In Spring 2021, Bally’s Is Staying Busy

In the span of a week, the freshly rebranded Bally’s made a huge number of announcements, from business ventures to quarterly earnings and acquisitions. Bally’s was saved from the brink of obscurity after being purchased in 2020, and has since continued to make confident strides throughout the national gambling industry. Within a single week in April, the company announced multiple partnerships, acquisitions, and ventures into faraway US cities.

Downtown Richmond, Virginia.

One of Bally’s business dealings is a brand-new resort and casino in Richmond, Virginia. ©andrewawood/Pixabay

Spring 2020: Acquisitions, Announcements, And First-Quarter Reports

April is a busy month for Bally’s, which rattled off a spate of high profile announcements in a number of days. This included the company’s primary financial returns for the first fiscal quarter of 2021, the acquisition of a Las Vegas resort and casino, business dealings in Richmond, the terms of a Gamesys buyout, and a Bally Bet collaboration with Sinclair.

First Quarter Revenue Returns

One of the April announcements from Bally’s revealed the company’s first-quarter revenue, a consolidated total of more than $185 million. This was a significant increase from the company’s earnings during the same period in 2020, when the consolidated revenue totaled $109.1 million.

Exploring Business Possibilities In Richmond, VA

Another of Bally’s spring developments came from Richmond, Virginia, where the company is undertaking a venture called Bally’s Richmond Casino Resort. In a bid to win over locals, Bally’s is offering residents the opportunity to buy equity in Bally’s Richmond, meaning that they, too, will be partial owners of the location.

According to Michael Monty, the Senior Project Manager for Bally’s Richmond project, the company consulted with residents of Richmond to determine what they would want from a location like Bally’s Richmond Casino Resort. The decision to offer residents equity stake in the location was born out of these discussions.

Concretizing Gamesys Acquisition

One of the more recent deals to come from Bally’s was announced in late March, when the company agreed to buy online gambling company Gamesys, which is based in the UK. Two weeks later, the companies publicly announced the terms of the acquisition, which would offer Bally’s significant access to the lucrative UK gambling market.

A Symbiotic Partnership

The deal would be a boon to both companies, offering Bally’s a robust online gambling platform and Gamesys a tie to retail gambling, which remains one of the biggest moneymakers in the gambling industry overall. The deal would also allow Gamesys entry into the rapidly-growing legal US gambling market.

Buying Tropicana Hotel and Casino In Las Vegas

Bally’s also revealed that it would be acquiring the Tropicana Hotel and Casino in Las Vegas, which had previously been under the ownership of Gaming and Leisure Properties, Inc. Bally’s has agreed to lease the land under the casino for an initial term of 50 years, with a yearly rental cost of $10.5 million.

The transaction itself was valued at $308 million, and marks Bally’s first move onto the Las Vegas Strip, though there is a location with the Bally’s name there. Bally’s Las Vegas is, misleadingly, owned by Caesars Entertainment. The partnership is expected to be concretized in early 2022.

Bally’s Casino Holdings

As of April 2021, Bally’s Corporation owns and operates 12 casinos nationwide, as well as one horsetrack, but according to one report, once all business dealings are finalized, the company will be responsible for 15 casinos in 11 states. One of the more recent additions is the MontBleu Resort in Lake Tahoe, which was formerly owned by Caesars.

Since October Sale, Bally’s Is Going Big

In October 2020, the Bally’s Atlantic Casino brand was purchased by Twin River Worldwide Holdings, a company owned by entrepreneur Soo Kim. Following the acquisition, Twin River changed its name to the Bally’s Corporation. In the six months since the purchase, Bally’s has acted decisively to refurbish its once-obscured brand.

Before the end of the year, Bally’s had branched into the online gambling sector by purchasing online gambling platform Bet.Works. Bally’s also reclaimed one of its most iconic locations, buying back its Atlantic City casino from its former purchasers, Caesars and Vici. The move marked a return to form for Bally’s.

Staying On Top Of Trends: Bally’s Sports Betting

In late November, Bally’s elected to grow its mobile sports betting options, beginning with a launch in Iowa. The pilot would be followed by live mobile sports betting in 10 additional US states, signifying that the company — with moves into retail, online, and sports betting — was working to diversify its sources of gambling revenue and staying abreast of trends.

Moving Into Media: A Partnership With Sinclair

One of the more unusual — and more high-profile — deals from Bally’s came in November 2020, when the company struck a partnership with Sinclair Broadcast Group. The deal meant that 21 of Sinclair’s regional broadcasting networks would be officially rebranded with Bally’s logos and will feature some of Bally’s specialized sports networks.

In April, Bally’s and Sinclair Describe Expanded Partnership

Another April announcement to come from Bally’s revealed that the company is in the process of expanding the terms of its agreement with Sinclair. According to the press release about the two companies, they will now be working together to offer Bally’s content during non-game programming on Sinclair’s regional sport networks.

Additionally, down the line, Bally’s plans to launch its own sports betting app known as Bally Bet. Coverage about the Bally’s-Sinclair alliance indicates that Bally’s hopes to lower advertising costs thanks to its Sinclair partnership, and the app will involve live sports content and additional interactive options.

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