As filed with the Securities and Exchange
Commission on March 18, 2021
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
Bally’s Corporation
(Exact name of registrant as specified
in its charter)
Delaware
(State or other jurisdiction of incorporation or organization)
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20-0904604
(I.R.S. Employer
Identification No.)
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100 Westminster Street
Providence, RI 02903
(401) 475-8474
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(Address, including zip code, and telephone
number, including area code, of registrant’s principal executive offices)
Craig Eaton
Executive Vice President, General Counsel
and Compliance Officer
100 Westminster Street
Providence, RI 02903
(401) 475-8474
(Name, address, including
zip code, and telephone number, including area code, of agent for service)
Copies to:
Randi L. Strudler
Rory T. Hood
Jones Day
250 Vesey Street
New York, New York 10281
(212) 326-3939
Approximate date of commencement of proposed
sale to the public: From time to time after this registration statement becomes effective.
If the only securities being registered on this Form are being
offered pursuant to dividend or interest reinvestment plans, check the following box. ¨
If any of the securities being registered on this Form are to
be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered
only in connection with dividend or interest reinvestment plans, check the following box. x
If this Form is filed to register additional securities for
an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed pursuant to
Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the
earlier effective registration statement for the same offering. ¨
If this Form is a registration statement pursuant to General
Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to
Rule 462(e) under the Securities Act, check the following box. x
If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities
pursuant to Rule 413(b) under the Securities Act, check the following box. ¨
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions
of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging
growth company” in Rule 12b-2 of the Exchange Act. ¨
Large accelerated filer ¨
Accelerated filer x
Non-accelerated filer ¨
Smaller reporting company ¨
Emerging growth company x
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 7(a)(2)(B) of the Securities Act. x
calculation
of registration fee
Title of each class of
securities to be registered
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Amount
to be
registered (1)
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Proposed
maximum
offering price
per unit (1)
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Proposed maximum
aggregate
offering price (1)
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Amount of
registration fee (2)
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Common Stock, par value $0.01 per share
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Warrants
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Subscription Rights
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Stock Purchase Contracts
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Stock Purchase Units
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Units(3)
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Debt Securities
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(1) An
indeterminate aggregate initial offering price and amount of securities as may from time to time be offered at indeterminate prices
is being registered pursuant to this registration statement.
(2) The
registrant is deferring payment of the registration fee pursuant to Rule 456(b) and is omitting this information in reliance on
Rule 456(b) and Rule 457(r).
(3) Any
securities registered hereunder may be sold separately or as units with other securities registered hereunder.
PROSPECTUS
Bally’s
Corporation
Common Stock
Warrants
Subscription Rights
Stock Purchase Contracts
Stock Purchase Units
Units
Debt Securities
We may offer and sell from time to time
in one or more offerings shares of our common stock, warrants, subscription rights, stock purchase contracts, stock purchase units,
units or debt securities. Each time any shares of our common stock, warrants, subscription rights, stock purchase contracts, stock
purchase units, units or debt securities are offered pursuant to this prospectus, we will provide a prospectus supplement and attach
it to this prospectus.
This prospectus describes the general manner
in which these securities may be offered and sold. We will provide the specific terms of the securities in supplements to this
prospectus to the extent those terms are not described in this prospectus or are different from the terms described in this prospectus.
The prospectus supplements may also add to, update or change information contained in this prospectus. Any of these securities
may be offered together or separately and in one or more series, if any, in amounts, at prices and on other terms to be determined
at the time of the offering. In addition, we may supplement, update or change any of the information contained in this prospectus
by incorporating information by reference in this prospectus. You should read this prospectus, the related supplements and any
incorporated documents carefully before you invest. This prospectus is not an offer to sell these securities and it is not soliciting
an offer to buy these securities in any state where the offer or sale is not permitted.
We may offer these securities directly
to investors, through agents, underwriters or dealers, or through a combination of these methods, on a continued or delayed basis.
Each applicable prospectus supplement will provide the terms of the plan of distribution relating to the offering. If any agents,
dealers or underwriters are involved in the sale of any securities, the applicable prospectus supplement will set forth their names
and any applicable commissions or discounts. Our proceeds from the sale of these securities also will be set forth in the applicable
prospectus supplement.
Our common stock is listed on the New York
Stock Exchange (“NYSE”) under the symbol “BALY.” On March 17, 2021, the closing sale price of our
common stock on NYSE was $72.12 per share. You are urged to obtain current market quotations for our common stock.
Investing
in our securities involves risks. See “Risk Factors” BEGINNING on page 2 and any risk factors included in any accompanying
prospectus supplement and in the documents incorporated by reference in this prospectus for a discussion of the factors you should
carefully consider before investing in our securities.
Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy
of this prospectus. Any representation to the contrary is a criminal offense.
The date of this prospectus is March 18, 2021
Table
of Contents
Page
ABOUT
THIS PROSPECTUS
This prospectus is part of a registration
statement on Form S-3 that we filed with the Securities and Exchange Commission (the “SEC”) utilizing a “shelf”
registration process. Under this shelf registration process, we may offer and sell from time to time any combination of the securities
described in this prospectus in one or more offerings in amounts, at prices and on terms that we determine at the time of the offering.
This prospectus and the documents we incorporate by reference into this prospectus provide you with a general description of the
securities under this shelf registration statement. We may provide a prospectus supplement and may also provide you with a free
writing prospectus that will contain specific information about the terms of that offering. The prospectus supplement or free writing
prospectus, if any, may also add, update or change information contained in this prospectus. Before purchasing any securities,
you should carefully read both this prospectus, any applicable accompanying prospectus supplement and any free writing prospectus
prepared by or on behalf of us, together with the additional information described under the headings “ Incorporation of
Certain Documents by Reference” and “Where You Can Find Additional Information.”
You should rely only on the information
contained or incorporated by reference in this prospectus and any applicable accompanying prospectus supplement or any free writing
prospectus prepared by us. We have not authorized any other person to provide you with different information. If anyone provides
you with different or inconsistent information, you should not rely on it. We are not making offers to sell the securities in any
jurisdiction where an offer or solicitation is not permitted. The information in this prospectus is accurate only as of the date
on the front cover. You should not assume that the information contained in this prospectus, including any information incorporated
in this prospectus by reference, any applicable accompanying prospectus supplement or any free writing prospectus prepared by us,
is accurate as of any date other than the date on the front of these documents, unless the information specifically indicates that
another date applies. Our business, financial condition, results of operations and prospects may have changed since such date.
Neither the delivery of this prospectus nor any sale made under it implies that there has been no change in our affairs or that
the information in this prospectus is correct as of any date after the date of this prospectus. We encourage you to consult your
own counsel, accountant and other advisors for legal, tax, business, financial and related advice regarding an investment in our
securities.
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This prospectus and the information incorporated
by reference herein includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are
statements as to matters that are not historical facts, and include statements about our plans, objectives, expectations and intentions.
Forward-looking statements are not guarantees
and are subject to risks and uncertainties. Forward-looking statements are based on our current expectations and assumptions. Although
we believe that our expectations and assumptions are reasonable at this time, they should not be regarded as representations that
our expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the date of
this prospectus and we do not undertake to update or revise them as more information becomes available, except as required by law.
Important factors beyond those that apply
to most businesses, some of which are beyond our control, that could cause actual results to differ materially from our expectations
and assumptions include, without limitation:
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uncertainties surrounding the COVID-19 pandemic, including limitations on our operations, increased costs, changes in customer
attitudes, impact on our employees and the ongoing impact of COVID-19 on general economic conditions;
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unexpected costs, difficulties integrating and other events impacting our recently completed and proposed acquisitions and
our ability to realize anticipated benefits;
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risks associated with our rapid growth, including those affecting customer and employee retention, integration and controls;
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risks associated with the impact of the digitalization of gaming on our casino operations, our expansion into iGaming and sports
betting and the highly competitive and rapidly changing aspects of our new interactive businesses generally;
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the very substantial regulatory restrictions applicable to us, including costs of compliance;
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restrictions and limitations in agreements to which we are subject, including our debt, could significantly affect our ability
to operate our business and our liquidity; and
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other risks identified in Part I. Item 1A. “Risk Factors” of our Annual Report on Form 10-K for
the fiscal year ended December 31, 2020 as filed with SEC on March 10, 2021.
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The foregoing list of important factors
is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming
businesses.
You should not to place undue reliance on
our forward-looking statements.
THE
COMPANY
Our objective is to be one of the leading
omni-channel gaming and interactive entertainment companies in the United States.
