse track in Colorado, and online sports betting operations in 14 states.[5]

The company was founded in 2004 as BLB Investors. It eventually changed its name to Twin River Worldwide Holdings. In 2020, the company acquired the rights to the Bally's brand from Caesars Entertainment and changed its own name to Bally's Corporation.

History

Bally's originated as BLB Investors. BLB was formed in 2004, as a joint venture between Starwood Capital Group, Kerzner International, and the Waterford Group for the purpose of launching a bid to acquire Wembley plc.[6] [7] Wembley was a British operator of racetracks in the United Kingdom and the United States, whose primary asset was Lincoln Park, a greyhound track and slot machine parlor in Rhode Island.[8] BLB reached a deal in February 2005, agreeing to pay $435 million for Lincoln Park, plus $20 million for Wembley's other U.S. properties, comprising a horse track (Arapahoe Park) and three greyhound tracks in Colorado.[9] [10] The purchase closed in July 2005.[11]

BLB undertook a $220-million expansion of Lincoln Park and, in 2007, renamed it Twin River.[12]

By 2008, as a result of the global economic recession, BLB was struggling financially and began defaulting on loans related to the purchase and renovation of Twin River.[13] [14] In June 2009, the company filed for Chapter 11 bankruptcy protection with a prepackaged plan to hand over ownership to its creditors.[15] [16] The company emerged from bankruptcy in 2010, now owned by a syndicate of lenders led by Bank of America, Wells Fargo, and Sankaty Advisors. In 2011, the company changed its name to Twin River Worldwide Holdings.[17] [18]

In Colorado, the company's three dog racing tracks closed as interest in the sport declined, and all three had been sold off by 2011.[19] [20] [21]

Land-based gambling expansion

In 2014, Twin River bought the Hard Rock Hotel & Casino Biloxi in Mississippi from Leucadia National for $250 million.[22] [23] The acquisition was made to diversify the company geographically, in preparation for expected competition from Massachusetts, which had legalized casinos in 2011.[24]

In 2015, Twin River purchased Rhode Island's only other casino, the Newport Grand, for $22 million, and announced plans to relocate its operations to a new facility to be built in Tiverton, Rhode Island.[25] [26] [27] The Newport Grand closed in 2018, and its replacement, the $140-million Tiverton Casino Hotel, opened days later.[28] [29]

In 2016, hedge fund Standard General took an ownership stake in Twin River,[30] and its principal partner, Soo Kim, took a seat on the board. Kim went on to become Twin River's chairman in 2019, and began leading the company through a rapid expansion.[31]

In March 2019, Twin River completed a reverse merger with Dover Downs Gaming & Entertainment, the parent company of Dover Downs Hotel & Casino.[32] [33] The transaction made Twin River a public company traded on the New York Stock Exchange and left Dover Downs shareholders with a 7 percent stake in the combined company.[34]

In January 2020, Twin River purchased three casinos in Black Hawk, Colorado (the Golden Gates, Golden Gulch, and Mardi Gras) from Affinity Gaming for $51 million.[35] [36] [37]

In July 2020, Twin River bought two casinos in Missouri and Mississippi (Isle of Capri Casino Kansas City and Lady Luck Casino Vicksburg) from Eldorado Resorts for $230 million.[38] They were renamed Casino KC and Casino Vicksburg.

Later that month, Twin River acquired the rights to the Bally's brand from Caesars Entertainment for $20 million.[39] At the time, Twin River said that it would rebrand "virtually all" of its properties under the Bally's name.[40] In November 2020, the company changed its name to Bally's Corporation and its stock ticker symbol to BALY.[41] Days later, the company closed on purchasing Bally's Atlantic City from Caesars and Vici Properties for $25 million.[42]

Bally's acquired the Eldorado Shreveport casino hotel in Louisiana from Eldorado Resorts in December 2020 for $140 million.[43]

In January 2021, Bally's partnered with developer Ira Lubert in a plan to build a $120-million casino in the area of State College, Pennsylvania.[44] The next month, the company announced another proposed casino development, Bally's Richmond, which would be built in Richmond, Virginia, at a cost of $650 million;[45] the proposal was rejected by the city.[46]

In April 2021, Bally's acquired the operations of the MontBleu casino in Nevada from Caesars for $15 million,[47] and later renamed it Bally’s Lake Tahoe.[48] Bally's also entered a sale-and-leaseback deal with Gaming and Leisure Properties, Inc. (GLPI) for the three Black Hawk casinos and Jumer's, agreeing to sell them for $150 million and lease them back for $12 million per year.[49]

