Second Quarter 2021 Financial and Recent Highlights

• Revenue of $267.7 million
• Net income and diluted EPS of $68.9 million and $1.40, respectively
• Adjusted EBITDA of $83.8 million
• Adjusted EBITDA margin of 31.3%
• Completed acquisitions of three additional casinos and Bet.Works
• Launched global refinancing to fund acquisition of Gamesys and provide liquidity for continued growth

George Papanier, President and Chief Executive Officer said, "We had record revenue and earnings performance in the quarter and remain confident that we will continue to benefit from rebounding demand across our land-based portfolio. Improved consumer confidence, minimal capacity restrictions and our disciplined operating strategy all contributed to extremely strong numbers across the board in the second quarter."

Papanier continued, "The closing of the Bet.Works acquisition was another significant step in our evolution to become a leading omni-channel provider. We continue to make progress on our transformative acquisition of Gamesys and look forward to closing that transaction during the fourth quarter."

Segment Update

In the second quarter of 2021, the Company changed its management structure to better align with strategic growth initiatives in light of recent and pending acquisitions, which resulted in the re-alignment of its operating and reportable segments. For financial reporting purposes, these operating segments are aggregated into two reportable segments, East and West.

• East - includes Twin River Casino Hotel, Tiverton Casino Hotel, Dover Downs, Bally's Atlantic City, and Tropicana Evansville.
• West - includes Hard Rock Biloxi, Casino Vicksburg, Bally's Kansas City, Eldorado Shreveport, Bally's Black Hawk, Bally's Lake Tahoe, and Jumer's Casino & Hotel.

The operating segments of Bally's Interactive, which includes SportCaller, Monkey Knife Fight ("MKF"), Bet.Works, and the Company's online and mobile sports betting operations, Mile High USA, and shared services provided by corporate, are all reported in the "Other" category.

Second Quarter 2021 Results

Revenue for the second quarter of 2021 increased $238.8 million to $267.7 million from $28.9 million in the second quarter last year. This was primarily due to a reduction in COVID-19 restrictions, with all properties operating at full capacity as of quarter end as compared to 2020 when properties were closed from mid-March to June. Revenue for the East segment increased $122.0 million to $132.4 million and the West segment increased $109.7 million to $127.9 million compared to the same period last year. This marks the single largest revenue quarter in history. The incremental revenues from acquisitions completed in the second half of 2020, including Bally's Kansas City, Casino Vicksburg, Bally's Atlantic City and Eldorado Shreveport, and those acquired in the first half of 2021, including SportCaller, MKF, Bally's Interactive, Bally's Lake Tahoe (formerly MontBleu Resort Casino and Spa), Tropicana Evansville and Jumer's Casino & Hotel, contributed to aggregate revenue of $134.6 million in the second quarter of 2021.

The Company also continued to see strong operational efficiencies that positively impacted margins, a trend since re-opening from the pandemic. Income from operations in the second quarter of 2021 increased $101.5 million year-over-year to $80.5 million, while operating margins increased to 30.1% compared to (72.5)% for the same period last year. Labor savings, reduced marketing and promotional spend, and the limited offerings of lower margin amenities due to COVID-19 related safety protocols continued to drive margin improvements.  

Net income for the second quarter of 2021 was $68.9 million, an increase of $92.5 million from a net loss of $23.6 million in the second quarter last year. Net income for the quarter was bolstered by several one-time items including pre-tax gains of $77.5 million recorded in connection with the acquisitions of Bally's Lake Tahoe and Tropicana Evansville. Adjusted EBITDA for the second quarter of 2021 was $83.8 million, an increase of $94.5 million from negative Adjusted EBITDA of $10.7 million in the second quarter last year. The West segment Adjusted EBITDA increased to $52.1 million from $4.7 million in the second quarter last year. Adjusted EBITDA for the East segment was $41.6 million compared to negative Adjusted EBITDA of $10.3 million in the second quarter last year.

Diluted EPS for the second quarter of 2021 was $1.40 compared to diluted loss of $0.77 per share for the comparable period in 2020. Adjusted EPS was $0.48 for the second quarter of 2021 compared to a loss per share of $0.80 during the same period in 2020.

