Bally’s Corporation has added yet more depth to its US land-based gaming footprint, after completing the previously announced acquisition of Jumer’s Casino & Hotel from Delaware North Companies Gaming & Entertainment.
The acquisition provides the group the opportunity to further capitalise on sports betting opportunities, by expanding its geographic footprint into the growing Illinois gaming market.
The purchase price of the transaction, which was first announced before the group rebranded from its previous Twin River Worldwide Holdings moniker, was $120m, which the company funded using available borrowings under its revolving credit facility.
Bally’s expects this transaction to be immediately accretive to earnings based on the property’s strong adjusted EBITDA performance through the 2019 fiscal year, as well as that since reopening during the health pandemic.
Jumer’s is located in the Quad Cities in Rock Island, Illinois, and features a 40,000 square foot casino floor containing more than 870 slot machines and 25 table games, 205-room hotel with 11 luxury suites, events center, Oculus Sports Bar, Edje nightclub, and four restaurants.
George Papanier, president and chief executive officer of Bally’s Corporation, explained: “As the latest step in our ongoing portfolio diversification strategy, we are excited to complete our acquisition of Jumer’s and enter the rapidly growing Illinois gaming market.
“The closing provides Bally’s with the potential to capitalise on several lucrative sports betting opportunities, which we expect will drive revenue and cash flow growth. We are pleased to welcome Jumer’s into the Bally’s family, and look forward to leveraging our expertise to enhance the property’s operations.”
The company has endured a busy few months since its aforementioned rebranding in November 2020, which came after the purchase of the Bally’s brand from Caesars Entertainment in a deal that it’s thought was worth in the region of $20m.
The acquisition spree that followed included deals to purchase the $125m Bet.Works, $25m Bally’s Atlantic City Hotel & Casino, Monkey Knife Fight in an all-stock transaction, SportCaller, and Tropicana Las Vegas, as well as agreement of terms on a $2bn Gamesys Group business combination.
However, this itself excludes a number of other alliances struck during that time alongside the likes of Sinclair Broadcast Group, MLB, NBA and more; and completion of a $155m transaction to gain the MontBleu Resort Casino and Spa and Eldorado Resort and Casino Shreveport.
The post Bally’s enters Illinois via Jumer’s Casino completion appeared first on CasinoBeats.