In June 2021, Bally's bought Jumer's Casino & Hotel in Illinois from Delaware North for $120 million,[50] and also purchased the operating business of Tropicana Evansville in Indiana from Caesars for $140 million.[51] To fund the Tropicana purchase, the real estate of Dover Downs was sold to GLPI for $144 million in a leaseback transaction.[52]

In January 2022, Standard General moved to take full ownership of Bally's, offering to buy all outstanding shares in a transaction valuing the company at $2.07 billion.[53] The board of directors rejected the offer in May.[54]

In May 2022, Chicago mayor Lori Lightfoot selected Bally's proposal to build the $1.7-billion Bally's Chicago casino resort in the city's River West neighborhood. A temporary site is planned to open in mid-2023 at the Medinah Temple, before phase 1 of the new, permanent facility is completed by 2026.[55] [56] [57] It was projected to eventually account for one third of the company's gaming revenue.

In September 2022, Bally's purchased the non-land assets of the Tropicana Las Vegas from GLPI and Penn Entertainment for $148 million.[58]

In September 2023, Bally's Chicago opened as the first and only licensed casino of the modern era in Chicago at the Medinah Temple (temporary casino; permanent facility planned to open in 2026).[59] [60]

Interactive gambling expansion

In November 2020, Bally's entered into a long-term media partnership with Sinclair Broadcast Group, which would include the rebranding of its Fox Sports Networks regional sports networks under the Bally brand in a 10-year deal, and integration of Bally's content into its sports properties. The agreement included warrants that would allow Sinclair to acquire up to a 14.9% stake in Bally's, and increase its stake to up to 24.9% if performance criteria are met.[61] The nineteen regional sports networks were rebranded as Bally Sports in March 2021.[62]

In 2021, Bally's made several acquisitions to expand its online gaming and sports betting business. In February, it acquired SportCaller, a provider of free-to-play online games.[63] The next month, the company acquired Monkey Knife Fight, the third-largest daily fantasy sports operator in the U.S., for up to $90 million in stock.[64] [65] In June, Bally's acquired the sports betting platform Bet.Works for $125 million.[66] [67] [68] In July, it acquired the Association of Volleyball Professionals.[69] In October, it acquired Gamesys Group, a British online gambling company, for $2.7 billion,.[70] [71]

By acquiring Gamesys Group, Bally's is the online casino and bingo operator for six UK-based platforms. These are Virgin Games,[72] Jackpotjoy,[73] MONOPOLY Casino,[74] Rainbow Riches Casino,[75] Double Bubble Bingo,[76] and Bally Casino.[77]

Bally Live App

In March 2023, Bally's Corporation launched Bally Live, a streaming video app.[78] The app features live sports streaming from Stadium,[79] Minor League Baseball,[80] Major League Table Tennis,[81] the Association of Volleyball Professionals[82] and the Pro Volleyball Federation.[83] The app also features mini-games users can play to win virtual rewards.[80]

Properties

The company operates thirteen casino properties, a standalone horse track, and a golf course:

