Bally’s Corporation and Gamesys Group announce the completion of their $2.8 billion business combination. Bally’s has been on an expansion spree of late and is poised to have 16 land-based casino properties under its wing.
In March, Bally’s and Gamesys Group plc negotiated the terms of a buyout in a transaction estimated to cost $2.8 billion. Per the terms of the agreement, Bally’s accepted to pay the $2.8 billion for taking over Gamesys, a figure that roughly translates to $25 for each share of the company in cash. After about 7 months of ironing out the details, the two companies have announced that they have completed their merger agreement following court approval.
Through this strategic business combination, Bally’s has placed itself in a unique position to complement its growth and diversification strategies that it has accomplished over the last year and a half. In addition, Gamesys brings a revered technology platform that will boost the ongoing development of Bally’s interactive products across North America, which include iGaming, online sports betting.
Zeroing in on Expansion Opportunities in the Gaming Sector
Further, Bally’s and Gamesys plan to unify their databases and tech systems into one of the world’s most extensive offerings of omni-channel cross-sell prospects. This massive portfolio will now consist of brick-and-mortar casino gaming, iCasino, poker, bingo, online sports betting DFS (daily fantasy sports), and of course, free-to-play games.
Besides the said portfolio items, the expanded company is also strengthened by its Bally Interactive subsidiary and its media partnership with the Sinclair Broadcast Group. All these leverage Bally’s position to exploit the boundless growth opportunities in the USA’s burgeoning internet-based entertainment and sports betting marketplace.
Soo Kim, Chairman of Bally’s Board of Directors, shared a few sentiments after the completion of the merger, saying:
Quote“Bally’s acquisition of Gamesys transforms our company into the premier omni-channel gaming company. We welcome the 1,800 members of the Gamesys team to the Bally’s family, and we welcome your strong technology capabilities and your proven international business acumen. We cannot wait to see what we are able to accomplish together in the US and beyond.”
A Brand-New Phase for Bally’s Business Evolution
Now that the transaction has been closed, Lee Fenton, the former CEO of Gamesys, has been appointed as Bally’s new CEO. On the other hand, George Papanier, the former Bally’s CEO, will serve as the President, Retail, the head of Bally’s brick-and-mortar casino business. Robeson Reeves, the former COO of Gamesys, will now assume the President, Retail role.
Additionally, Jim Ryan, the former Non-Executive Director of Gamesys, along with Reeves, and Fenton, have been chosen to serve on the Board of Directors of Bally’s Corporation.
Lee Fenton, the newly appointed CEO of Bally’s, voiced his enthusiasm at the new appointment in a statement as follows:
Quote“I am honored to have the opportunity to lead Bally’s in the next phase of our evolution. Our business is transforming from being a regional casino operator into an industry leader in retail, sports, media, and iGaming, which will see us bringing together a set of assets that gives us a formidable platform for growth as a digital-first leader in global gaming entertainment. With Gamesys now part of the Bally’s family, I look forward to delivering on the exciting opportunities ahead and continuing to create value for our shareholders, employees, and customers in the years to come.”
Currently, Bally’s Corporation owns and manages a total of 14 land-based casinos spanning across 10 US states, a horse racing track in Colorado, and online sports betting licenses in 15 US states. Moreover, via a series of mergers and acquisitions, the company is also the owner of Monkey Knife Fight, a rapidly growing daily fantasy sports site, Sport Caller, a globally renowned B2B provider of free-to-play games, and Telescope Inc, a prominent provider of live engagement solutions for fans.
The company employs about 10,000 staffers, and part of its land-based operations include over 15,800 slot machine games, 500 table games, and more than 5,300 hotel rooms. Earlier in June, Bally’s completed its acquisition of Tropicana Evansville in Indiana and later announced that it would be buying Tropicana Las Vegas as well. The gaming and entertainment company is also in the process of constructing a land-based casino facility in State College, Pennsylvania, near the Nittany Mall.
By the time the Nevada transaction and the casino construction are finalized, the number of casinos under the ownership and management of Bally’s Corp will grow to 16.
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