Bally’s Corporation Completes Acquisition of Jumer’s Casino & Hotel
Bally’s Corporation (Bally’s), has announced that it has completed the previously announced acquisition of Jumer’s Casino & Hotel (“Jumer’s”) from Delaware North Companies Gaming & Entertainment, Inc. The total purchase price was $120m (£85m/€99m), which the Company funded using available borrowings under its revolving credit facility.
George Papanier, President and Chief Executive Officer of Bally’s Corporation, said, “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 capitalize 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.”
Bally’s expects this transaction to be immediately accretive to earnings based on the property’s strong fiscal year 2019 Adjusted EBITDA and performance since reopening during the COVID-19 pandemic. The acquisition also provides Bally’s the opportunity to capitalize on lucrative sports betting opportunities by further expanding its geographic footprint into the growing Illinois gaming market.