Bally’s shareholders approve $4.6B deal with Standard General
An American gambling, betting, and interactive entertainment company, Bally’s Corporation shareholders officially approved a $4.6 billion acquisition by Standard General.
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Bally’s to exit Asia by selling Japan interactive businesses
An American gambling, betting, and interactive entertainment company, Bally’s Corporation, has officially announced its plans to leave Asia and focus on its North American and European presence.
The Japan business closure deal was revealed on October 31 in a U.S. Securities and Exchange Commission filing, where the company highlighted the plan of the creation of a new entity managed by members of Bally’s team, referred to as the “Carved-Out Business.” Bally’s will license certain intellectual property to this new entity for five years while providing transition services but abstaining from future management or operational roles.
Bally’s stated:
“The transaction is intended to allow Bally’s to focus its capital and resource allocation on North American and European business.”
Bally’s Asian presence
Bally’s interactive businesses in Japan, including brands CasinoSecret, Vera&John, InterCasino, and Yuugado, have faced difficulties, such as currency devaluation and declining customer engagement.
Bally’s CEO, Robeson Reeves, commented:
“Capturing new audience has been more challenging. That’s actually been the real issue. That has definitely stifled the sort of willingness to play.”
Earlier this year, K&F Growth Capital recommended the company exit from the Asian market based on different legal and financial circumstances.
K&F Growth said then:
“A US public company should not be in the business of supplying gaming equipment and operations to the Japanese market under the country’s current regulatory framework.”
Bally’s advancement plans
Next to the Asian drama, Ballys has advancement plans that include the launch of the Las Vegas casino resort by 2028, alongside the Oakland Atheltics’s new ballpark. The resort will have 3,000 hotel rooms, a 90,000-square-foot casino, and a 12,000-square-foot sportsbook.
Bally’s reports 0.4% decline in Q3 revenues
An American gambling, betting, and interactive entertainment company, Bally’s Corporation shared its Q3 revenues of $630 million, highlighting a slight decline of 0.4%.
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