Bally’s Completes Previously Announced Sale Lease-Back of Bally’s Kansas City and Bally’s Shreveport to Gaming and Leisure Properties

Business Wire12-17

Aggregate Transaction Valued at $395 Million PROVIDENCE, R.I., December 17, 2024--(BUSINESS WIRE)--Bally’s Corporation (NYSE: BALY and BALY.T) ("Bally’s") today announced that it has completed the ...

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The sale lease-back consideration includes approximately $56 million reimbursement of prior capital expenditures at the properties, with the balance as gross sale proceeds. Bally’s will use the proceeds from the sale lease-back transaction to pay down amounts drawn against its $620 million revolving credit facility, of which $350 million was drawn as of September 30, 2024, with the balance to be allocated for capital expenditures and general corporate purposes.Upon completion of the announced merger with The Queen Casino & Entertainment Inc. , the above portfolio is expected to be supplemented with four","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"WRD":"文远知行","GRO":"Brazil Potash Corp.","BK4084":"特种房地产投资信托","PHH":"Park Ha Biological Technology Co. Ltd.","BK4211":"区域性银行","BK4234":"特殊用途房地产信托","BK4150":"赌场与赌博","BALY":"Bally Corp","GLPI":"Gaming and Leisure Properties I","CHCO":"City Holding Company"},"translate_title":"Bally's完成了之前宣布的Bally's堪萨斯城和Bally's什里夫波特向博彩和休闲地产的售后回租","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHCO":1,"GLPI":1,"GRO":1,"PHH":1,"WRD":1,"BALY":0.9},"content_text":"Aggregate Transaction Valued at $395 Million\nPROVIDENCE, R.I., December 17, 2024--(BUSINESS WIRE)--Bally’s Corporation (NYSE: BALY and BALY.T) (\"Bally’s\") today announced that it has completed the previously announced sale lease-back of certain real property interests underlying Bally’s Kansas City and Bally’s Shreveport to Gaming and Leisure Properties, Inc. (NASDAQ: GLPI) (\"GLPI\") in a transaction valued at $395 million in the aggregate, inclusive of $7 million in LP units and $388 million in cash. The sale lease-back consideration includes approximately $56 million reimbursement of prior capital expenditures at the properties, with the balance as gross sale proceeds. Bally’s will use the proceeds from the sale lease-back transaction to pay down amounts drawn against its $620 million revolving credit facility, of which $350 million was drawn as of September 30, 2024, with the balance to be allocated for capital expenditures and general corporate purposes.\nThe leases for Bally’s Kansas City and Bally’s Shreveport have been added to a new Master Lease (\"MLA#2\") that is cross-defaulted with Bally's existing Master Lease with GLPI. Initial cash rent for MLA#2 is $32.2 million on an annual basis, including customary annual escalators.\nMarcus Glover, Executive Vice President and Chief Financial Officer of Bally’s, commented, \"We are pleased to complete this transaction as it further solidifies Bally’s financial position and enhances Bally’s strong strategic partnership with GLPI. The proceeds from the monetization of the real estate underlying our Kansas City and Shreveport properties provide us with additional liquidity and flexibility to deploy capital towards our permanent casino project in Chicago and other exciting growth opportunities.\"\nAbout Bally’s Corporation\nBally’s Corporation is a global casino-entertainment company with a growing omni-channel presence, currently owning and managing 15 casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and having access to OSB licenses in 18 states. The recent acquisition of Aspers Casino in Newcastle, UK, further expands its international footprint and enhances its diverse entertainment offerings. It also owns Bally’s Interactive International, formerly Gamesys Group, a leading, global, interactive gaming operator, Bally Bet, a first-in-class sports betting platform, and Bally Casino, a growing iCasino platform.\nWith 10,600 employees, the Company’s casino operations include approximately 15,300 slot machines, 580 table games, and 3,800 hotel rooms. Bally’s also has rights to developable land in Las Vegas post the closure of the Tropicana.\nUpon completion of the announced merger with The Queen Casino & Entertainment Inc. (\"Queen\"), the above portfolio is expected to be supplemented with four additional casinos across three states, one of which will be an additional state that expands Bally’s jurisdiction of operations to include the state of Iowa. Queen will also add over 900 employees, and operations that currently include approximately 2,400 slot machines, 50 table games, and 150 hotel rooms to the Bally’s portfolio. Bally’s will also become the successor of Queen’s significant economic stake in a global lottery management and services business through its investment in Intralot S.A. (ATSE: INLOT).\nCautionary Note Regarding Forward-Looking Statements\nThis press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as \"anticipate,\" \"believe,\" \"expect,\" \"intend,\" \"plan\" and \"will\" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by Bally’s in this press release, its reports filed with the Securities and Exchange Commission (\"SEC\") and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for Bally’s to predict or identify all such events or how they may affect it. Bally’s has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include those included in Bally’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by Bally’s with the SEC. These statements constitute Bally’s cautionary statements under the Private Securities Litigation Reform Act of 1995.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241217433694/en/\nContacts\nInvestor Contacts Marcus GloverExecutive Vice President and Chief Financial Officer401-475-8564IR@ballys.com\nJCIRJoseph JaffoniJames LeahyRichard Land212-835-8500baly@jcir.com","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2492954399"}