Other Financial Information

As of June 30, 2021, the Company had $195.8 million in cash and cash equivalents and restricted cash of $677.8 million, which included $667.9 million of cash proceeds from the April 2021 common stock offering to finance the acquisition of Gamesys.

Total debt was $1.37 billion as of June 30, 2021 compared to $1.13 billion as of December 31, 2020.

Interest expense, net of interest income, for the second quarter of 2021 increased $6.2 million to $21.3 million. This primarily resulted from the increase in debt obligations outstanding in each respective period coupled with timing and differences in interest rates.

Global Refinancing

As previously announced, the Company obtained commitments, subject to satisfaction of customary closing conditions, for proposed senior secured credit facilities of up to $2.57 billion, consisting of up to a $1.95 billion senior secured first lien term loan facility and a $620.0 million senior secured first lien revolving credit facility. The proceeds of the new credit facilities plus other resources will be used to, among other things, refinance existing debt, pay a portion of the Gamesys acquisition price and refinance Gamesys debt.

The Company also entered into agreements for the private placement of $1.50 billion in aggregate principal amount of senior notes in two separate series consisting of $750 million in aggregate principal amount of senior notes due 2029 and $750 million in aggregate principal amount of senior notes due 2031. The bond offerings will close into escrow, subject to completion of the Gamesys acquisition.

Reconciliation of GAAP Measures to Non-GAAP Measures

To supplement the financial information presented on a generally accepted accounting principles ("GAAP") basis, the Company has included in this earnings release non-GAAP financial measures for Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted EPS, which exclude certain items described below. The Company believes these measures represent important measures of financial performance that provide useful information that is helpful in understanding the Company's ongoing operating results. The reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are presented in the tables appearing below.

"Adjusted EBITDA" is earnings, or loss, for the Company, or where noted the Company's reportable segments, before, in each case, interest expense, net of interest income, provision (benefit) for income taxes, depreciation and amortization, non-operating (income) expense, acquisition, integration and restructuring expenses, share-based compensation, gain on sale-leaseback, and certain other gains or losses as well as, when presented for the Company's reporting segments, an adjustment related to the allocation of corporate costs among segments. Adjusted EBITDA margin is measured as Adjusted EBITDA as a percentage of revenue.

"Adjusted EPS" represents net income, or loss, per diluted share before non-operating (income) and expense, acquisition, integration and restructuring expenses, gain on sale-leaseback, and certain other gains or losses.

Management has historically used Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EPS when evaluating operating performance because the Company believes that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of the Company's core operating results and as a means to evaluate period-to-period performance. Management also believes that Adjusted EBITDA is a measure that is widely used for evaluating operating performance of companies in our industry and a principal basis for valuing resort and gaming companies like the Company. Management of the Company believes that while certain items excluded from Adjusted EBITDA and Adjusted EPS may be recurring in nature and should not be disregarded in evaluating the Company's earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods presented or they may not relate specifically to current operating trends or be indicative of future results. Neither Adjusted EBITDA nor Adjusted EPS should be construed as an alternative to GAAP net income or GAAP diluted EPS, respectively, as an indicator of the Company's performance. In addition, Adjusted EBITDA or Adjusted EPS as used by the Company may not be defined in the same manner as other companies in the Company's industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies.

Second Quarter Conference Call

The Company's second quarter 2021 earnings conference call and audio webcast will be held today, Monday, August 9, 2021 at 10:00 AM EDT. To access the conference call, please dial (866) 342-8591 (U.S. toll-free) and reference conference ID BALYQ22021. The webcast of the call will be available to the public, on a listen-only basis, via the Internet at the Investors section of the Company's website at www.ballys.com. An online archive of the webcast will be available on the Company's website for 120 days. Supplemental materials have also been posted to the Investors section of the website, under Events & Presentations.

About Bally's Corporation

Bally's Corporation is a leading regional casino-entertainment company with a growing omni-channel presence of online sports betting and iGaming offerings in the US. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 14 states. It also owns Bally's Interactive, a first-in-class B2B2C sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and SportCaller, a leading global B2B free-to-play game provider.