Closed properties

Notes and References

  1. Form 10-Q: Quarterly Report. Bally's Corporation. May 10, 2021. 37. EDGAR.
  2. Form 10-K: Annual Report. Bally's Corporation. March 15, 2024. 60–61. EDGAR.
  3. Schedule 14A: Proxy Statement. Twin River Worldwide Holdings. April 6, 2020. 17. EDGAR.
  4. Form 10-K: Annual Report. Bally's Corporation. March 15, 2024. 9. EDGAR.
  5. Lou Monaco, "Bally's Rebrands Kansas City Casino, Expansion Planned," Top US Casinos, April 3, 2021.
  6. News: Gambling tycoon trumps MGM's bid for Wembley. The Guardian. London. Heather Tomlinson. March 30, 2004. 2019-04-02.
  7. News: Holyoke is back in Massachusetts casino mix. The Day. New London, CT. Brian Hallenbeck. November 27, 2012. 2019-04-02.
  8. News: MGM Mirage buying track, slot firm for $490 million. Las Vegas Sun. Liz Benston. January 27, 2004. 2019-04-02.
  9. News: Wolman, BLB put new offer on table to buy Lincoln Park. The Day. New London, CT. Karen Florin. February 9, 2005. NewsBank.
  10. News: New owners won't change local dog track. The Gazette. Colorado Springs. Jim Bainbridge. February 9, 2005. NewsBank.
  11. News: BLB completes its purchase of Lincoln Park. Providence Journal. Katherine Gregg. July 19, 2005. NewsBank.
  12. News: Slots are smoking at Twin River. Providence Journal. M. Charles Bakst. April 1, 2007. NewsBank.
  13. News: Tribe backers' 'racino' at risk. Cape Cod Times. George Brennan. June 14, 2008. NewsBank.
  14. News: Struggling Rhode Island slot parlor faltering under debt. The Bulletin. Norwich, CT. Erica Jacobson. June 15, 2008. NewsBank.
  15. News: Twin River bankrupt. The Call. Woonsocket, RI. Jim Baron. June 24, 2009. NewsBank.
  16. News: Twin River wins license transfer. Providence Journal. Paul Grimaldi. November 10, 2010. NewsBank.
  17. News: RI slot parlor emerges from bankruptcy protection. Associated Press. Eric Tucker. November 9, 2010. NewsBank.
  18. Web site: Facility Permit Ownership Transfer Application. Rhode Island Department of Business Regulation. 359. 2019-04-02.
  19. News: Off-track will get on track. The Gazette. Colorado Springs. Wayne Heilman. December 16, 2010. NewsBank.
  20. News: Doggone: Greyhound tracks R.I.P.. Denver Post. Terry Frei. May 27, 2010. NewsBank.
  21. News: Commerce City agency buys greyhound park. Associated Press. August 3, 2011. NewsBank.
  22. News: Twin River completes purchase of Mississippi casino. Providence Journal. Paul Grimaldi. July 10, 2014. 2019-04-01.
  23. News: Twin River agrees to buy Hard Rock Casino in Biloxi, Miss.. Providence Journal. Richard Salit. December 15, 2013. 2019-04-01.
  24. News: Purchase of Biloxi Hard Rock Casino 'important piece of puzzle' for Twin River. The Press-Register. Mobile, AL. AP. February 17, 2014. 2019-04-01.
  25. News: Twin River acquires rival Newport Grand. Washington Times. AP. March 4, 2015. 2019-04-01.
  26. Form 10-K: Annual Report. Twin River Worldwide Holdings. April 1, 2019. 4. EDGAR.
  27. News: Twin River announces plan to move Newport Grand to Tiverton. WPRI-TV. Courtney Caligiuri. April 21, 2015. 2019-04-01.
  28. News: Newport Grand closes its doors, making way for Tiverton casino. WPRI-TV. Shaun Towne. Steph Machado. Shiina Losciuto. August 28, 2018. 2019-04-01.
  29. News: Tiverton casino opens with excitement, protest. Newport Daily News. Scott Barrett. September 1, 2018. 2019-04-01.
  30. News: Josh Kosman. Hedge-funder gambles on coronavirus to build casino empire. New York Post. 2021-05-08. July 27, 2020.
  31. News: Fixing a problematic North Las Vegas casino fueled the gaming pursuits of Bally's Soo Kim. CDC Gaming Reports. Howard Stutz. April 6, 2021. 2021-05-15.
  32. News: Twin River acquires Dover Downs for sports betting and egaming expertise. eGaming Review. Brad Allen. July 24, 2018. 2019-04-01.
  33. Twin River completes Dover Downs acquisition and NYSE listing. Twin River Worldwide Holdings. March 29, 2019. EDGAR.
  34. News: Twin River to merge with Delaware casino, trade publicly. The Day. New London, CT. Brian Hallenbeck. July 23, 2018. 2019-04-01.
