Citizens Advises Bally’s Corporation on its Acquisitions of Eldorado Resort Casino Shreveport, MontBleu Resort Casino & Spa and Bally’s Atlantic City Hotel & Casino
PROVIDENCE, RI – Citizens M&A Advisory announced today that it served as financial advisor to Bally’s Corporation (NYSE: BALY) on its acquisitions of Eldorado Resort Casino Shreveport in Shreveport, LA, and MontBleu Resort Casino & Spa in Lake Tahoe, NV, from Eldorado Resorts, Inc. for an aggregate purchase price of $155 million. Citizens also served as financial advisor to Bally’s in its acquisition of Bally’s Atlantic City Hotel & Casino from Caesars Entertainment Corporation and Vici Properties, Inc. for $25 million.
According to management, both transactions, which were announced in April 2020, 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 iconic brand from Caesars Entertainment, Inc. in October 2020.
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.
George Papanier, president and chief executive officer of Bally’s Corporation, said: “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. The completion of these transactions will meaningfully enhance our financial profile while strengthening our presence in a number of key geographic markets. As a long-time financing partner and M&A advisor to Bally’s, Citizens was instrumental to our success in this and other strategic acquisitions during a tumultuous time in the gaming industry. Their industry expertise, senior-level relationships and comprehensive support to Bally’s during the negotiation and diligence process was invaluable.”
Curt Magleby, managing director of Citizens’ Gaming, Lodging and Commercial Real Estate team, said: “Bally’s Corporation is a significant relationship to Citizens on all levels. We value our role as a critical financing partner to the company as they grow their physical and online platforms, and we look forward to continuing to deliver best-in-class, industry-centric financial advisory expertise in future transactions.”
Bally’s Corporation currently owns and manages 12 casinos across eight states, a horse racetrack and 13 authorized off-track betting (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 holds a temporary sports wagering permit to conduct online sports betting in the Commonwealth of Virginia.
Citizens M&A Advisory specializes in middle-market mergers and acquisitions. Citizens combines sector intelligence with a client-focused approach to realize our clients’ true value. The Citizens team has closed more than 150 transactions in the last five years and has more than 60 M&A professionals specializing in a range of industries across the United States. Citizens M&A Advisory is part of Citizens Capital Markets, Inc., a subsidiary of Citizens Financial Group (NYSE: CFG).
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
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