With more than 6,000 employees, the Company's operations, pro forma for pending acquisitions, include 15,833 slot machines, 532 table games and 5,355 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (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 BALY in this press release, its reports filed with the Securities and Exchange Commission (the "SEC") 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 BALY to predict or identify all such events or how they may affect it.  BALY 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, but are not limited to those included it the Company's Annual reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by the Company with the SEC. These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

SOURCE Bally's Corporation

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In addition, Bally's announced that it obtained commitments, subject to satisfaction of customary closing conditions, for new bank credit facilities, which are expected to consist of a revolving credit facility in an aggregate principal amount of up to $620 million and a term loan facility in an aggregate principal amount of $1.945 billion.

The Notes offering and bank commitments are part of the financing for Bally's proposed acquisition of Gamesys Group plc. The proceeds of the Notes offering will initially be placed in escrow subject to the satisfaction of the conditions of the Gamesys acquisition. Prior to satisfaction of the escrow release condition, the Notes will be senior secured obligations of only the Escrow Issuers. Upon satisfaction of the escrow release condition, Bally's will assume these obligations and certain subsidiaries of Bally's, including Gamesys and its subsidiaries, that guarantee Bally's new credit facilities following receipt of applicable regulatory approvals will guarantee the Notes. Bally's anticipates entering into definitive documentation for the new credit facilities concurrently with the satisfaction of the escrow release condition and the consummation of the Gamesys acquisition.

The Gamesys acquisition is expected to take place during the fourth quarter of 2021, subject to customary conditions, including regulatory approval. More information can be found at https://www.ballys.com/gamesys-documentation.

The Notes Offering

The Notes are being offered and sold to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933 and to non–U.S. persons outside the United States in reliance on Regulation S under the Securities Act.

The offer and sale of the Notes have not been registered under the Securities Act or any other applicable securities laws and the Notes may not be offered, sold, pledged or otherwise transferred within the United States or to or for the account of any U.S. person, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act or any other applicable securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor will there be any sale of the Notes in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Bally's Corporation

Bally's Corporation is a leading regional casino-entertainment company with a growing omni-channel presence of online sports betting and iGaming offerings in the US. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 14 states. It also owns Bet.Works, a first-in-class B2B2C sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and SportCaller, a leading global B2B free-to-play game provider.

With more than 6,000 employees, Bally's operations, pro forma for pending acquisitions, include 15,837 slot machines, 532 table games and 5,355 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (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.

Investor Contact

Robert Lavan
Senior Vice President – Finance and Investor Relations
401-475-8564
InvestorRelations@ballys.com

Media Contact

Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com

SOURCE Bally's Corporation

For the three-month period ending June 30, 2021, Bally's estimates that total consolidated revenue will be in the range of $258 to $268 million, with Adjusted EBITDA in the range of $80 to $84 million.  This is compared to total consolidated revenue of $28.9 million and Adjusted EBITDA of negative $10.7 million for the second quarter of 2020.

As a result of better than expected operating performance at its land-based retail casinos and interactive businesses, Bally's does not plan to issue incremental common equity or draw on the previously disclosed Gaming and Leisure Properties, Inc. commitment to fund the Gamesys acquisition.  Bally's continues to evaluate investment options with potential strategic partners and such investment is not necessary to fund the Gamesys acquisition.

Consistent with U.K. regulatory requirements, Bally's arranged bridge financing for the Gamesys transaction from Deutsche Bank AG, London Branch, Goldman Sachs USA and Barclays Bank PLC.  Bally's intends to seek to refinance the bridge facility and its and Gamesys' debt through one or more capital market transactions, which are currently expected to include public or private bond offerings and a company-wide bank credit facility.

Closing of the Gamesys transaction, which is subject to customary conditions including regulatory approval, is expected to take place during the fourth quarter of 2021.  Relevant documentation can be found at https://www.ballys.com/gamesys-documentation.

