Bally's Forms Special Committee To Evaluate Preliminary, Non-Binding Acquisition Proposal By Standard General

PROVIDENCE, R.I., Feb. 3, 2022 /PRNewswire/ -- The board of directors of Bally's Corporation (NYSE: BALY) today announced that it has formed a special committee of independent and disinterested directors that is authorized, among other things, to evaluate the preliminary, non-binding proposal, dated January 25, 2022, by Standard General to acquire all of the outstanding shares of Bally's that it does not already own for $38.00 in cash per share, as well as any potential strategic alternatives to the proposal.

A copy of the proposal letter from Standard General is available as an exhibit to Standard General's statement of beneficial ownership on Schedule 13D/A as publicly filed with the Securities and Exchange Commission.

There can be no assurance that any definitive offer will be made or accepted, that any agreement will be executed or that any transaction will be consummated.

About Bally's Corporation

Bally's Corporation is a global casino-entertainment company with a growing omni-channel presence of Online Sports Betting and iGaming offerings. It currently owns and manages 14 casinos across 10 states, a horse racetrack in Colorado and has access to OSB licenses in 16 states. It also owns Gamesys Group, a leading, global, online gaming operator, Bally Interactive, a first-in-class sports betting platform, Monkey Knife Fight, the fastest growing daily fantasy sports site in North America, SportCaller, a leading, global B2B free-to-play game provider, and Telescope Inc., a leading provider of real-time fan engagement solutions.

With approximately 10,000 employees, the Company's casino operations include more than 15,800 slot machines, 500 table games and 5,300 hotel rooms. Upon closing the previously announced Tropicana Las Vegas (NV) transaction, as well as completing the construction of a land-based casino near the Nittany Mall in State College, PA, Bally's will own and manage 16 casinos across 11 states. Its shares trade on the New York Stock Exchange under the ticker symbol "BALY".

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "intend," "plan" and "will" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by BALY in this press release, its reports filed with the Securities and Exchange Commission (the "SEC") and other public statements made from time-to-time speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for BALY to predict or identify all such events or how they may affect it. BALY has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to those included in BALY's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by BALY with the SEC. These statements constitute the Company's cautionary statements under the Private Securities Litigation Reform Act of 1995.

Investor Contact

Robert Lavan
Senior Vice President – Finance and Investor Relations
401-475-8564
[email protected]

Media Contact

Richard Goldman / David Gill
Kekst CNC
646-847-6102 / 917-842-5384
[email protected]

SOURCE Bally's Corporation