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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ballys-completes-previously-announced-sale-leaseback-transaction-with-glpi-regarding-tiverton-and-biloxi-properties-301712895.html
SOURCE Bally's Corporation