About Bally's Corporation

Bally's Corporation is a leading regional casino-entertainment company with a growing omni-channel presence of online sports betting and iGaming offerings in the US.  It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 14 states.  It also owns Bet.Works, a first-in-class B2B2C sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and SportCaller, a leading global B2B free-to-play game provider.

With more than 6,000 employees, the Company's operations, pro forma for pending acquisitions, include 15,837 slot machines, 532 table games and 5,355 hotel rooms.  Upon closing the previously announced Tropicana Las Vegas (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 Preliminary Results

Bally's actual operating results remain subject to the completion of its quarter-end closing process, which includes review by management, its audit committee and its independent auditor.  While carrying out such procedures, Bally's may identify items that would require it to make adjustments to the preliminary estimates of its revenue and Adjusted EBITDA set forth above.  As a result, Bally's actual revenue and Adjusted EBITDA could be different than the expectation set forth and such differences could be material.  Additionally, Bally's estimates of revenue and Adjusted EBITDA are forward-looking statements based solely on information available as of the date of this release and may differ materially from its actual operating results as a result of developments that occur after the date of this release.  Therefore, you should not place undue reliance on these preliminary estimates.  See "Cautionary Note Regarding Forward-Looking Statements."

Reconciliation of Non-GAAP Financial Measures

Bally's has included Adjusted EBITDA, a non-GAAP financial measure, in this press release.

Adjusted EBITDA is earnings, or loss, for Bally's before interest expense, net of interest income, (benefit) provision for income taxes, depreciation and amortization, non-operating income, acquisition, integration and restructuring expense, goodwill and asset impairment, expansion and pre-opening expenses, share-based compensation, rebranding, change in fair value of naming rights liabilities, gain on bargain purchases, professional and advisory fees associated with capital return program, CARES Act credit, credit agreement amendment expenses, storm related losses, net of insurance recoveries, Bet.Works and Sinclair, sports and iGaming licensing, and certain other gains or losses.

Bally's management has historically used Adjusted EBITDA when evaluating operating performance because Bally's believes that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide a full understanding of Bally's core operating results and as a means to evaluate period-to-period performance.  Management also believes that Adjusted EBITDA is a measure that is widely used for evaluating operating performance of companies in Bally's industry and a principal basis for valuing resort and gaming companies like Bally's.  Management of Bally's believes that while certain items excluded from Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluating Bally's earnings performance, it is useful to exclude such items when comparing current performance to prior periods because these items can vary significantly depending on specific underlying transactions or events that may not be comparable between the periods presented or they may not relate specifically to current operating trends or be indicative of future results.  Adjusted EBITDA should not be construed as an alternative to GAAP net income as an indicator of Bally's performance. In addition, Adjusted EBITDA as used by Bally's may not be defined in the same manner as other companies in Bally's industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies.

Net income or loss is the most closely comparable GAAP measure to Adjusted EBITDA.  The table below reconciles net loss to Adjusted EBITDA for the three months ended June 30, 2020.  Bally's is unable to present net income for the three months ended June 30, 2021 at this time without unreasonable effort or expense given that, among other things, Bally's is in the process of its quarterly closing procedures.

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 BALY in this press release, its reports filed with the Securities and Exchange Commission (the "SEC") 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 BALY to predict or identify all such events or how they may affect it.  BALY 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, but are not limited to those included it the company's Annual reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by the Company with the SEC.  These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

Investor Contact

Robert Lavan
Senior Vice President – Finance and Investor Relations
401-475-8564
InvestorRelations@ballys.com

Media Contact

Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com

SOURCE Bally's Corporation

View original article here.

PROVIDENCE, R.I. -- July 26, 2021 -- Bally’s Corporation (NYSE: BALY) will release financial results for the second quarter 2021 prior to the market opening on Monday, August 9, 2021.

Management will host a conference call on the same day at 10:00 a.m. ET to discuss results.

To access the conference call, please dial (866) 342-8591 (U.S. toll-free) and reference conference ID BALYQ22021.  An online audio webcast of the conference call will be available via the Investors section of the Company’s website https://investors.ballys.com.  An online archive of the webcast will be available for 120 days. 