We are already a leading owner and
operator of land-based casinos in seven states in the United States:
Property
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Location
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Type
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Built/
Acquired
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Gaming
Square Footage
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Slot
Machines
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Table
Games
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Hotel
Rooms
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Food
and Beverage Outlets
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Race-book
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Sports-book
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Twin River Casino
Hotel
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Lincoln, RI
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Casino and
Hotel
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2007
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168,072
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4,067
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114
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136
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21
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Yes
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Yes
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Hard Rock Biloxi
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Biloxi, MS
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Casino and Resort
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2007
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50,984
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983
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55
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479
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18
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No
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Yes
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Tiverton Casino Hotel
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Tiverton, RI
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Casino and Hotel
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2018
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33,840
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1,000
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32
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83
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7
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Yes
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Yes
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Dover Downs Hotel and Casino
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Dover, DE
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Casino, Hotel and Raceway
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2019
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84,075
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2,060
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37
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500
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14
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Yes
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Yes
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Black
Hawk Casinos(1)
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Black Hawk, CO
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3 Casinos
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Multiple
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34,632
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570
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33
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—
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8
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No
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Yes
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Casino KC
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Kansas City, MO
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Casino
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2020
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39,788
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848
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17
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—
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3
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No
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No
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Casino Vicksburg
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Vicksburg, MS
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Casino and Hotel
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2020
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32,608
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499
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8
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89
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4
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No
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Yes
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Bally’s Atlantic
City
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Atlantic City, NJ
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Casino and Hotel
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2020
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83,569
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1,481
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93
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1,214
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10
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No
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Yes
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Eldorado Resort Casino
Shreveport
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Shreveport, LA
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Casino and Hotel
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2020
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49,916
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1,382
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54
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403
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6
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No
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No
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___________________________
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(1)
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Includes the Golden Gates, Golden Gulch and Mardi Gras casinos.
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We acquired the rights to the name “Bally’s”
in 2020 as part of our strategy to become the leading U.S. full-service sports betting/iGaming company with physical casinos and
online gaming solutions united under a single, prominent brand. We took other key steps to build our iGaming and sports betting
business in the past year, including:
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entering into a strategic partnership with Sinclair Broadcast Group
to leverage the Bally’s brand and combine our sports betting technology with Sinclair’s expansive natural footprint,
which includes 188 local TV stations, 19 regional sports networks, the STIRR streaming service, the Tennis Channel and five stadium
digital TV and internet sports networks;
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signing definitive agreements to acquire Bet.Works, a sports betting
platform provider to operators in Colorado, New Jersey, Indiana and Iowa, and Monkey Knife Fight, the third-largest fantasy sports
platform in North America. and
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acquiring SportCaller, a leading B2B free-to-play game provider, in
early 2021.
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We are a Delaware corporation with our global
headquarters in Providence, Rhode Island.
RISK
FACTORS
In considering whether or not to
purchase our securities, you should carefully consider the risks described under “Risk Factors”
in any prospectus supplement and in the documents we incorporate by reference in this prospectus and any
prospectus supplement, as well as the other information included or incorporated by reference in this prospectus and any
prospectus supplement.
USE
OF PROCEEDS
We intend to use the net proceeds from
the sales of the securities described in this prospectus as set forth in the applicable prospectus supplement.
DESCRIPTION
OF CAPITAL STOCK
The following is a summary of our capital
stock and important provisions of our Amended and Restated Certificate of Incorporation (the “Certificate of Incorporation”), our Amended and Restated Bylaws (the “Bylaws”) and the applicable provisions of the General Corporation
Law of the State of Delaware (the “DGCL”). Our Certificate of Incorporation and our Bylaws govern the rights of our
stockholders. For information on how to obtain a copy of our Certificate of Incorporation and our Bylaws, see “Where You
Can Find Additional Information.”
The summary does not purport to be complete
and is subject to, and qualified in its entirety by reference to the complete text of our Certificate of Incorporation and our
Bylaws, and by provisions of applicable law.
General
Our authorized capital stock consists of
100,000,000 shares of common stock, par value $0.01 per share. The outstanding shares of our common stock are duly authorized,
validly issued, fully paid and non-assessable.
Common Stock
Dividend Rights
Dividends may be declared by our board
of directors from time to time.
Voting Rights
Each share of common stock is entitled
to one vote. At each stockholders meeting, all matters will be decided by a majority of the votes (except with respect to the election
of directors, who are elected by a plurality of the votes) cast at such meeting by the holders of shares of capital stock present
or represented by proxy and entitled to vote thereon with a quorum being present (except in cases where a greater number of votes
is required by law, our Certificate of Incorporation or our Bylaws).
Other Rights
Our common stock has no preemptive rights
or no cumulative voting rights and there are no redemption, sinking fund or conversion provisions in our Certificate of Incorporation
or our Bylaws.
Delaware Anti-Takeover Law
We are subject to Section 203 of the DGCL.
Section 203 generally prohibits a public Delaware corporation from engaging in a “business combination” with an “interested
stockholder” for a period of three years after the date of the transaction in which the person became an interested stockholder,
unless:
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prior to the date of the transaction, the board of directors of the corporation approved either the business combination or
the transaction which resulted in the stockholder becoming an interested stockholder;
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upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder
owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes
of determining the number of shares outstanding (1) shares owned by persons who are directors and also officers and (2) shares
owned by employee stock plans in which employee participants do not have the right to determine confidentially whether shares held
subject to the plan will be tendered in a tender or exchange offer; or
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on or subsequent to the date of the transaction, the business combination is approved by the board of directors and authorized
at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66⅔% of
the outstanding voting stock which is not owned by the interested stockholder.
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Section 203 defines a business combination
to include:
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any merger or consolidation involving the corporation and the interested stockholder;
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any sale, transfer, pledge or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;
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subject to exceptions, any transaction that results in the issuance or transfer by the corporation of any stock of the corporation
to the interested stockholder; and
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the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges or other financial benefits
provided by or through the corporation.
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In general, Section 203 defines an interested
stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation or any entity
or person affiliated with or controlling or controlled by the entity or person.
Anti-takeover Effects of Certain Provisions of our Certificate
of Incorporation and our Bylaws
In addition to regulatory
requirements applicable to us and the ownership of our shares and some provisions of the DGCL, our Certificate of Incorporation and our Bylaws could have the effect of
delaying, deferring or discouraging another party from acquiring control of us. These provisions, which are
summarized below, are intended to discourage coercive takeover practices and inadequate takeover bids. These provisions are
also designed to encourage persons seeking to acquire control of us to first negotiate with our board of
directors.
Requirements for Advance Notification of Stockholder Nominations
and Proposals and Director Qualification Requirements
Our Bylaws establish advance notice procedures
with respect to stockholder proposals, other than proposals made by or at the direction of our board of directors. Proper notice
must be timely, in proper written form, and must set forth certain details of the nomination or proposal. The Chairman of the meeting
may determine that a nomination or proposal was defective and should be disregarded. In addition, our Bylaws provide that no person
may serve as a member of our board of directors, or be elected or nominated for such a position, unless, at the time of such service,
election or nomination, such person has been licensed by applicable regulatory authorities. Together, these provisions may have
the effect of precluding the conduct of certain business at a meeting if the proper procedures are not followed, and may also discourage
or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or
otherwise attempting to obtain control of us.
Classified Board of Directors
Our Certificate of Incorporation provides
that our board of directors is divided into three classes, each of which will hold office for a three-year term.
Calling Special Stockholder Meetings
Our Bylaws provide that special meetings
of our stockholders may be called only by the Chairman of our board of directors, by a majority of the whole board or by holders
of our common stock who hold at least 20% of the outstanding common stock entitled to vote generally in the election of directors.
Removal of Directors
Our Bylaws state that any director or the
entire board of directors may be removed only for cause by the holders of a majority of the shares then entitled to vote at an
election of directors.
Limitation on Financial Interest
Our Certificate of Incorporation and
Bylaws provide that we may not permit any person or entities to acquire a direct or indirect entity or economic interest in
us equal to or greater than 5% of any class of equity or economic interests without the approval of the relevant gaming
authorities (subject to certain specified exceptions). Any transfer of shares of our common stock that results in a person
acquiring more than such 5% threshold shall not be recognized until the relevant gaming authorities have consented to such
transfer. Our Certificate of Incorporation also provides that an additional license or consent from the gaming authorities is
required for ownership equal to or greater than 20% of any class of our equity interests. In addition, our
Bylaws also include limitations and restrictions on ownership of common stock relating to regulatory requirements and
licenses, including restrictions on transfers that would violate applicable gaming laws and repurchase rights in the event
that stockholders are determined to be unsuitable to hold our common shares. Our Bylaws impose additional restrictions to
ensure compliance with relevant gaming and regulatory requirements including our ability to withhold dividend payments and
redeem or purchase a holder’s common stock if a gaming authority or the Board of Directors determines the holder to be
an “unsuitable person” as defined in certain gaming laws.
