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PROVIDENCE, R.I. - Bally’s Corporation (NYSE:BALY) announced Friday the completion of its first Community Investment Program for the Bally’s Chicago casino and resort project, attracting nearly 1,800 shareholders. The company, currently trading at $9.40, has seen its stock decline over 57% in the past year, according to InvestingPro data.
The initiative, which allows non-accredited local residents to invest in and share ownership of the Chicago development, secured participation from 1,007 Chicago residents and 1,573 Illinois-based shareholders.
This program represents the first of several planned investment rounds for Bally’s Chicago, Inc., according to the company’s statement. A registration statement for the offering became effective with the Securities and Exchange Commission on August 12.
The Bally’s Chicago Casino Resort project includes plans for a 500-room hotel tower, 3,500 slots and table games, and various dining options including a rooftop restaurant and bar. The development will also feature a rooftop pool, spa, fitness center, and a 3,000-seat theater, along with public amenities such as a two-acre park and a 2,000-foot riverwalk.
Bally’s currently operates a temporary casino at Chicago’s Medinah Temple while the permanent facility is under development.
The company owns and manages 19 casinos across 11 U.S. states, a golf course in New York, and a horse racetrack in Colorado. Bally’s recently expanded internationally with the acquisition of Aspers Casino in Newcastle, UK.
The information in this article is based on a press release issued by Bally’s Corporation.
In other recent news, Bally’s Corporation has entered into a definitive agreement to sell its international interactive unit to Intralot S.A., a publicly listed company in Greece. The transaction values the business at approximately €2.7 billion, with Bally’s set to receive €1.53 billion in cash and 873,707,073 newly issued ordinary shares of Intralot. Upon completion, Bally’s is expected to become the majority shareholder of Intralot. Stifel has maintained a Hold rating on Bally’s stock, adjusting its price target to $10 from $12 after Bally’s reported a 3% miss on second-quarter adjusted EBITDAR. The company’s Casinos & Resorts segment has missed expectations for the seventh time in eight quarters, despite slightly higher revenues. The deal with Intralot is anticipated to close in the fourth quarter of 2025. Intralot has secured commitments for debt financing up to €1.6 billion and plans a share capital increase of up to €400 million to finance the acquisition.
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