Bally’s Corporation, the worldwide casino-entertainment company that operates 19 casinos, has officially completed the sale of its international interactive division to Intralot S.A., combining the business with Intralot’s global lottery and gaming operations.
Liquidity Growth and Faster Global Expansion
The deal, originally announced through a binding agreement signed this summer, values Bally’s International Interactive at around EUR 2.7 billion ($3.12 billion) and gives Bally’s a significant boost in liquidity while setting up the combined company for faster global growth.
With the transaction finalized, Bally’s becomes the majority shareholder of Intralot with a 58% stake. The company will continue to have an active role in guiding Intralot’s strategy and expansion. The acquisition included EUR 1.53 billion ($1.77 billion) in cash paid to Bally’s and EUR 1.136 billion ($1.31 billion) in new Intralot shares issued to the company, totaling about 874 million shares at EUR 1.30 ($1.50) per share.
Intralot’s fresh EUR 429 million ($496 million) share offering, announced on October 8, oversubscribed several times as it attracted strong demand from institutional and retail investors alike. This translates to a strong vote of confidence in the newly combined business, which currently ranks as one of the largest publicly traded companies on the Athens Stock Exchange.
Milestone Transaction
The merger creates a major player in the global gaming and lottery market, with annual revenue expected to reach roughly EUR 1.1 billion ($1.27 billion) and profit margins above 39%.
The company plans to leverage its scale, data-driven technology, and broad mix of B2G, B2B, and B2C operations to expand its reach further. Bally’s International Interactive will maintain its leadership and digital infrastructure, which includes its Vitruvian data platform that will be included in Intralot’s lottery network and tap into a global market projected to hit EUR 200 billion ($231 billion) in the next four years.
Bally’s plans to use at least $1 billion of the cash proceeds to reduce its secured debt, including revolving credit balances. Alongside the expected sale and leaseback of the Twin River Lincoln Casino Resort, which would free up an additional $500 million for debt reduction, the company is taking clear steps to strengthen its balance sheet.
The remaining funds will support Bally’s ongoing projects, including at least $200 million for the development of its Chicago casino, now moving forward in partnership with Gaming and Leisure Properties under a $940 million agreement.“This is a milestone transaction for Bally’s,” said chief executive officer Robeson Reeves, who added that, by unlocking “significant liquidity in a key asset” and “establishing an even stronger platform for digital growth”, shareholders should enjoy more visibility into the value of their interactive division as part of a globally scaled operator.