Bally’s Acquisitions Expand its Footprint into Three States

Citizens M&A Advisory served as financial adviser to Bally’s Corporation on its acquisitions of MontBleu Resort Casino & Spa in Lake Tahoe, NV and Eldorado Resort Casino Shreveport in Shreveport, LA from Eldorado Resorts Inc. for an aggregate purchase price of $155 million. Citizens also served as financial adviser to Bally’s in its acquisition of Bally’s Atlantic City Hotel & Casino from Caesars Entertainment Corporation and Vici Properties Inc. for $25 million.

Together, these acquisitions significantly expand Bally’s footprint into three additional U.S. states. The three properties combined have 3,318 slot machines, 2,092 hotel rooms and 176 game tables in addition to 6,000 square feet of convention space at the Eldorado Resort Casino Shreveport.

“Despite the uncertainties presented by the current health crisis, we continue to execute our strategy to best position Bally’s for long-term growth and profitability,” says George Papanier, president and chief executive officer of Bally’s Corporation. “The completion of these transactions will meaningfully enhance our financial profile while strengthening our presence in a number of key geographic markets.”

According to management, both transactions are expected to be immediately accretive to earnings. The company formerly operated under the name Twin River Worldwide Holdings Inc., but changed its corporate name to Bally’s Corporation following its acquisition of the brand from Caesars Entertainment Inc. in October 2020.