About Bally’s Corporation

Bally’s Corporation is a leading regional casino-entertainment company with a growing omni-channel presence of online sports betting and iGaming offerings in the US.  It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 14 states.  It also owns Bet.Works, a first-in-class B2B2C sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and SportCaller, a leading global B2B free-to-play game provider.

With more than 6,000 employees, the Company’s operations, pro forma for pending acquisitions, include 15,837 slot machines, 532 table games and 5,355 hotel rooms.  Upon closing the previously announced Tropicana Las Vegas (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”.

Investor Contact

Robert Lavan

Senior Vice President – Finance and Investor Relations

401-475-8564

InvestorRelations@ballys.com

Media Contact

Richard Goldman / David Gill

Kekst CNC

646-847-6102 / 917-842-5384

BallysMediaInquiries@kekstcnc.com

Download a copy of this Press Release here.

Under the terms of the transaction, Bally's acquired all of AVP's assets, including trademarks, AVP America promoter agreements and associated recurring membership revenue, digital photo and video assets, and all proprietary tournament and league management software. Bally's plans to leverage AVP's distribution channels, as well as the Sinclair-owned "Bally Sports" Regional Sports Networks (RSNs), to increase consumer engagement with, and awareness of, the league.

Adi Dhandhania, SVP Strategy and Interactive, said, "The AVP is an attractive asset that complements our rapidly expanding U.S. sports betting vision. Donald and the entire AVP team have done a tremendous job developing the league and transforming it into what it is today, and we look forward to exploring creative ways to amplify and gamify such a dynamic and high-growth sport, providing beach volleyball fans across the nation with unique and interactive content."

Donald Sun, former owner and CEO of AVP, said, "Forming a new relationship with a trusted, forward-thinking partner like Bally's offers the opportunity to develop a strategic roadmap that will grow the sport, expand its footprint and provide new resources to better elevate the game and its athletes. I look forward to being an integral part of the transition, focusing on the best interests of all AVP athletes, fans, staff and partners."

The AVP will kick off its 2021 AVP Pro Tour in Atlanta, Georgia, on August 13-15. The AVP is planning to resume a full season beginning in 2022.

About Bally's Corporation

Bally's Corporation is a leading regional casino-entertainment company with a growing omni-channel presence of online sports betting and iGaming offerings in the US. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 14 states. It also owns Bet.Works, a first-in-class B2B2C sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and SportCaller, a leading global B2B free-to-play game provider.

With more than 6,000 employees, the Company's operations, pro forma for pending acquisitions, include 15,558 slot machines, 465 table games and 5,355 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (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".

About the AVP

Powered by some of the most dynamic and elite athletes in the world, the Association of Volleyball Professionals is the premier professional beach volleyball organization and longest-running domestic beach volleyball tour in the United States. Founded in 1983, the AVP has produced some of the world's most beloved athletes, providing fans with unparalleled access to nail-biting matches on the sand. In 1996, beach volleyball became an official sport of the Olympic Games and the AVP proudly serves as the home court for Team USA's Olympians.

Headquartered in southern California, the AVP operates a 3-tiered development system. AVPFirst, a 501(3)c youth program, is focused on creating healthy lifestyles and a lifelong connection to the sport by offering access to all. AVPNext is a developmental circuit providing athletes the opportunity to develop their skills and earn valuable AVP points to climb the rankings towards becoming a pro. The decorated AVP Pro tour is the gold standard in beach volleyball, with over 100 pro athletes competing for top prize money in front of over 120 million fans worldwide. Additionally, in an effort to grow the sport and celebrate those who love the game, AVP America leads a grassroots movement across the United States to curate thousands of events and matches for fans and players.

Cautionary Note Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about Bally's plans, objectives, expectations and intentions.

Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally's current expectations and assumptions. Although Bally's believes that its expectations and assumptions are reasonable at this time, they should not be regarded as representations that Bally's expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this document and Bally's does not undertake to update or revise them as more information becomes available, except as required by law.