Limitation of Liability of Officers and Directors; Indemnification
Our Certificate of Incorporation
states that a director will not be personally liable to us or our stockholders for monetary damages for breach of fiduciary
duty as a director, except for liability (1) for any breach of the director’s duty of loyalty to us or our
stockholders, (2) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of
law, (3) under Section 174 of the DGCL or (4) for any transaction from which the director derived any improper personal
benefit. The DGCL also prohibits limitations on director liability for acts or omissions which resulted in a violation of a
statute prohibiting the declaration of certain dividends, certain payments to stockholders after dissolution and particular
types of loans. The effect of these provisions is to eliminate our rights and the rights of our stockholders (through
stockholders’ derivative suits on our behalf) to recover monetary damages against a director for breach of fiduciary
duty as a director (including breaches resulting from grossly negligent behavior), except in the situations described above.
If the DGCL is amended to authorize, with the approval of a corporation’s stockholders, further reductions in the
liability of a corporation’s directors for breach of fiduciary duty, then our directors will not be liable for any such
breach to the fullest extent permitted by the DGCL as so amended. Any repeal or modification of the foregoing provisions of
our Certificate of Incorporation by our stockholders will not adversely affect any right or protection of our directors
existing at the time of such repeal or modification. We have also entered into agreements to indemnify our directors and
officers, as well as our employees and agents, to the fullest extent permitted or required by Delaware law. To the extent the
indemnification for liabilities arising under the Securities Act of 1933, as amended (the “Securities Act”) may be granted to
our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised
that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is,
therefore, unenforceable.
Choice of Forum
Our Bylaws state that unless the board
of directors consents in writing to the selection of an alternative forum, the sole and exclusive forum for (1) any derivative
action or proceeding brought on behalf of the Company, (2) any action asserting a claim of breach of a fiduciary duty owed by any
director, officer or other employee to us or our stockholders, (3) an action asserting a claim arising pursuant to any provision
of the DGCL or our Certificate of Incorporation or our Bylaws (as any of the foregoing may be amended from time to time), or (4)
any action asserting a claim governed by the internal affairs doctrine, will be the Court of Chancery in the State of Delaware
(or, if the Court of Chancery does not have jurisdiction, the federal district court for the District of Delaware).
The exclusive forum selection provided by our bylaws does not limit the scope of exclusive federal or concurrent jurisdiction for actions
brought under federal securities laws. For example, Section 27 of the Exchange Act of 1934, as amended (the “Exchange Act”) creates exclusive federal jurisdiction over all suits
brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder, and as such, the exclusive
forum selection discussed above would not apply to such suits. Furthermore, Section 22 of the Securities Act provides for concurrent jurisdiction
for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations
thereunder, and as such, the exclusive forum selection discussed above would not apply to such suits.
Transfer Agent and Registrar
The transfer agent and registrar for our
common stock is American Stock Transfer & Trust Company, LLC.
Listing
Our common stock is listed on the NYSE
under the symbol “BALY.”
DESCRIPTION
OF WARRANTS
We may issue warrants to purchase common
stock or debt securities. Each warrant will entitle the holder to purchase for cash the amount of common stock, or units at the
exercise price stated or determinable in a prospectus supplement for the warrants. Warrants may be issued independently or together
with any other securities and may be attached to, or separate from, such securities. Each series of warrants will be issued under
a separate warrant agreement to be entered into between us and a warrant agent or purchaser.
The terms of any warrants to be issued
and a description of the material provisions of the applicable warrant agreement will be set forth in the applicable prospectus
supplement. These terms will include some or all of the following:
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the title of the warrants;
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the price or prices at which the warrants will be issued;
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the designation, amount and terms of the securities for which the warrants are exercisable;
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the designation and terms of the other securities, if any, with which the warrants are to be issued
and the number of warrants issued with each other security;
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the aggregate number of warrants;
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any provisions for adjustment of the number or amount of securities receivable upon exercise of
the warrants or the exercise price of the warrants;
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the price or prices at which the securities purchasable upon exercise of the warrants will be separately
transferable, if applicable;
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if applicable, a discussion of material U.S. federal income tax considerations;
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the date on which the right to exercise the warrants will commence, and the date on which the right
will expire;
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the maximum or minimum number of warrants that may be exercised at any time;
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information with respect to book-entry procedures, if any; and
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any other terms of the warrants, including terms, procedures and limitations relating to the exchange
and exercise of the warrants.
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DESCRIPTION
OF SUBSCRIPTION RIGHTS
The following description, together with
the additional information we may include in any applicable prospectus supplement, summarizes the material terms and provisions
of the subscription rights that we may offer under an applicable prospectus. While the terms we have summarized below will apply
generally to any subscription rights that we may offer, we will describe the particular terms of any subscription rights in more
detail in the applicable prospectus supplement and any related free writing prospectus. The terms of any subscription rights offered
under a prospectus supplement may differ from the terms described below. However, no prospectus supplement will fundamentally change
the terms that are set forth in this prospectus or offer a security that is not described in this prospectus at the time of its
effectiveness.
We may issue subscription rights to purchase
our common stock or debt securities. These subscription rights may be offered independently or together with any other security
offered hereby and may or may not be transferable by the stockholder receiving the subscription rights in such offering. In connection
with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other purchasers
pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after
such offering.
The prospectus supplement relating to any
subscription rights we offer, if any, will, to the extent applicable, include specific terms relating to the offering, including
some or all of the following:
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the price, if any, for the subscription rights;
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the exercise price payable for our common stock upon the exercise of the subscription rights;
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the number of subscription rights to be issued to each stockholder;
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the number of shares and terms of our common stock which may be purchased per each subscription
right;
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the extent to which the subscription rights are transferable;
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any other terms of the subscription rights, including the terms, procedures and limitations relating
to the exchange and exercise of the subscription rights;
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the date on which the right to exercise the subscription rights shall commence, and the date on
which the subscription rights shall expire;
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the extent to which the subscription rights may include an over-subscription privilege with respect
to unsubscribed securities or an over-allotment privilege to the extent the securities are fully subscribed; and
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if applicable, the material terms of any standby underwriting or purchase arrangement into which
we may enter in connection with the offering of subscription rights.
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The description in the applicable prospectus
supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its entirety by reference
to the applicable subscription rights certificate, which will be filed with the SEC if we offer subscription rights. We urge you
to read the applicable subscription rights certificate and any applicable prospectus supplement in their entirety.
DESCRIPTION
OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS
We may issue stock purchase contracts,
including contracts obligating holders to purchase from us, and obligating us to sell to the holders, a specified number of shares
of common stock at a future date or dates. We may fix the price per share of common stock and the number of shares of common stock
at the time the stock purchase contracts are issued or by reference to a specific formula set forth in the stock purchase contracts.
We may issue the stock purchase contracts separately or as part of units, which we refer to as “stock purchase units,”
consisting of a stock purchase contract and our debt securities or debt obligations of third parties, including U.S. treasury securities,
securing the holders’ obligations to purchase the common stock under the stock purchase contracts. The stock purchase contracts
may require holders to secure their obligations under the stock purchase contracts in a specified manner. The stock purchase contracts
also may require us to make periodic payments to the holders of the stock purchase units or vice versa, and such payments may be
unsecured or refunded on some basis.
The applicable prospectus supplement will
describe the terms of the stock purchase contracts or stock purchase units. The description in the prospectus supplement will not
necessarily be complete, and reference will be made to the stock purchase contracts and, if applicable, collateral or depositary
arrangements relating to the stock purchase contracts or stock purchase units. The applicable prospectus supplement will also describe
material U.S. federal income tax considerations applicable to the stock purchase units and the stock purchase contracts.
DESCRIPTION
OF UNITS
We may issue units comprising one or more
securities described in this prospectus in any combination (but not securities of third parties) as specified in a related prospectus
supplement or a free writing prospectus. Units will be issued pursuant to the terms of a unit agreement, which may provide that
the securities included in the unit may not be held or transferred separately at any time or at any time before a specified date.
A copy of the forms of the unit agreement and the unit certificate relating to any particular issue of units will be filed with
the SEC each time we issue units, and you should read those documents for provisions that may be important to you. For more information
on how you can obtain copies of the forms of the unit agreement and the related unit certificate, see “Where You Can Find
Additional Information.”
DESCRIPTION
OF DEBT SECURITIES
This prospectus describes the general terms
and provisions of our debt securities. When we offer to sell a particular series of debt securities, we will describe the specific
terms of the series in a supplement to this prospectus. We will also indicate in the supplement whether the general terms and provisions
described in this prospectus apply to a particular series of debt securities.
The debt securities will be issued under
an indenture, as it may be amended and supplemented from time to time. We have summarized select portions of the indenture below.
