Bally's Corporation Announces $350 Million Share Repurchase Authorization
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PROVIDENCE, R.I., Oct. 4, 2021 /PRNewswire/ -- 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.
About Bally's Corporation
Bally's Corporation is a global casino-entertainment company with a growing omni-channel presence of Online Sports Betting and iGaming offerings. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 15 states. It also owns Gamesys Group plc, a leading, global, online gaming operator, Bally Interactive, a first-in-class B2B2C sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, SportCaller, a leading, global B2B free-to-play game provider, and Telescope Inc., a leading provider of real-time fan engagement solutions.
With approximately 10,000 employees, the Company's operations include more than 15,800 slot machines, 500 table games and 5,300 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (NV) transaction, as well as completing the construction of a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 16 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".
Cautionary Note Regarding Forward-Looking Statements
This 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 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 Reports 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.
Robert LavanSenior Vice President – Finance and Investor Relations401-475-8564InvestorRelations@ballys.com
Richard Goldman / David GillKekst CNC646-847-6102 / 917-842-5384BallysMediaInquiries@kekstcnc.com
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SOURCE Bally's Corporation
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