Bally's Corporation (BALY) Increases Share Buyback to $350M

October 4, 2021 8:01 AM EDT

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Bally's Corporation (NYSE: BALY) today announced that its Board of Directors has increased the Company's existing share repurchase authorization to $350 million in outstanding shares of common stock.

With the closing of the Gamesys acquisition and the Company's new $4.065 billion comprehensive debt package, the Bally's Board of Directors found it appropriate to increase the Company's existing share repurchase authorization to maximize flexibility on capital allocation opportunities to drive long-term shareholder value. This decision aligns with Bally's consistent, disciplined and strategic approach to capital allocation, which has allowed it to invest in growth opportunities and create significant value for stakeholders. Given the Company's strong balance sheet, ample liquidity, and substantial free cash flow generation, Bally's expects to evaluate capital opportunities regularly, which includes repurchasing outstanding shares.

Under the repurchase program, Bally's can make repurchases from time to time using a variety of methods, including open market purchases, in block trades, accelerated share repurchase transactions, exchange transactions, or any combination of such methods, consistent with jurisdictional and U.S. Securities and Exchange requirements.

The repurchase program does not obligate Bally's to acquire any particular amount of ordinary shares, and the repurchase program may be suspended or discontinued at any time at Bally's discretion.

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