Important factors beyond those that apply to most businesses, some of which are beyond Bally's control, that could cause actual results to differ materially from our expectations and assumptions include, without limitation:

• uncertainties surrounding the COVID-19 pandemic, including limitations on Bally's operations, increased costs, changes in customer attitudes, impact on Bally's employees and the ongoing impact of COVID-19 on general economic conditions;
• unexpected costs, difficulties integrating and other events impacting Bally's recently completed and proposed acquisitions and Bally's ability to realize anticipated benefits;
• risks associated with Bally's rapid growth, including those affecting customer and employee retention, integration and controls;
• risks associated with the impact of the digitalization of gaming on Bally's casino operations, Bally's expansion into iGaming and sports betting and the highly competitive and rapidly changing aspects of Bally's new interactive businesses generally;
• the very substantial regulatory restrictions applicable to Bally's, including costs of compliance;
• restrictions and limitations in agreements governing Bally's debt could significantly affect Bally's ability to operate our business and our liquidity; and
• other risks identified in Part I. Item 1A. "Risk Factors" of Bally's Annual Report on Form 10–K for the fiscal year ended December 31, 2020 as filed with SEC on March 10, 2021 and other filings with the SEC.

The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses.

You should not place undue reliance on Bally's forward-looking statements.

Investor Contact

Robert Lavan
Senior Vice President – Finance and Investor Relations
401-475-8564
InvestorRelations@twinriver.com

Media Contact

Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com

SOURCE Bally's Corporation and The Association of Volleyball Professionals

View Original Article Here

PROVIDENCE, R.I., June 30, 2021 /PRNewswire/ -- Bally's Corporation (NYSE: BALY) and Phoenix Mercury Basketball, LLC (the "Phoenix Mercury"), a 25-year member of the Women's National Basketball Association (the "WNBA"), today announced entry into a significant, purpose-driven team sponsorship and sports betting partnership. This groundbreaking agreement marks the first gaming access deal with a professional women's sports team providing Bally's with market access to its 15th state.

Under the agreement, Bally's receives official designation as the exclusive sports betting partner of the Phoenix Mercury over 15 years beginning July 1, 2021. Upon the Phoenix Mercury's receipt of a mobile sports betting license from the Arizona Dept. of Gaming, Bally's will, among other things, host and manage an online and mobile sports betting service in Arizona, operate a retail sportsbook in the vicinity of the Phoenix Suns Arena, and promote its business in connection with Phoenix Mercury games.

"On behalf of the entire Bally's Corporation, we are honored to be a part of such an important milestone in the history of women's sports," said Soo Kim, Chairman of Bally's Corporation's Board of Directors. "Maintaining and implementing a strong diversity, equity and inclusion program is a cornerstone of Bally's operational values, and we look forward to promoting those values as part of our sponsorship with the Phoenix Mercury and hope that other major corporations follow in our footsteps. We are also excited about the prospect of providing sports fans in Arizona with access to our first-in-class online sports betting platform, and enhancing the way that they engage with their favorite sports pastimes."

Jason Rowley, CEO & President of the Phoenix Mercury, said, "We are very excited to partner with Bally's on this enormous step forward in the advancement of women's sports. This agreement represents so much more than a team sponsorship; it is a reflection of our shared values and commitment to investing in diversity, equity and inclusion. We could not think of a better way to celebrate the Mercury's 25th year in the WNBA, and what many consider to be the model franchise."

As part of this agreement, Bally's will also become a member of the "Phoenix Mercury Changemaker Partners" – a distinguished group of companies that value diversity, equity and inclusion, and back their commitment with an investment in women's sports at the highest level. Other members of the Mercury's roster of "Changemaker Partners" include Fry's Food Stores, PayPal and Verizon.

Rowley continued, "Bally's and the Phoenix Mercury strongly believe that a groundbreaking partnership of this magnitude accelerates the momentum surrounding women's sports, creates a bigger platform for the Mercury, while delivering fan engagement on an unprecedented scale in women's sports."

About Bally's Corporation

Bally's Corporation is a leading regional casino-entertainment company with a growing omni-channel presence of online sports betting and iGaming offerings in the US. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 14 states. It also owns Bet.Works, a first-in-class B2B2C sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and SportCaller, a leading global B2B free-to-play game provider.