The summary is not complete, and is qualified in its entirety by reference to the indenture. The indenture will be subject to and
governed by the Trust Indenture Act of 1939, as amended. The form of indenture has been filed as an exhibit to the registration
statement of which this prospectus forms a part. You should read the indenture for provisions that may be important to you. Capitalized
terms used in the summary have the meanings specified in the indenture.
General
Unless otherwise specified in a supplement
to this prospectus, the debt securities will be our senior, direct, unsecured obligations and, as such, will rank pari passu
in right of payment with all of our existing and future senior unsecured indebtedness and senior in right of payment to all
of our subordinated indebtedness. The debt securities will be effectively subordinated to (1) all existing and future indebtedness
or other liabilities of our subsidiaries and (2) all of our existing and future secured indebtedness to the extent of the value
of the collateral securing that indebtedness.
The indenture does not limit the aggregate
principal amount of debt securities that may be issued under it and provides that debt securities may be issued under it from time
to time in one or more series. We may specify a maximum aggregate principal amount for the debt securities of any series.
Unless otherwise specified in the applicable
prospectus supplement, the indenture does not afford the holders of the debt securities the right to require us to repurchase or
redeem the debt securities in the event of a highly-leveraged transaction.
We are not obligated to issue all debt
securities of one series at the same time and, unless otherwise provided in the applicable prospectus supplement, we may reopen
a series, without the consent of the holders of the outstanding debt securities of that series, for the issuance of additional
debt securities of that series. Additional debt securities of a particular series will have the same terms and conditions as outstanding
debt securities of such series, except for the issue date and, in some cases, the public offering price and the first interest
payment date, and will be consolidated with, and form a single series with, such outstanding debt securities; provided, however,
that if such additional debt securities are not fungible with the outstanding debt securities of such series for U.S. federal income
tax purposes, the additional debt securities will have a separate CUSIP number.
The applicable prospectus supplement will set forth, among other
things:
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the title of the debt securities;
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the price or prices (expressed as a percentage of the principal amount) at which we will issue
the debt securities;
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any limit on the aggregate principal amount of the debt securities;
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the date or dates on which the principal of the debt securities is payable;
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the rate or rates (which may be fixed or variable) per annum or the method used to determine the
rate or rates (including any commodity,
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commodity index, stock exchange index or financial index) at which the debt securities will bear
interest, the date or dates from which interest will accrue, the date or dates on which interest will commence and be payable and
any regular record date for the interest payable on any interest payment date, and the basis of computation of interest if other
than on the basis of a 360-day year consisting of twelve 30-day months;
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the place or places where the principal of, premium and interest, if any, on the debt securities
will be payable, where the debt securities may be surrendered for registration of transfer or exchange and where notices and demands to
or upon us in respect of the debt securities and the indenture may be served, and the method of such payment, if by wire transfer,
mail or other means;
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the period or periods within which, the price or prices at which and the terms and conditions upon
which we may redeem the debt securities;
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any obligation we have to redeem or purchase the debt securities pursuant to any sinking fund or
analogous provisions or at the option of a holder of debt securities;
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the dates on which and the price or prices at which we will repurchase debt securities at the option
of the holders of debt securities and other detailed terms and provisions of these repurchase obligations;
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the denominations in which the debt securities will be issuable, if other than minimum denominations
of $2,000 and integral multiples of $1,000 in excess thereof;
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the forms of the debt securities in fully registered form (and whether the debt securities will
be issuable as global securities);
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the portion of the principal amount of the debt securities payable upon declaration of acceleration
of the maturity date, if other than the principal amount;
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the designation of the currency, currencies or currency units in which payment of the principal
of, premium and interest, if any, on the debt securities will be made if other than U.S. dollars;
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whether the debt securities may be exchangeable for and/or convertible into shares of our common
stock or any other security;
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any provisions relating to any security provided for the debt securities, and any subordination
in right of payment, if any, of the debt securities;
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any addition to or change in the events of default and acceleration provisions described under
“—Events of Default” below and in the indenture with respect to the debt securities;
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any addition to or change in the covenants described in this “Description of Debt Securities”
or in the indenture with respect to the debt securities;
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any other terms of the debt securities (which may modify or delete any provision of the indenture
insofar as it applies to such debt securities); and
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any depositaries, interest rate calculation agents, exchange rate calculation agents or other agents
with respect to the debt securities if other than those appointed in the indenture.
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The foregoing is not intended to be an
exclusive list of the terms that may be applicable to any offered debt securities.
We may issue debt securities that provide
for an amount less than their stated principal amount to be due and payable upon declaration of acceleration of their maturity
pursuant to the terms of the indenture. We will provide you with information on the federal income tax considerations and other
special considerations applicable to any of these debt securities in the applicable prospectus supplement.
If we denominate the purchase price of
any of the debt securities in a foreign currency or currencies, or if the principal of and any premium and interest on any series
of debt securities is payable in a foreign currency or currencies, we will provide you with information on the restrictions, elections,
general tax considerations, specific terms and other information with respect to that issue of debt securities and such foreign
currency or currencies in the applicable prospectus supplement.
Exchange and Transfer
Debt securities may be transferred or exchanged at the office
of the registrar or co-registrar designated by us.
We will not impose a service charge for
any transfer or exchange, but we may require holders to pay any tax or other governmental charges associated with any transfer
or exchange.
In the event of any redemption of debt securities of any series,
we will not be required to:
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issue, register the transfer of, or exchange, any debt security of that series during a period
beginning at the opening of business 15 days before the day of sending of a notice of redemption and ending at the close of business
on the day such notice is sent; or
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register the transfer of or, exchange any, debt security of that series selected, called or being
called for redemption, in whole or in part, except the unredeemed portion of any series being redeemed in part.
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We will initially appoint the trustee as
the registrar. Any transfer agent, in addition to the registrar initially designated by us, will be named in the applicable prospectus
supplement. We may designate additional transfer agents or change transfer agents or change the office of the transfer agent. However,
we will be required to maintain a transfer agent in each place of payment for the debt securities of each series.
Global Securities
The debt securities of any series may be
represented, in whole or in part, by one or more global securities. Each global security will:
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be registered in the name of a depositary that we will identify in a prospectus supplement;
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be deposited with the trustee as custodian for the depositary or its nominee; and
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bear any required legends.
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No global security may be exchanged in
whole or in part for debt securities registered in the name of any person other than the depositary or any nominee unless:
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the depositary has notified us that it is unwilling or unable to continue as depositary or has
ceased to be qualified to act as depositary, and in either case we fail to appoint a successor depositary registered as a clearing
agency under the Exchange Act within 90 days of such event;
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we execute and deliver to the trustee an officer’s certificate to the effect that such global
securities shall be so exchangeable; or
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an event of default with respect to the debt securities represented by such global securities shall
have occurred and be continuing.
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As long as the depositary, or its nominee,
is the registered owner of a global security, the depositary or nominee will be considered the sole owned and holder of the debt
securities represented by the global security for all purposes under the indenture. Except in the above limited circumstances,
owners of beneficial interests in a global security:
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will not be entitled to have the debt securities registered in their names;
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will not be entitled to physical delivery of certificated debt securities; and
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will not be considered to be holders of those debt securities under the indenture.
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Payments on a global security will be made
to the depositary or its nominee as the holder of the global security. Some jurisdictions have laws that require that certain purchasers
of securities take physical delivery of such securities in definitive form. These laws may impair the ability to transfer beneficial
interests in a global security.
Institutions that have accounts with the
depositary or its nominee are referred to as “participants.” Ownership of beneficial interests in a global security
will be limited to participants and to persons that may hold beneficial interests through participants. The depositary will credit,
on its book-entry registration and transfer system, the respective principal amounts of debt securities represented by the global
security to the accounts of its participants. Each person owning a beneficial interest in a global security must rely on the procedures
of the depositary (and, if such person is not a participant, on procedures of the participant through which such person owns its
interest) to exercise any rights of a holder under the indenture.
Ownership of beneficial interests in a
global security will be shown on and effected through records maintained by the depositary, with respect to participants’
interests, or by any participant, with respect to interests of persons held by participants on their behalf. Payments, transfers
and exchanges relating to beneficial interests in a global security will be subject to policies and procedures of the depositary.
The depositary’s policies and procedures may change from time to time. Neither we nor the trustee will have any responsibility
or liability for the depositary’s acts or omissions or any participant’s records with respect to beneficial interests
in a global security.
Payment and Paying Agent
The provisions of this subsection will
apply to the debt securities unless otherwise indicated in the applicable prospectus supplement. Payment of interest on a debt
security on any interest payment date will be made to the person in whose name the debt security is registered at the close of
business on the regular record date. Payment on debt securities of a particular series will be payable at the office of a paying
agent or paying agents designated by us. However, at our option, we may pay interest by mailing a check to the record holder.
