PROVIDENCE, R.I., Jan. 4, 2021 /PRNewswire/ — Bally’s Company (NYSE: BALY) in the present day introduced that it has signed a framework settlement with Ira Lubert to collectively design, develop, assemble and handle a Class 4 licensed on line casino. The Pennsylvania Gaming Management Board just lately awarded Lubert the suitable to use for a Class 4 slot machine license for a on line casino to be situated inside a 15-mile radius of Unionville Borough, Centre County, Pennsylvania.
Building of the on line casino is predicted to start the primary half of 2021 and can take roughly one 12 months to finish. Topic to receipt of all relevant regulatory approvals, it’s going to home as much as 750 slot machines and 30 desk video games. The on line casino may even present, topic to receipt of separate licenses and certificates, retail sports activities betting, on-line sports activities betting and on-line gaming.
“Increasing our quickly rising, nationwide footprint into the engaging Pennsylvania gaming market represents one more main milestone for Bally’s and an effective way to cap off a very extraordinary 12 months,” stated George Papanier, President and Chief Government Officer of Bally’s Company. “Regional, land-based casinos stay the cornerstone of our portfolio diversification technique, offering the required help for the expansion, improvement and success of our future sports activities betting and iGaming initiatives. We sit up for combining our personal confirmed monitor report of greenfield improvement with Ira Lubert’s native data and experience to deliver Bally’s first-in-class gaming expertise and facilities to prospects and sports activities followers throughout Pennsylvania.”
Papanier continued, “Ira is an skilled actual property developer with important ties to the higher Centre County neighborhood and a confirmed monitor report in Pennsylvania gaming. We sit up for working with Ira, not solely to construct and develop the power, however to contribute to the encompassing neighborhood.”
Bally’s estimates the overall value of the undertaking, together with development, licensing and sports activities betting/iGaming operations, to be roughly $120 million. Bally’s will purchase a majority fairness curiosity within the partnership, together with 100% of the financial pursuits of all retail sports activities betting, on-line sports activities betting and iGaming actions related to the undertaking.
Ira Lubert stated, “I’m excited to have Bally’s as our companion to enhance our imaginative and prescient, business expertise and financing capabilities. Collectively, I imagine we’ll make this transformative undertaking profitable for all stakeholders and sit up for the constructive impression the redevelopment may have on the neighborhood.”
The transaction is topic to receipt of required regulatory approvals, working certificates and different customary closing circumstances.
Jones Day acted as authorized counsel and Innovation Capital, LLC acted as monetary advisor to Bally’s, and DLA Piper acted as authorized counsel to Lubert, on the transaction.
About Bally’s Company
Bally’s Company at present owns and manages 11 casinos throughout seven states, a horse racetrack, and 13 approved OTB licenses in Colorado. With greater than 5,900 workers, the Firm’s operations embrace 13,260 slot machines, 459 recreation tables and a couple of,941 resort rooms. Properties embrace Twin River On line casino Resort (Lincoln, RI), Tiverton On line casino Resort (Tiverton, RI), Onerous Rock Resort & On line casino (Biloxi, MS), On line casino Vicksburg (Vicksburg, MS), Dover Downs Resort & On line casino (Dover, DE), Bally’s Atlantic Metropolis (Atlantic Metropolis, NJ), Eldorado Resort On line casino Shreveport (Shreveport, LA), On line casino KC (Kansas Metropolis, MO), Golden Gates On line casino (Black Hawk, CO), Golden Gulch On line casino (Black Hawk, CO), Mardi Gras On line casino (Black Hawk, CO), and Arapahoe Park racetrack (Aurora, CO). Following the completion of pending acquisitions, which embrace Tropicana Evansville (Evansville, IN), Jumer’s On line casino & Resort (Rock Island, IL), and MontBleu Resort On line casino & Spa (Lake Tahoe, NV), in addition to the development of a land-based on line casino close to the Nittany Mall in State School, PA, Bally’s will personal and handle 15 casinos throughout 11 states. Its shares commerce on the New York Inventory Trade underneath the ticker image “BALY.”
About Ira Lubert
Lubert is a widely known actual property and personal fairness investor, whose tasks embrace a minority founding funding in Rivers On line casino Pittsburgh and the event of the Valley Forge On line casino Resort close to Philadelphia, PA.
Ahead Wanting Statements
This communication accommodates “forward-looking” statements inside the that means of Part 27A of the Securities Act of 1933, as amended, Part 21E of the Securities Trade Act of 1934, as amended, and the Personal Securities Litigation Reform Act of 1995. All statements, apart from historic info, together with future monetary and working outcomes and Bally’s Company’s (“Bally’s“) plans, goals, expectations and intentions, authorized, financial and regulatory circumstances and any assumptions underlying any of the foregoing, are forward-looking statements. Ahead-looking statements are generally recognized by phrases like “could,” “will,” “ought to,” “potential,” “intend,” “count on,” “endeavor,” “search,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “imagine,” “may,” “undertaking,” “predict,” “proceed,” “goal” or different comparable phrases or expressions. Ahead-looking statements are based mostly upon present plans, estimates and expectations which can be topic to dangers, uncertainties and assumptions. Ought to a number of of those dangers or uncertainties materialize, or ought to underlying assumptions show incorrect, precise outcomes could differ materially from these indicated or anticipated by such forward-looking statements. The inclusion of such statements shouldn’t be thought to be a illustration that such plans, estimates or expectations can be achieved. Essential elements that might trigger precise outcomes to vary materially from such plans, estimates or expectations embrace, amongst others, (1) uncertainty surrounding the continued COVID-19 pandemic, together with uncertainty relating to its extent, length and impression, the ensuing closure of Bally’s properties (all of which have re-opened at some restricted stage of capability) and the chance that the continued COVID-19 pandemic could require Bally’s properties to shut once more for an indeterminable time frame; (2) the time it’s going to take Bally’s to return its services to full capability and the restrictions relevant to its services till then; (3) the prices to adjust to any mandated well being necessities related to the virus; (4) buyer responses as Bally’s services proceed to function underneath varied restrictions together with the time it takes prospects to return to the services and the frequency with which they go to Bally’s services; (5) the financial uncertainty and challenges within the financial system ensuing from the continued COVID-19 pandemic, together with the ensuing lowered ranges of discretionary shopper spending; (6) challenges Bally’s could face in bringing workers again to work upon re-opening of its services; (7) surprising prices, prices or bills ensuing from just lately accomplished and proposed acquisitions or improvement tasks; (8) uncertainty as as to if Bally’s will have the ability to understand the anticipated advantages of its acquisitions; (9) dangers related to borrowings to fund Bally’s just lately accomplished and proposed acquisitions, and the necessity to amend our financial institution credit score facility for the consequences of COVID-19 when the present waiver of monetary covenants expires subsequent 12 months; and (10) different danger elements as detailed underneath Half I. Merchandise 1A. “Threat Elements” of Bally’s Annual Report on Kind 10-Okay for the fiscal 12 months ended December 31, 2019 as filed with the Securities and Trade Fee on March 13, 2020 and Bally’s Quarterly Report on Kind 10-Q for the fiscal quarter ended September 30, 2020 as filed with the Securities and Trade Fee on November 6, 2020. The foregoing record of vital elements shouldn’t be unique.
Any forward-looking statements converse solely as of the date of this communication. Bally’s doesn’t undertake any obligation to replace any forward-looking statements, whether or not on account of new info or improvement, future occasions or in any other case, besides as required by regulation. Readers are cautioned to not place undue reliance on any of those forward-looking statements.
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