Citizens M&A Advisory served as financial advisor to Bally’s on its acquisitions of Eldorado Resort Casino Shreveport in Shreveport, LA, and MontBleu Resort Casino & Spa in Lake Tahoe, NV, from Eldorado Resorts 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 and Vici Properties for $25 million.
According to the management of Bally’s, both transactions are expected to be immediately accretive to earnings. Bally’s formerly operated under the name Twin River Worldwide Holdings but changed its corporate name to Bally’s following its acquisition of the brand from Caesars Entertainment in October 2020.
“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,” George Papanier, president and CEO of Bally’s, said. “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.”
“Bally’s Corporation is a significant relationship to Citizens on all levels,” Curt Magleby, managing director of Citizens’ gaming, lodging and commercial real estate team, said. “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 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.