We may also name any other paying agents
in the applicable prospectus supplement. We may designate additional paying agents, change paying agents or change the office of
any paying agent. However, we will be required to maintain a paying agent in each place of payment for the debt securities of a
particular series.
Subject to applicable abandoned property
laws, all moneys paid by us to a paying agent for payment on any debt security that remain unclaimed at the end of two years after
such payment was due will be repaid to us. Thereafter, the holder may look only to us for such payment.
Consolidation, Merger and Sale of Assets
Except as otherwise set forth in the applicable
prospectus supplement, we may not merge or consolidate with or into any other person, or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of the properties and assets of us and our subsidiaries, taken as a whole, to any person, unless:
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either (1) the transaction is a merger or consolidation and we are the surviving entity or (2)
the successor or transferee is a U.S. corporation, limited liability company, partnership, trust or other entity and the successor
or transferee assumes our obligations under the debt securities and the indenture pursuant to a supplemental indenture in form
reasonably satisfactory to the trustee;
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immediately after giving effect to the transaction and treating our obligations in connection with
or as a result of such transaction as having been incurred as of the time of such transaction, no default or event of default under
the indenture shall have occurred and be continuing; and
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an officer’s certificate and an opinion of counsel have been delivered to the trustee in
connection with the foregoing.
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In the event of any such transaction, if
there is a successor or transferee, then the successor or transferee will expressly assume all of our obligations under the indenture
and automatically be substituted for us in the indenture and as issuer of the debt securities and may exercise every right and
power of ours under the indenture with the same effect as if such successor or transferee had been named in our place in the indenture,
and (except in the case of a lease) when such successor or transferee duly assumes all of our obligations under the debt securities
and the indenture, we will be relieved from all such obligations.
Events of Default
Event of default means, with respect to any series of debt securities,
any of the following:
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default in the payment of any interest on any debt security of that series when it becomes due
and payable, and continuance of that default for a period of 30 days;
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default in the payment of principal of, or premium on, any debt security of that series;
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default in the performance or breach of any other covenant or warranty by us in the indenture or
any board resolution, supplemental indenture or officer’s certificate with respect to such series (other than a covenant
or warranty that has been included in the indenture or board resolution, supplemental indenture or officer’s certificate
solely for the benefit of a series of debt securities other than that series), which default continues uncured for a period of
90 days after (1) we receive written notice from the trustee or (2) we and the trustee receive written notice from the holders
of not less than 25% in aggregate principal amount of the outstanding debt securities of that series as provided in the indenture;
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certain events of bankruptcy, insolvency or reorganization of our company; and
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any other event of default provided with respect to debt securities of that series that is described
in the applicable prospectus supplement.
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No event of default with respect to a particular
series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily constitutes an
event of default with respect to any other series of debt securities. The occurrence of an event of default may constitute an event
of default under our bank credit agreements in existence from time to time. In addition, the occurrence of certain events of default
or an acceleration under the indenture may constitute an event of default under certain of our other indebtedness outstanding from
time to time.
If an event of default (other than an event
of default resulting from certain events of bankruptcy, insolvency or reorganization of our company) with respect to debt securities
of any series at the time outstanding occurs and is continuing, then the trustee or the holders of not less than 25% in aggregate
principal amount of the outstanding debt securities of that series may, by a notice in writing to us (and to the trustee if given
by the holders), declare to be due and payable immediately the principal of, and accrued and unpaid interest, if any, on all debt
securities of that series. In the case of an event of default resulting from certain events of bankruptcy, insolvency or reorganization
of our company, the principal (or such specified amount) of and accrued and unpaid interest, if any, on all outstanding debt securities
will become and be immediately due and payable without any declaration or other act on the part of the trustee or any holder of
outstanding debt securities. At any time after a declaration of acceleration with respect to debt securities of any series has
been made, the holders of a majority in aggregate principal amount of the outstanding debt securities of that series may rescind
and annul the acceleration if (1) the rescission and annulment would not conflict with any judgment or decree already rendered,
(2) if all events of default with respect to that series, other than the non-payment of principal, interest or premium, if any,
with respect to debt securities of that series that has become due and payable solely because of the acceleration, have been cured
or waived and all sums paid or advanced by the trustee and the reasonable compensation expenses and disbursements of the trustee
and its agents and counsel have been paid as provided in the indenture and (3) if the Company has paid or deposited with the
trustee a sum sufficient to pay (a) any overdue interest on the debt securities of that series, (b) the principal amount of the
debt securities of that series (except the principal, interest or premium that has become due solely because of the acceleration)
and (c) to the extent lawful and applicable, interest on overdue installments of interest at the rate specified in the debt securities
of that series.
The indenture provides that the trustee
will be under no obligation to exercise any of its rights or powers under the indenture at the request of any holder of outstanding
debt securities, unless the trustee receives security and/or indemnity satisfactory to it against any loss, liability or expense.
Subject to certain rights of the trustee, the holders of a majority in principal amount of the outstanding debt securities of any
series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee
or exercising any trust or power conferred on the trustee with respect to the debt securities of that series.
No holder of any debt security of any series
will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture or for the appointment of
a receiver or trustee, or for any remedy under the indenture, unless:
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that holder has previously given to the trustee written notice of a continuing event of default with respect to debt securities
of that series; and
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the holders of at least 25% in aggregate principal amount of the outstanding debt securities of
that series have made written request, and offered security and/or indemnity satisfactory to the trustee, to institute the proceeding
as trustee, and the trustee has not received from the holders of a majority in aggregate principal amount of the outstanding debt
securities of that series a direction inconsistent with that request and has failed to institute the proceeding within 60 days.
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Notwithstanding the foregoing, the holder
of any debt security will have an absolute and unconditional right to receive payment of the principal of, and premium and any
interest on, that debt security on or after the due dates expressed in that debt security and to institute suit for the enforcement
of such payment.
The indenture requires us, within 120
days after the end of our fiscal year, to furnish to the trustee a statement as to compliance with the indenture. The
indenture provides that the trustee may withhold notice to the holders of debt securities of any series of any default or
event of default (except in payment on any debt securities of that series) with respect to debt securities of that series if
it in good faith determines that withholding notice is in the interest of the holders of those debt securities.
Modification and Waiver
We may amend or modify the indenture without the consent of
any holder of debt securities of the series affected by the modifications or amendments in order to:
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cure any ambiguity or to correct or supplement any provision contained in the indenture or in any supplemental indenture that
may be defective or inconsistent with any other provision contained therein, or to conform the provisions of the indenture to this
“Description of Debt Securities” or a description of the debt securities contained in the applicable prospectus supplement,
as evidenced by an officer’s certificate;
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provide for uncertificated debt securities in addition to or in place of certificated debt securities;
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provide for the assumption of our obligations by a successor, in the case of a merger or consolidation, or transferee, in the
case of a sale, conveyance, transfer, lease or other disposition of all or substantially all of the properties and assets of us
and our subsidiaries, taken as a whole, and our discharge upon such assumption, as applicable, provided that the requirements described
under “—Consolidation, Merger and Sale of Assets” are complied with;
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make any change that would provide any additional rights or benefits to the holders of all or any series of debt securities
or that does not adversely affect the rights under the indenture of any holder in any material respect;
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comply with requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture
Act of 1939, as amended;
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provide for the issuance of and establish the form and terms and conditions of additional debt securities as permitted by the
indenture;
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add guarantees with respect to the debt securities or to provide security for the debt securities; or
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evidence and provide for the acceptance of appointment under the indenture by a successor trustee with respect to the debt
securities of one or more series and add to or change any of the provisions of the indenture as would be necessary to provide for
or facilitate the administration of the trusts thereunder by more than one trustee.
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Other amendments and modifications of the
indenture or the debt securities issued may be made with the consent of the holders of at least a majority in aggregate principal
amount of the outstanding debt securities of the affected series, and our compliance with any provision of the indenture with respect
to the debt securities may be waived by written notice to the trustee by the holders of a majority in aggregate principal amount
of the outstanding debt securities of the affected series. However, no modification or amendment may, without the consent of the
holder of each outstanding debt security of the affected series:
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reduce the principal amount, any premium or change the stated maturity of any debt security or
alter or waive any of the provisions with respect to the redemption or repurchase of the debt securities;
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reduce the rate (or alter the method of computation) of or extend the time for payment of interest,
including defaulted interest, on any debt security;
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waive a default or event of default in the payment of principal of or premium, if any, or interest
on the debt securities, except a rescission of acceleration of the debt securities by the holders of at least a majority in aggregate
principal amount of the then outstanding debt securities of such series with respect to a nonpayment default and a waiver of the
payment default that resulted from such acceleration;
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make the principal of or premium, if any or interest on any debt security payable in currency other
than that stated in the debt securities;
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change any place of payment where the debt securities or interest thereon is payable;
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make any change in the provisions of the indenture relating to waivers of past defaults or the
rights of holders of the debt securities to receive payments of principal of or premium, interest, if any, on the debt securities
and to institute suit for the enforcement of any such payments;
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make any change in the amendment and waiver provisions listed above; or
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reduce the percentage in principal amount of any debt securities, the consent of the holders of
which is required for any of the foregoing modifications or otherwise necessary to modify or amend the indenture or to waive any
past defaults.
