Bally’s is on a trajectory to become one of the most competitive industry players as it now brings the Gamesys acquisition to the finish line.
Bally’s Closes Gamesys Chapter
On Monday, Bally‘s announced that all the regulatory and shareholder obligations had been completed, and with this, the acquisition of Gamesys into Bally’s can be considered finalized.
At the end of the first quarter of 2021, both companies announced their intention to merge. Since then, both markets and industry analysts have welcomed the deal. The move is also part of an effective strategy by Bally’s to further improve and diversify its portfolio of services.
A New Beginning for Bally’s
The new company will benefit from Bally’s base of casinos and hotels and Gamesys’s digital platform and database to foster various gaming experiences, including real-money gaming options in Online Sports Betting and iGaming.
As a result, Bally’s will be capable of operating with a wide variety of omnichannel cross-sell opportunities, combining land-based gaming, online sports betting, iCasino, poker, bingo, daily fantasy sports, and free to play games.
The already ongoing partnership with Sinclair Broadcast Group will additionally bolster the company’s offering and put Bally’s on a trajectory to become one of the most competitive players in North American sports and entertainment.
The deal was due to be completed by the end of the fourth quarter, and its total value was estimated at $2.69 billion. Bally’s agreed to pay $25.77 per Gamesys share; from 8:00 AM on October 4, the shares of Gamesys were delisted from NYSE.
The markets welcomed the news and so far, Bally’s shares have seen an increase from $53.09 on Friday to $53.19 on Tuesday, with a brief spike to $54.89 on Monday.
Changes at the Top
After the merger, there have been several vital rotations at the top of Bally’s. First, Lee Fenton will be appointed to the position of CEO. Secondly, the former COO of Gamesys, Robeson Reeves, will assume the role of president. Both Reeves and Fenton will join Jim Ryan, Gamesys’ non-executive director, and serve on Bally’s Board of Directors. Finally, the former Bally’s chief executive George Papanier will take the position of president.
In the official announcement, Soo Kim, the chairman of Bally’s Board of Directors, said, “Bally’s acquisition of Gamesys transforms our company into the premier omnichannel gaming company. We welcome the 1,800 members of the Gamesys team to the Bally family, and we welcome your strong technology capabilities and your proven international business acumen. We cannot wait to see what we can accomplish together in the US and beyond.”