With more than 6,000 employees, the Company's operations, pro forma for pending acquisitions, include 15,558 slot machines, 465 table games and 5,355 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (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".

About the Phoenix Mercury

One of the WNBA's three remaining original franchises from the league's inaugural season in 1997, the Phoenix Mercury celebrate their 25th season this summer.  With three championships, 15 playoff appearances, 29 All-Stars and 400+ regular season wins in the franchise's storied history, the Mercury have been owned and operated by the same organization since inception. The 2020 Tokyo Olympic-bound trio of Diana Taurasi, Brittney Griner and Skylar Diggins-Smith lead the Mercury in its campaign to claim a WNBA-record tying fourth championship this season.

Cautionary Note Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about Bally's plans, objectives, expectations and intentions.

Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally's current expectations and assumptions. Although Bally's believes that its expectations and assumptions are reasonable at this time, they should not be regarded as representations that Bally's expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this document and Bally's does not undertake to update or revise them as more information becomes available, except as required by law.

Important factors beyond those that apply to most businesses, some of which are beyond Bally's control, that could cause actual results to differ materially from our expectations and assumptions include, without limitation:

• uncertainties surrounding the COVID-19 pandemic, including limitations on Bally's operations, increased costs, changes in customer attitudes, impact on Bally's employees and the ongoing impact of COVID-19 on general economic conditions;
• unexpected costs, difficulties integrating and other events impacting Bally's recently completed and proposed acquisitions and Bally's ability to realize anticipated benefits;
• risks associated with Bally's rapid growth, including those affecting customer and employee retention, integration and controls;
• risks associated with the impact of the digitalization of gaming on Bally's casino operations, Bally's expansion into iGaming and sports betting and the highly competitive and rapidly changing aspects of Bally's new interactive businesses generally;
• the very substantial regulatory restrictions applicable to Bally's, including costs of compliance;
• restrictions and limitations in agreements governing Bally's debt could significantly affect Bally's ability to operate our business and our liquidity; and
• other risks identified in Part I. Item 1A. "Risk Factors" of Bally's Annual Report on Form 10–K for the fiscal year ended December 31, 2020 as filed with SEC on March 10, 2021 and other filings with the SEC.

The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses.

You should not place undue reliance on Bally's forward-looking statements.

Investor Contact

Robert Lavan
Senior Vice President – Finance and Investor Relations
401-475-8564
InvestorRelations@twinriver.com

Media Contact

Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com

View Original Article: https://www.prnewswire.com/news-releases/ballys-corporation-and-the-wnbas-phoenix-mercury-announce-groundbreaking-partnership-301322671.html

SOURCE Bally's Corporation; Phoenix Mercury Basketball, LLC

Soo Kim, Chairman of Bally's Corporation's Board of Directors, said, "We are very pleased to have received our shareholders' support, enabling us to achieve this next milestone toward the transaction close. By combining with Gamesys, we will meaningfully accelerate our growth strategy to become a premier, global, omni-channel gaming company, which we believe will create significant long-term shareholder value. We look forward to closing the transaction later this year, and working with Lee and the rest of Gamesys' seasoned management team."

Lee Fenton, Gamesys' Chief Executive Officer, commented, "This combination represents a compelling opportunity to integrate Gamesys' market-leading gaming technology with Bally's growing U.S. gaming platform to create a vertically integrated company that is poised to capitalize on the rapidly expanding U.S. online sports betting and iGaming market. Given our comprehensive suite of collective assets and our track record of successfully developing online gaming operations in highly-competitive markets, we believe we will be able to offer customers a unique and differentiated approach to gaming."

Advisors

Bally's legal and financial advisors are Jones Day and Deutsche Bank. Gamesys' legal and financial advisors are Clifford Chance and Macquarie Capital.

About Bally's Corporation

Bally's Corporation is a leading regional casino-entertainment company with a growing omni-channel presence of online sports betting and iGaming offerings in the US. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 14 states. It also owns Bet.Works, a first-in-class B2B2C sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, and SportCaller, a leading global B2B free-to-play game provider.

With more than 6,000 employees, the Company's operations, pro forma for pending acquisitions, include 15,558 slot machines, 465 table games and 5,355 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (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".

