Bally’s Corporation Completes Acquisition of Eldorado Resort Casino Shreveport, for $140M

On December, 23, 2020, Bally’s Corporation (NYSE: BALY) completed the previously announced acquisition of Eldorado Resort Casino Shreveport from Caesars Entertainment, Inc. (NASDAQ: CZR).

The total purchase price of the acquisition was $140m, funded with cash and available borrowings under the company’s revolving credit facility.

Eldorado Resort Casino Shreveport is located in Shreveport, Louisiana, and is situated right on the banks of the Red River. This premier property includes 1,401 slots, 54 tables and 403 hotel rooms. Bally’s will now integrate Eldorado Shreveport into its brand family, and will implement proven strategic initiatives to drive growth and revenue improvements.

Beyond Bally’s you can check out US casinos here.

The deal follows the acquisition of Bet.Works, a U.S. based, sports betting platform provider to operators in New Jersey, Iowa, Indiana and Colorado, for $125m.

Bet.Works provides proprietary technology stack and turnkey solutions, which include marketing, operations, customer service, risk management and compliance and the acquisition will enable Bally’s to become the premier, full-service, vertically integrated sports betting and iGaming company in the U.S. integrating and operating physical casinos with digital solutions under a single brand and and launch its B2B2C business model.

Led by George Papanier, President and Chief Executive Officer, Bally’s Corporation, which has rebranded from Twin River Worldwide Holdings since November 9, 2020, currently owns and manages 11 casinos across seven states, a horse racetrack, and 13 authorized OTB licenses in Colorado.

With more than 5,900 employees, the company’s operations include 13,260 slot machines, 459 game tables and 2,941 hotel rooms. Properties include  Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino (Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack (Aurora, CO), Twin River Casino Hotel (Lincoln, RI), Tiverton Casino Hotel (Tiverton, RI), Dover Downs Hotel & Casino (Dover, DE), Hard Rock Hotel & Casino (Biloxi, MS), Casino Vicksburg (Vicksburg, MS), Bally’s Atlantic City (Atlantic City, NJ), Casino KC (Kansas City, MO), and Eldorado Resort Casino Shreveport (Shreveport, LA). Following the completion of pending acquisitions, which include Tropicana Evansville (Evansville, IN), Jumer’s Casino & Hotel (Rock Island, IL), and MontBleu Resort Casino & Spa (Lake Tahoe, NV), and the construction of a Category 4 licensed casino located within a 15-mile radius of Unionville Borough, Centre County, Pennsylvania, Bally’s will own and manage 15 casinos across 11 states.

This latest facility will be built under the signing of a framework agreement with Ira Lubert to jointly design, develop, construct and manage the casino. The construction is expected to begin the first half of 2021 and will take approximately one year to complete.

In the third quarter of 2020, the company reported adjusted EBITDA of $38.0m up $2.4m, or 6.8%, from the same period in 2019 and income from operations of $23.4m, increased $1.9m or 9.0%, while net income of $6.7m was slightly down, compared to third quarter 2019.

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