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Citizens Advises Bally’s Corporation on Acquisitions

May 07, 2021, 06:00 AM
Filed Under: Gaming

Citizens M&A Advisory served as financial advisor to Bally’s Corporation on its acquisitions of Eldorado Resort Casino Shreveport in Shreveport, LA, and MontBleu Resort Casino & Spa in Lake Tahoe, NV, from Eldorado Resorts, Inc. for an aggregate purchase price of $155 million. Citizens also served as financial advisor to Bally’s in its acquisition of Bally’s Atlantic City Hotel & Casino from Caesars Entertainment Corporation and Vici Properties, Inc. for $25 million.

According to management, both transactions, which were announced in April 2020, are expected to be immediately accretive to earnings. The company formerly operated under the name Twin River Worldwide Holdings, Inc., but changed its corporate name to Bally’s Corporation following its acquisition of the iconic brand from Caesars Entertainment, Inc. in October 2020.

Together, these acquisitions significantly expand Bally’s footprint into three additional U.S. states. The three properties combined have 3,318 slot machines, 2,092 hotel rooms and 176 game tables, in addition to 6,000 square feet of convention space at the Eldorado Resort Casino Shreveport.

George Papanier, president and chief executive officer of Bally’s Corporation, said: “Despite the uncertainties presented by the current health crisis, we continue to execute our strategy to best position Bally’s for long-term growth and profitability. The completion of these transactions will meaningfully enhance our financial profile while strengthening our presence in a number of key geographic markets. As a long-time financing partner and M&A advisor to Bally’s, Citizens was instrumental to our success in this and other strategic acquisitions during a tumultuous time in the gaming industry. Their industry expertise, senior-level relationships and comprehensive support to Bally’s during the negotiation and diligence process was invaluable.”

Curt Magleby, managing director of Citizens’ Gaming, Lodging and Commercial Real Estate team, said: “Bally’s Corporation is a significant relationship to Citizens on all levels. We value our role as a critical financing partner to the company as they grow their physical and online platforms, and we look forward to continuing to deliver best-in-class, industry-centric financial advisory expertise in future transactions.”

Bally's Corporation currently owns and manages 12 casinos across eight states, a horse racetrack and 13 authorized off-track betting (OTB) licenses in Colorado. With more than 6,000 employees, the company's operations include 13,308 slot machines, 460 game tables and 3,342 hotel rooms. Following the completion of pending acquisitions, which include Tropicana Evansville (Evansville, IN) and Jumer's Casino & Hotel (Rock Island, IL), as well as the construction of a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 15 casinos across 11 states. Bally's also maintains a multi-year market access partnership with Elite Casino Resorts, through which it will provide mobile sports betting in Iowa. The company also holds a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia.

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