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Except for certain specified provisions,
the holders of at least a majority in principal amount of the outstanding debt securities of an affected series may, on behalf
of the holders of all debt securities of such series, waive our compliance with provisions of the indenture. Prior to the acceleration
of the maturity of the debt securities of any series pursuant to the terms of the indenture, the holders of a majority in aggregate
principal amount of the outstanding debt securities of such series may, on behalf of the holders of all the debt securities of
such series, waive any past default under the indenture with respect to such debt securities and its consequences, except (1) a
default with respect to such series in the payment of the principal of, or premium or any interest on, the debt securities of such
series or (2) a default or event of default in respect of a covenant or provision that cannot be modified or amended without the
consent of all of the holders of the outstanding debt securities of the affected series.
Defeasance of Debt Securities and Certain Covenants in
Certain Circumstances
Legal Defeasance
The indenture provides that, in
certain circumstances, we may be discharged from any and all obligations in respect of the debt securities of any series
(except for certain obligations to register the transfer or exchange of debt securities, to replace stolen, lost or mutilated
debt securities, and to maintain paying agencies and certain provisions relating to the treatment of funds held by paying
agents). We will be so discharged upon the deposit with the trustee, in trust, of money and/or U.S. government obligations
that, through the payment of interest and principal in accordance with their terms, will provide money in an amount
sufficient in the written opinion of a nationally recognized firm of independent public accountants, a nationally recognized
investment bank or a nationally recognized appraisal firm to pay and discharge each installment of principal, premium and
interest in accordance with the terms of the indenture and the debt securities of that series.
This discharge may occur only if, among
other things, we have delivered to the trustee an opinion of counsel stating that we have received from, or there has been published
by, the United States Internal Revenue Service a ruling or, since the date of execution of the indenture, there has been a change
in the applicable United States federal income tax law, in either case to the effect that, and based thereon such opinion shall
confirm that, the beneficial owners of the debt securities of the applicable series will not recognize income, gain or loss for
U.S. federal income tax purposes as a result of the deposit, defeasance and discharge and will be subject to U.S. federal income
tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit, defeasance and
discharge had not occurred.
Defeasance of Certain Covenants
The indenture provides that, upon compliance
with certain conditions, we may be released from our obligation to comply with certain covenants set forth in the indenture and
any supplemental indenture, and any failure to comply with those covenants will not constitute a default or an event of default
with respect to the debt securities of the applicable series, or covenant defeasance.
The conditions include:
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·
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depositing with the trustee money and/or U.S. government obligations that, through the payment
of interest and principal in accordance with their terms, will provide money in an amount sufficient in the written opinion of
a nationally recognized firm of independent public accountants, a nationally recognized investment bank or a nationally recognized
appraisal firm to pay and discharge each installment of principal of, premium and interest in accordance with the terms of the
indenture and the debt securities of the applicable series; and
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·
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delivering to the trustee an opinion of counsel to the effect that the beneficial owners of
the debt securities of the applicable series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the deposit and
related covenant defeasance and will be subject to U.S. federal income tax on the same amounts and in the same manner and at the
same times as would have been the case if the deposit and related covenant defeasance had not occurred.
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PLAN
OF DISTRIBUTION
We may sell our securities in any one or more of the following
ways from time to time:
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to or through underwriters;
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·
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through brokers or dealers;
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·
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in “at the market offerings” within the meaning of Rule 415(a)(4) under the Securities Act, to or through market
maker or into an existing trading market, on an exchange or otherwise;
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·
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directly by us to purchasers, including through a specific bidding, auction or other process;
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·
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through a combination of any of these methods of sale; or
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·
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we may issue the securities as a dividend or distribution or in a subscription rights offering to our existing security holders.
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The applicable prospectus supplement will
contain the terms of the transaction, including the method of distribution of the securities offered, the proceeds we will receive
from the sale, the name or names of any underwriters, dealers, agents and the respective amounts of securities underwritten or
purchased by them, the initial public offering price of the securities, and the applicable agent’s commission, dealer’s
purchase price or underwriter’s discount. Any dealers and agents participating in the distribution of the securities may
be deemed to be underwriters, and compensation received by them on resale of the securities may be deemed to be underwriting discounts.
Any initial offering price, dealer purchase price, discount
or commission may be changed from time to time.
The securities may be distributed from
time to time in one or more transactions, at negotiated prices, at a fixed price or fixed prices (that may be subject to change),
at market prices prevailing at the time of sale, at various prices determined at the time of sale, at negotiated prices or at prices
related to prevailing market prices.
Offers to purchase securities may be solicited
directly by us or by agents designated by us from time to time. Unless otherwise indicated in the prospectus supplement, any such
agent will use its commercially reasonable efforts to solicit purchases for the period of its appointment or to sell securities
on a continuing basis. Agents may receive compensation in the form of commissions, discounts or concessions from us. Agents may
also receive compensation from the purchasers of the securities for whom they sell as principals. Each particular agent will receive
compensation in amounts negotiated in connection with the sale, which might be in excess of customary commissions. Any such agent
may be deemed to be an underwriter, as that term is defined in the Securities Act, of the securities so offered and sold. Accordingly,
any commission, discount or concession received by them and any profit on the resale of the securities purchased by them may be
deemed to be underwriting discounts or commissions under the Securities Act. We have not entered into any agreements, understandings
or arrangements with any underwriters or broker-dealers regarding the sale of their securities. As of the date of this prospectus,
there are no special selling arrangements between any broker-dealer or other person and us. No period of time has been fixed within
which the securities will be offered and sold.
If underwriters are utilized in the sale
of any securities in respect of which this prospectus is being delivered, such securities will be acquired by the underwriters
for their own account and may be resold from time to time in one or more transactions, including negotiated transactions, at fixed
public offering prices or at varying prices determined by the underwriters at the time of sale. Securities may be offered to the
public either through underwriting syndicates represented by managing underwriters or directly by one or more underwriters. If
any underwriter or underwriters are utilized in the sale of securities, unless otherwise indicated in the applicable prospectus
supplement, the obligations of the underwriters are subject to certain conditions precedent, and the underwriters will be obligated
to purchase all such securities if they purchase any of them.
If a dealer is utilized in the sale
of the securities in respect of which this prospectus is delivered, we will sell such securities to the dealer as principal.
The dealer may then resell such securities to the public at varying prices to be determined by such dealer at the time of
resale. Transactions through brokers or dealers may include block trades in which brokers or dealers will attempt to sell
shares as agent but may position and resell as principal to facilitate the transaction or in cross trades, in which the same
broker or dealer acts as agent on both sides of the trade. Any such dealer may be deemed to be an underwriter, as such term
is defined in the Securities Act, of the securities so offered and sold.
Offers to purchase securities may be solicited
directly by us, and the sale thereof may be made by us, directly to institutional investors or others who may be deemed to be underwriters
within the meaning of the Securities Act with respect to any resale thereof.
Agents, underwriters and dealers may be
entitled under relevant agreements with us to indemnification by us against certain liabilities, including liabilities under the
Securities Act, or to contribution with respect to payments which such agents, underwriters and dealers may be required to make
in respect thereof. The terms and conditions of any indemnification or contribution will be described in the applicable prospectus
supplement.
Underwriters, broker-dealers or agents
may receive compensation in the form of commissions, discounts or concessions from us. Underwriters, broker-dealers or agents may
also receive compensation from the purchasers of shares for whom they act as agents or to whom they sell as principals, or both.
Compensation as to a particular underwriter, broker-dealer or agent will be in amounts to be negotiated in connection with transactions
involving shares and might be in excess of customary commissions. In effecting sales, broker-dealers engaged by us may arrange
for other broker-dealers to participate in the resales.
Any securities offered other than common
stock will be a new issue and, other than the common stock, which is listed on NYSE, will have no established trading market. We
may elect to list any series of securities on an exchange, and in the case of the common stock, on any additional exchange, but,
unless otherwise specified in the applicable prospectus supplement and/or other offering material, we shall not be obligated to
do so. It is possible that one or more underwriters may make a market in a class or series of securities, but the underwriters
will not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given as to
the liquidity of, or the trading market for, any of the securities.