  35. News: Twin River completes $51M purchase of 3 casinos. Washington Post. AP. January 24, 2020. https://web.archive.org/web/20200124214207/https://www.washingtonpost.com/national/twin-river-completes-51m-purchase-of-3-casinos/2020/01/24/0e4bad74-3ec8-11ea-afe2-090eb37b60b1_story.html. dead. January 24, 2020. 2020-01-24.
  36. News: Black Hawk casinos bought by east coast operator Twin River. Denver Post. AP. January 29, 2019. 2019-04-01.
  37. News: Colorado's casinos, horse track arm wrestle over who will cash in on sports betting. Colorado Public Radio. Ben Markus. January 31, 2019. 2019-04-01.
  38. News: Eldorado Resorts to sell 2 properties in preparation of Caesars deal. Las Vegas Review-Journal. Bailey Schulz. July 11, 2019. 2019-07-13.
  39. News: Hedge-fund investor Soo Kim buys Bally's casino brand for $20M . New York Post. Josh Kosman. October 12, 2020. 2020-10-25.
  40. News: Twin River could soon become Bally's. Providence Journal. Patrick Anderson. October 13, 2020. 2020-10-25.
  41. https://www.casinobeats.com/2020/11/10/twin-river-finalises-ballys-rebrand-and-ticker-change/ "Twin River finalises Bally’s rebrand and ticker change,"
  42. News: Caesars closes Bally's Atlantic City sale to Rhode Island company. Las Vegas Review-Journal. Richard N. Velotta. November 18, 2020. 2020-11-18.
  43. News: Shreveport's Eldorado Resort Casino gets new owners. KSLA-TV. December 23, 2020. 2020-12-23.
  44. News: Bally's to open casino near Penn State's main campus. The Patriot-News. Harrisburg, PA. January 4, 2021. Daniel Urie. 2021-01-04.
  45. News: Bally's Corporation joins the competition to build a resort casino in Richmond. WRIC-TV. February 22, 2021. Emma North. 2021-03-27.
  46. News: Richmond casino proposals down to 2. Richmond Times-Dispatch. April 21, 2021. Chris Suarez. 2021-05-15.
  47. News: Nevada: Bally's closes on purchase of MontBleu in Lake Tahoe from Caesars. CDC Gaming Reports. Howard Stutz. April 7, 2021. 2021-07-25.
  48. https://www.nnbw.com/news/2021/jul/08/nevadas-montbleu-casino-changes-name-ballys-lake-t/ "Nevada's MontBleu casino changes name to Bally’s Lake Tahoe,"
  49. Bally's to acquire Tropicana Las Vegas Hotel And Casino. Bally's Corporation. April 13, 2021. PR Newswire. 2021-05-15.
  50. News: Bally's buys Jumer's Casino in Rock Island. Quad-City Times. Sarah Hayden. June 15, 2021. 2021-07-25.
  51. Bally's Corporation completes acquisition of Tropicana Evansville casino. Bally's Corporation. June 4, 2021. 2021-06-06.
  52. News: Gaming and Leisure completes acquisition of casinos in Indiana and Delaware . Reading Eagle. Evan Jones. June 4, 2021. 2021-06-06.
  53. News: Casino operator Bally's shares jump on Standard General buyout offer. The Wall Street Journal. Will Feuer. January 25, 2022.
  54. News: Chicago rolls the dice on Bally's. Hedge fund owner Soo Kim says the rebranded casino company will deliver.. Chicago Tribune. May 7, 2022. Robert Channick. 2022-07-04.
  55. Web site: May 5, 2022 . Photos: See What The Proposed Bally's Casino in Chicago's River North Will Look Like . live . https://web.archive.org/web/20220505175910/https://www.nbcchicago.com/news/local/photos-see-what-the-proposed-ballys-casino-in-chicagos-river-north-will-look-like/2825078/ . May 5, 2022 . NBC Chicago . May 5, 2022.
  56. Web site: May 5, 2022 . Bally's Corp. chosen to build Chicago's first casino . live . https://web.archive.org/web/20220505204505/https://www.bizjournals.com/chicago/news/2022/05/05/ballys-corp-chosen-to-build-chicagos-first-casino.html . May 5, 2022 . Chicago Business Journal . May 19, 2022.
  57. Web site: It's official: Bally's casino in River West is Mayor Lori Lightfoot's pick for Chicago's gambling complex — but it's not a done deal yet . live . https://web.archive.org/web/20220505145631/https://www.chicagotribune.com/news/breaking/ct-chicago-casino-ballys-mayor-lightfoot-pick-20220505-tiucrguuwjcnvmzzjjkkli4du4-story.html . 2022-05-05 . 2022-05-05 . Chicago Tribune . 5 May 2022 . en.
