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Bally's Prelim. Q1 Adj. EBITDA Rises; Commences Concurrent Public Offerings

Bally's Corp. (BALY) said it expects first-quarter adjusted EBITDA to be greater than $50.0 million, compared to adjusted EBITDA of $22.1 million, a year ago. The company currently estimates consolidated revenue to be above $185.0 million compared to revenue of $109.1 million, prior year.

Bally's has agreed to purchase the Tropicana Las Vegas, Nevada casino from Gaming and Leisure Properties. Bally's expects the deal to be valued at approximately $308 million. The company anticipates the acquisition to be accretive to shareholders long-term.

Also, Bally's has commenced concurrent public offerings of $600 million of its common stock and $250 million of its tangible equity units. Each unit will consist of a prepaid stock purchase contract and an amortizing note due April 15, 2024, each issued by the company. Bally's common stock is listed on the NYSE under the symbol, BALY and Bally's has applied to list the units on the NYSE under the symbol, BALX.

Bally's plans to use the proceeds from the offerings to fund a portion of the cash consideration payable to shareholders of Gamesys Group plc.

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