Agents, underwriters and dealers may engage in transactions
with, or perform services for, us or our subsidiaries in the ordinary course of business.
Any underwriter may engage in overallotment,
stabilizing transactions, short covering transactions and penalty bids in accordance with Regulation M under the Exchange Act.
Overallotment involves sales in excess of the offering size, which create a short position. Stabilizing transactions permit bids
to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum. Short covering transactions
involve purchases of the securities in the open market after the distribution is completed to cover short positions. Penalty bids
permit the underwriters to reclaim a selling concession from a dealer when the securities originally sold by the dealer are purchased
in a covering transaction to cover short positions. Those activities may cause the price of the securities to be higher than it
would otherwise be. If commenced, the underwriters may discontinue any of the activities at any time. An underwriter may carry
out these transactions on NYSE, in the over-the-counter market or otherwise. The underwriters or agents, as the case may be, are
not required to engage in these activities and, if they engage in any of these activities, may end any of these activities at any
time without notice.
The place and time of delivery for securities will be set forth
in the accompanying prospectus supplement. To comply with applicable state securities laws, the securities offered by this prospectus
will be sold, if necessary, in such jurisdictions only through registered or licensed brokers or dealers. In addition, securities
may not be sold in some states absent registration or pursuant to an exemption from applicable state securities laws.
LEGAL
MATTERS
The validity of the securities offered by this prospectus have
been passed upon for us by Jones Day.
EXPERTS
The
consolidated financial statements of Bally’s Corporation incorporated in this prospectus by reference from the
Bally’s Corporation Annual Report on Form 10-K have been audited by Deloitte & Touche LLP, an independent
registered public accounting firm, as stated in their report, which is incorporated herein by reference. Such financial
statements have been so incorporated in reliance upon the report of such firm given upon their authority as experts in
accounting and auditing.
The
financial statements of Columbia Properties Tahoe, LLC d/b/a MontBleu Casino Resort & Spa, as of and for the year ended
December 31, 2020 incorporated in this prospectus by reference from the Bally’s
Corporation Current Report on Form 8-K dated March 16, 2021 have been audited by Deloitte
& Touche LLP, independent auditors, as stated in their report, which is incorporated
herein by reference. Such financial statements have been so incorporated in reliance upon the report of such firm given upon their
authority as experts in accounting and auditing.
The
combined financial statements of IOC – Kansas City, Inc. and Rainbow Casino – Vicksburg Partnership, L.P. at
December 31, 2019 and 2018, and for each of the two years in the period ended December 31, 2019; the financial statements of
Eldorado Resort Casino Shreveport JTV at December 31, 2019 and 2018 and for each of the two years in the period ended
December 31, 2019; and the financial statements of Columbia Properties Tahoe, LLC d/b/a MontBleu Casino Resort & Spa at
December 31, 2019 and for the year then ended; each incorporated by reference in this prospectus and Registration Statement
of Bally's Corporation have been audited by Ernst & Young LLP, independent auditors, as set forth in their reports
thereon incorporated by reference herein, and have been incorporated herein by reference in reliance upon such reports given
on the authority of such firm as experts in accounting and auditing.
INCORPORATION
OF CERTAIN DOCUMENTS BY REFERENCE
The SEC allows us to “incorporate
by reference” information into this prospectus and any accompanying prospectus supplement, which means that we can disclose
important information to you by referring you to another document filed separately with the SEC. The information incorporated by
reference is deemed to be part of this prospectus and any accompanying prospectus supplement, except for any information superseded
by information contained directly in this prospectus, any accompanying prospectus supplement, any subsequently filed document deemed
incorporated by reference or a free writing prospectus prepared by or on behalf of us. This prospectus and any accompanying prospectus
supplement incorporates by reference the documents set forth below that we have previously filed with the SEC (other than information
deemed furnished and not filed in accordance with SEC rules, including Items 2.02 and 7.01 of Form 8-K or certain exhibits
furnished pursuant to Item 9.01 of Form 8-K). These documents contain important information about us and our finances.
We incorporate by reference in this prospectus
the following documents or information filed or to be filed with the SEC:
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our Annual Report on Form 10-K for the year ended December 31, 2020, filed March 10, 2021;
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the portions of our Definitive Proxy Statement on Schedule 14A filed April 6, 2020 that are incorporated by reference into
Part III of our Annual Report on Form 10-K for the year ended December 31, 2019;
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our Current
Reports on Form 8-K filed January 13, 2021, January 22, 2021, January 25, 2021, February 3, 2021, February 8, 2021, February 12, 2021, February 26, 2021 and March 16, 2021; and
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the description of our common stock contained in our Form 8-A filed with the SEC on March 27, 2019, as updated by the description of our common stock contained in Exhibit 4.5 to the Form 10-K and including any amendments or reports filed
for the purpose of updating such description.
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We also incorporate by reference into this
prospectus all documents that are filed by us with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange
Act (1) after the date of the registration statement of which this prospectus forms a part and prior to effectiveness of the registration
statement, and (2) after the date of this prospectus and any accompanying prospectus supplement and before the termination of
the offering shall also be deemed to be incorporated herein by reference. We are not, however, incorporating by reference any documents
or portions thereof, whether specifically listed above or filed in the future, that are not deemed “filed” with the
SEC, including any information furnished pursuant to Items 2.02
or 7.01 of Form 8-K or certain exhibits furnished pursuant to Item 9.01 of Form 8-K.
WHERE
YOU CAN FIND ADDITIONAL INFORMATION
We file annual, quarterly and current reports
and other information with the SEC under the Exchange Act. This material is available from the SEC’s website at http://www.sec.gov
or from our website at www.ballys.com. Information available on our website, other than the reports we file pursuant to the Exchange
Act that are incorporated by reference in this prospectus, does not constitute a part of this prospectus.
We will provide to each person, including
any beneficial owner, to whom a prospectus is delivered, upon written or oral request at no cost to the requester, a copy of any
or all of the reports or documents that have been incorporated by reference in this prospectus but not delivered with this prospectus.
Requests for these reports or documents must be made to our investor relations team at 100 Westminster Street, Providence, Rhode
Island 02903 or by telephone at (401) 475-8474.
Any statement contained or incorporated
by reference in this prospectus shall be deemed to be modified or superseded for purposes of this prospectus to the extent that
a statement contained in this prospectus, or in any subsequently filed document which also is incorporated herein by reference,
modifies or supersedes such earlier statement. Any statement so modified or superseded shall not be deemed, except as so modified
or superseded, to constitute a part of this prospectus. Any statement made in this prospectus concerning the contents of any contract,
agreement or other document is only a summary of the actual contract, agreement or other document. If we have filed or incorporated
by reference any contract, agreement or other document as an exhibit to the registration statement, you should read the exhibit
for a more complete understanding of the document or matter involved. Each statement regarding a contract, agreement or other document
is qualified by reference to the actual document.
You should not assume that the information
contained in this prospectus and the documents incorporated into this prospectus by reference is correct on any date after their
respective dates, even though this prospectus is delivered, or securities are sold, on a later date.
PART II.
INFORMATION NOT REQUIRED IN PROSPECTUS
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Item 14.
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Other Expenses of Issuance and Distribution
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The following are the estimated expenses
of the issuance and distribution of the securities being registered, all of which are payable by Bally’s Corporation (the
“Registrant”), in connection with the offering of securities described in this registration statement, other than underwriting
discounts and commissions.
SEC registration fee
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$
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*
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Printing expenses
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**
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Trustee and transfer agent fees and expenses
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**
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Legal fees and expenses
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**
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Accounting fees and expenses
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**
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Rating Agency fees
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**
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FINRA fees
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**
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Miscellaneous
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**
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Total
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$
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**
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*
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To be deferred pursuant to Rule 456(b) and calculated in connection with the offering of securities under this registration statement pursuant to Rule 457(r).
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**
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Because an indeterminate amount of securities are covered by this registration statement and the number of offerings is indeterminable, the expenses in connection with the issuance and distribution of the securities are not currently determinable.
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Item 15.
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Indemnification of Directors and Officers
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Section 102(b)(7) of the General Corporation
Law of the State of Delaware (the “DGCL”) provides that a corporation’s certificate of incorporation may contain
a provision eliminating or limiting the personal liability of a director to the corporation or its stockholders for monetary damages
for breach of fiduciary duty as a director, provided that such provision shall not eliminate or limit the liability of a director
(i) for any breach of the director’s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions
not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the
DGCL, or (iv) for any transaction from which the director derived an improper personal benefit.