About Gamesys Group plc

Gamesys Group plc is the parent company of an online gaming group that provides entertainment to a global consumer base. Through its subsidiaries, Gamesys Group plc currently offers bingo and casino games to its customers using brands which include Jackpotjoy (www.jackpotjoy.com), Virgin Games (www.virgingames.com), Botemania (www.botemania.es), Vera&John (www.verajohn.com), Heart Bingo (www.heartbingo.co.uk), Monopoly Casino (www.monopolycasino.com), Rainbow Riches Casino (www.rainbowrichescasino.com) and MEGAWAYS Casino (www.megawayscasino.com).

Cautionary Note Regarding Forward-Looking Statements

This document includes forward-looking statements within the meaning of the securities laws. Forward-looking statements are statements as to matters that are not historical facts, and include statements about Bally's plans, objectives, expectations and intentions.

Forward-looking statements are not guarantees and are subject to risks and uncertainties. Forward-looking statements are based on Bally's current expectations and assumptions. Although Bally's believes that its expectations and assumptions are reasonable at this time, they should not be regarded as representations that Bally's expectations will be achieved. Actual results may vary materially. Forward-looking statements speak only as of the time of this document and Bally's does not undertake to update or revise them as more information becomes available, except as required by law.

Important factors beyond those that apply to most businesses, some of which are beyond Bally's control, that could cause actual results to differ materially from our expectations and assumptions include, without limitation:

• uncertainties surrounding the COVID-19 pandemic, including limitations on Bally's operations, increased costs, changes in customer attitudes, impact on Bally's employees and the ongoing impact of COVID-19 on general economic conditions;
• unexpected costs, difficulties integrating and other events impacting Bally's recently completed and proposed acquisitions and Bally's ability to realize anticipated benefits;
• risks associated with Bally's rapid growth, including those affecting customer and employee retention, integration and controls;
• risks associated with the impact of the digitalization of gaming on Bally's casino operations, Bally's expansion into iGaming and sports betting and the highly competitive and rapidly changing aspects of Bally's new interactive businesses generally;
• the very substantial regulatory restrictions applicable to Bally's, including costs of compliance;
• restrictions and limitations in agreements governing Bally's debt could significantly affect Bally's ability to operate our business and our liquidity; and
• other risks identified in Part I. Item 1A. "Risk Factors" of Bally's Annual Report on Form 10–K for the fiscal year ended December 31, 2020 as filed with SEC on March 10, 2021 and other filings with the SEC.

The foregoing list of important factors is not exclusive and does not include matters like changes in general economic conditions that affect substantially all gaming businesses.

You should not place undue reliance on Bally's forward-looking statements.

Investor Contact

Robert Lavan
Senior Vice President – Finance and Investor Relations
401-475-8564
InvestorRelations@twinriver.com

Media Contact

Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com

View Original Article: https://www.prnewswire.com/news-releases/ballys-corporation-and-gamesys-group-plc-shareholders-approve-business-combination-301323579.html

SOURCE Bally's Corporation; Gamesys Group plc

Expands Bally’s Presence into 14th State 

About Bally's Corporation

Bally's Corporation currently owns and manages 12 casinos across eight states, a horse racetrack and 13 authorized OTB licenses in Colorado. With more than 6,000 employees, the Company's operations include 13,308 slot machines, 460 game tables and 3,342 hotel rooms. Following the completion of pending acquisitions, which include Tropicana Evansville (Evansville, IN) and Jumer's Casino & Hotel (Rock Island, IL), as well as the construction of a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 15 casinos across 11 states. Bally's also maintains a multi-year market access partnership with Elite Casino Resorts through which it will provide mobile sports betting in Iowa. The Company also maintains a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".

Investor Contact

Steve Capp
Executive Vice President and Chief Financial Officer
401-475-8564
InvestorRelations@twinriver.com

Media Contact

Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
BallysMediaInquiries@kekstcnc.com

View original content to download multimedia: https://www.ballys.com/files/6281/Q1-2021-Earnings-Release-Final.pdf

SOURCE Bally's Corporation