  58. Web site: Staff . News 3 . 2022-09-27 . Bally's Corp closes deal to purchase Tropicana Las Vegas . 2022-11-23 . KSNV . en.
  59. Web site: Bally's Corp. chosen to build Chicago's first casino . Chicago Business Journal . May 5, 2022 . May 19, 2022 . May 5, 2022 . https://web.archive.org/web/20220505204505/https://www.bizjournals.com/chicago/news/2022/05/05/ballys-corp-chosen-to-build-chicagos-first-casino.html . live .
  60. Web site: 2023-09-09 . Bally's gets Gaming Board approval to open temporary casino . 2023-09-12 . Chicago Tribune.
  61. Web site: Novy-Williams. Eben. 2020-11-19. Bally's Buys Sinclair RSN Naming Rights As Part of Sports Betting Push. 2020-11-19. Sportico.com. en-US.
  62. News: Former Fox regional networks begin new era as Bally Sports. The Seattle Times. AP. March 31, 2021. Joe Reedy. 2021-07-25.
  63. News: February 9, 2021. Game developer SportCaller acquired by Bally's, joins the company's interactive division. 2021-03-27. CDC Gaming Reports. Howard Stutz.
  64. News: Bally's buys fantasy sports site Monkey Knife Fight in US$90m deal. SportsPro. January 26, 2021. Sam Carp. 2021-03-27.
  65. News: Bally's completes acquisition of daily fantasy sports operator Monkey Knife Fight. CDC Gaming Reports. Howard Stutz. March 23, 2021. 2021-03-27.
  66. News: Bally's }} of Bet.Works finalized]. CDC Gaming Reports. Rege Behe. June 1, 2021. 2021-06-06.
  67. Derek Helling, "Bally’s Corp. Making Moves To Compete In Sports Betting Industry Nationwide," NJ Gambling Sites, November 27, 2020.
  68. Todd Shriber, "Bally’s Brand Heading to Sinclair Sports Networks, Gaming Company Buying Bet.Works for $125 Million," Casino.org, November 18, 2020.
  69. Web site: Bally's buys AVP, plans to air content on RSNs. live. 2021-07-14. Sports Business Journal. en. https://web.archive.org/web/20210714151840/https://www.sportsbusinessjournal.com/Daily/Closing%20Bell/2021/07/13/AVP%20Ballys.aspx . 2021-07-14 .
  70. News: Bally's agrees to buy betting firm Gamesys for $2.7 billion. Bloomberg. March 24, 2021. Amy Thomson. 2021-03-27.
  71. Web site: Bally's and Gamesys Agree Combination Definitive Terms. Moraine . Julie . 13 April 2021. Gambling News. 15 June 2021.
  72. Web site: About Us Virgin Games . 2024-03-04 . www.virgingames.com.
  73. Web site: About Us - Jackpotjoy . 2024-03-04 . www.jackpotjoy.com.
  74. Web site: About Us - MONOPOLY Casino . 2024-03-04 . www.monopolycasino.com.
  75. Web site: About Us - Rainbow Riches Casino . 2024-03-04 . www.rainbowrichescasino.com.
  76. Web site: About Us Get to Know Double Bubble Bingo! . 2024-03-04 . www.doublebubblebingo.com.
  77. Web site: About Us - Bally Casino . 2024-03-04 . www.ballycasino.co.uk.
  78. News: Helling. Derek. Bally’s New MiLB Streaming Product Could Convert Users To Sports Betting. PlayUSA. March 31, 2023. January 19, 2024.
  79. News: Reindorf’s Stadium to Relaunch as Live Interactive Channel. JohnWallStreet. October 30, 2023. January 19, 2024.
  80. News: Bupp. Phillip. MLB reportedly strikes deal to stream Minor League Baseball games on Bally Live casino app. Awful Announcing. March 23, 2023. January 19, 2024.
  81. News: Major League Table Tennis Strikes Key Licensing Deal with Bally Live. Major League Table Tennis. November 21, 2023. January 19, 2024.
  82. News: Hamel. Larry. Volleyball Mag. AVP responds as 2023 streaming switches, limited choices bring social-media heat. March 27, 2023. January 19, 2024.
  83. News: PRO VOLLEYBALL FEDERATION ANNOUNCES BALLY LIVE AND STADIUM AS MEDIA RIGHTS PARTNERS. Pro Volleyball Federation. January 19, 2024. January 19, 2024.
  84. News: Bally's to run Trump Links through 2035 'win or lose' casino bid, Chair Soo Kim says. Bronx Times. Aliya Schneider. September 14, 2023. 2023-09-16.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Bally's Corporation".

Except where otherwise indicated, Everything.Explained.Today is © Copyright 2009-2024, A B Cryer, All Rights Reserved. Cookie policy.