Section 145 of the DGCL
(“Section 145”), provides that a Delaware corporation may indemnify any person who was, is or is threatened
to be made, party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative
or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or
was an officer, director, employee or agent of such corporation or is or was serving at the request of such corporation as a
director, officer, employee or agent of another corporation or enterprise. The indemnity may include expenses (including
attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in
connection with such action, suit or proceeding, provided such person acted in good faith and in a manner she or he
reasonably believed to be in or not opposed to the corporation’s best interests and, with respect to any criminal
action or proceeding, had no reasonable cause to believe that his or her conduct was illegal. A Delaware corporation may
indemnify any persons who are, were or are a party to any threatened, pending or completed action or suit by or in the right
of the corporation by reason of the fact that such person is or was a director, officer, employee or agent of another
corporation or enterprise. The indemnity may include expenses (including attorneys’ fees) actually and reasonably
incurred by such person in connection with the defense or settlement of such action or suit, provided such person acted in
good faith and in a manner she or he reasonably believed to be in or not opposed to the corporation’s best interests,
provided that no indemnification is permitted without judicial approval if the officer, director, employee or agent is
adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which such
action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court
of Chancery or such other court shall deem proper. Where an officer or director is successful on the merits or otherwise in
the defense of any action referred to above, the corporation must indemnify her or him against the expenses (including
attorneys’ fees) which such officer or director has actually and reasonably incurred. Indemnification provided for by
Section 145 shall not be deemed exclusive of any other rights to which the indemnified party may be entitled; and
the indemnification provided for by Section 145 shall, unless otherwise provided when authorized or ratified, continue
as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of such
person’s heirs, executors and administrators.
Section 145 further authorizes a corporation
to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the corporation
or is or was serving at the request of the corporation as a director, officer, employee or agent of another corporation or enterprise,
against any liability asserted against her or him and incurred by her or him in any such capacity, or arising out of her or his
status as such, whether or not the corporation would otherwise have the power to indemnify her or him under Section 145.
The Registrant’s bylaws provide that
the Registrant must indemnify its directors and officers to the fullest extent permitted by the DGCL and must also pay expenses
incurred in defending any such proceeding in advance of its final disposition upon delivery of an undertaking, by or on behalf
of an indemnified person, to repay all amounts so advanced if it should be determined ultimately that such person is not entitled
to be indemnified.
In addition, the Registrant is party to
indemnification agreements with its executive officers and directors pursuant to which the Registrant agreed to indemnify such
persons against all expenses and liabilities incurred or paid by such person in connection with any proceeding arising from the
fact that such person is or was an officer or director of the Registrant, and to advance expenses as incurred by or on behalf of
such person in connection therewith.
The indemnification rights set forth above
are not exclusive of any other right which an indemnified person may have or hereafter acquire under any statute, provision of
the Registrant’s certificate of incorporation, bylaws, agreement, vote of stockholders or disinterested directors or otherwise.
The Registrant maintains policies of insurance
that provide coverage (1) to its directors and officers against loss rising from claims made by reason of breach of duty or
other wrongful act and (2) to the Registrant with respect to indemnification payments that the Registrant may make to such
directors and officers.
Exhibit Index
Exhibit
No.
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Description
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1.1*
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Form of Underwriting Agreement.
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3.1+
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Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-4 of the Company filed on December 21, 2018)
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3.2+
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Certificate of Amendment to the Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed on October 29, 2020)
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3.3+
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Amended and Restated Bylaws effective October 13, 2020 (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K of the Company filed on October 15, 2020)
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4.1+
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Form of Certificate of Common Stock of the Company (incorporated by reference to Exhibit 4.1 to the Registration Statement on Form S-4/A of the Company filed on January 25, 2019)
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4.2*
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Form of Warrant
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4.3*
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Form of Warrant Agreement
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4.4*
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Form of Subscription Rights Certificate
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4.5*
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Form of Purchase Contract Agreement
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4.6*
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Form of Unit
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4.7*
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Form of Unit Agreement
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4.8*
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Form of Debt Securities
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4.9
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Form of Indenture
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5.1
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Opinion of Jones Day
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23.1
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Consent of Deloitte & Touche LLP, relating to Bally’s
Corporation
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23.2
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Consent of Deloitte & Touche LLP, relating to Columbia Properties Tahoe, LLC d/b/a MontBleu Casino Resort & Spa
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23.3
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Consent of Ernst & Young, relating to IOC - Kansas City, Inc. and Rainbow Casino-Vicksburg Partnership, L.P.
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23.4
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Consent of Ernst & Young, relating to IOC - Kansas City, Inc. and Rainbow Casino-Vicksburg Partnership, L.P.
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23.5
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Consent of Ernst & Young, relating to Eldorado Resort Casino Shreveport JTV
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23.6
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Consent of Ernst & Young, relating to Columbia Properties Tahoe, LLC d/b/a MontBleu Casino Resort & Spa
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23.7
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Consent of Jones Day (included in Exhibit 5.1)
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24.1
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Power of Attorney (included on signature page hereto)
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25.1
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Statement of Eligibility of Trustee on Form T-1 for the Debt Securities
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+
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Incorporated by reference herein as indicated.
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*
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To be filed by amendment or as an exhibit to a document incorporated by reference herein in connection with an offering.
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(a) The undersigned
Registrant hereby undertakes:
(1) To file, during
any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i) To include
any prospectus required by Section 10(a)(3) of the Securities Act;
(ii) To
reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b)
if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering
price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and
(iii) To
include any material information with respect to the plan of distribution not previously disclosed in this registration statement
or any material change to such information in this registration statement;
provided, however, that paragraphs
(a)(1)(i), (a)(1)(ii) and (1)(iii) above do not apply if the information required to be included in a post-effective amendment
by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (15 U.S.C. 78m or 78o(d)), that are incorporated
by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part
of the registration statement.
(2) That,
for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
(3) To remove from
registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(4) That, for the purpose
of determining liability under the Securities Act to any purchaser:
(i) Each
prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the
date the filed prospectus was deemed part of and included in the registration statement; and
(ii) Each
prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on
Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information
required by section 10(a) of the Securities Act shall be deemed to be part of and included in the registration statement as of
the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of
securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any
person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement
relating to the securities in the registration statement to which the prospectus forms a part, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration
statement or prospectus that is part of this registration statement or made in a document incorporated or deemed incorporated by
reference into this registration statement or prospectus that is a part of this registration statement will, as to a purchaser
with a time of contract sale prior to such effective date, supersede or modify any statement that was made in this registration
statement or prospectus that was a part of this registration statement or made in any such document immediately prior to such effective
date.
(5) That,
for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution
of the securities, in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless
of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser:
(i) any preliminary
prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;
(ii) any
free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to
by the undersigned Registrant;
(iii) the
portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant
or its securities provided by or on behalf of the undersigned Registrant; and
(iv) any
other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.
(b) The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing
of the Registrant’s annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing
of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar
as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the
SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event
that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid
by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted against the Registrant by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities
Act and will be governed by the final adjudication of such issue.
(d) The
undersigned Registrant hereby undertakes to supplement the prospectus, after the expiration of the subscription period, to set
forth the results of the subscription offer, the transactions by the underwriters during the subscription period, the amount of
unsubscribed securities to be purchased by the underwriters, and the terms of any subsequent reoffering thereof. If any public
offering by the underwriters is to be made on terms differing from those set forth on the cover page of the prospectus, a post-effective
amendment will be filed to set forth the terms of such offering.
SIGNATURES
Pursuant to the requirements
of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements
for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Providence, in the State of Rhode Island, on March 18, 2021.
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BALLY’S CORPORATION
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By:
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/s/ George T. Papanier
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Name:
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George T. Papanier
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Title:
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Chief Executive Officer
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Each person whose signature
appears below constitutes and appoints George T. Papanier and Stephen H. Capp (with full power to each of them to act alone) his
or her true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him or her and in his
or her name, place and stead, in any and all capacities, to sign on his or her behalf individually and in each capacity stated
below any and all amendments (including post-effective amendments) to this registration statement (including a related registration
statement filed pursuant to Rule 462(b) of the Securities Act), and to file the same, with all exhibits thereto and other
documents in connection therewith, with the SEC, granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully
to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact
and agents and either of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act, this Registration Statement on Form S-3 has been signed by the following persons in the capacities indicated on March 18, 2021.
Signature
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Title
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/s/ George
T. Papanier
George T. Papanier
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President, Chief Executive Officer and Director
(Principal Executive Officer)
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/s/ Stephen
H. Capp
Stephen H. Capp
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Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
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/s/ Soohyung
Kim
Soohyung Kim
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Chairman
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/s/ Terrence
Downey
Terrence Downey
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Director
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/s/ Jaymin
B. Patel
Jaymin B. Patel
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Director
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/s/ Jeffrey
W. Rollins
Jeffrey W. Rollins
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Director
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/s/ Wanda
Y. Wilson
Wanda Y. Wilson
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Director
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