The final seal of approval
Bally’s Corporation has completed its purchase of Jumer’s Casino & Hotel in Illinois. The casino company announced the finalization of the acquisition on Monday, buying the property for $120m from Delaware North Companies Gaming & Entertainment, Inc. Bally’s funded the purchase through borrowings from its revolving credit facility.
40,000 square foot casino floor that contains over 870 slot machines and 25 table games
Bally’s Corporation, formerly Twin River Worldwide Holdings, initially announced the acquisition back in October 2020. Jumer’s is in Rock Island, Illinois and has a 40,000 square foot casino floor that contains over 870 slot machines and 25 table games. There is also a hotel with 205 rooms, a nightclub, four restaurants, a sports bar, and an event center.
A rapidly growing market
Bally’s expects immediate growth in earnings following this purchase, based on the property’s performance since getting back to business following the COVID-19 pandemic closures. Bally’s also plans to leverage this property for sports betting purposes as it looks to gain a foothold in the Illinois market.
Speaking about the finalization of the deal was Bally’s Corporation chief executive and president George Papanier. He spoke about how the purchase was the latest step in its ongoing strategy to diversify its portfolio and will mark its first entry into the “rapidly growing” Illinois gaming market. He also said: “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.”
The Illinois Gaming Board voted unanimously in favor of transferring the ownership of Jumer’s over to Bally’s last week. The operator also got approved for a master sports wagering license. It still needs additional approval before opening a retail sportsbook at the property. Jumer’s Casino was also able to return to operating at 100% capacity last Friday for the first time since the onset of the COVID-19 pandemic.
Expanding across the United States
Bally’s has been busy expanding its reach across the United States over the past couple of years. Currently, it is the owner and operator of 14 casinos in ten states. It is also in the process of finalizing its purchase of the Tropicana Las Vegas and is building a casino in Pennsylvania. Bally’s has a racetrack and 13 off-track betting licenses in Colorado.
The company also owns the Bet.Works sports betting platform, a daily fantasy sports offering, and a free-to-play game provider. Finally, Bally’s is in the process of launching its online sports betting offering across the country through the Bally Bet brand. The company already has market access in a number of states and is up and running in Colorado.