Intel surges more than 8% after chipmaker’s profits top expectations
PROVIDENCE, R.I. - Bally’s Corporation (NYSE:BALY), currently valued at $678 million in market capitalization, announced Thursday the completion of its International Interactive business sale to Intralot S.A. (ATSE:INLOT) in a transaction valuing the unit at €2.7 billion.
The deal provides Bally’s with €1.530 billion in cash and newly issued Intralot shares valued at €1.136 billion. Combined with its previous holdings, Bally’s now owns 58% of Intralot, becoming the majority shareholder of the Greek gaming company. According to InvestingPro data, this transaction comes at a crucial time as Bally’s operates with a significant debt burden, with a debt-to-equity ratio of 9.1.
The transaction creates what the companies describe as a global iGaming and lottery operator with projected annual revenue of approximately €1.1 billion and EBITDA margins exceeding 39%. Bally’s current annual revenue stands at $2.46 billion, with EBITDA of $300 million for the last twelve months.
Bally’s plans to use at least $1 billion of the after-tax proceeds to reduce its secured debt, including outstanding revolver balances. The company also intends to allocate a minimum of $200 million to fund the development of its Chicago casino project. InvestingPro analysis reveals the company’s current ratio of 0.49, indicating potential liquidity challenges that this transaction could help address. For deeper insights into Bally’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
"This is a milestone transaction for Bally’s. We have unlocked significant liquidity in a key asset while establishing an even stronger platform for digital growth," said Robeson Reeves, CEO of Bally’s, according to the press release statement. This strategic move comes as InvestingPro data shows the company has been quickly burning through cash, with analysts revising earnings expectations downward for the upcoming period.
The combined entity will maintain Bally’s International Interactive’s leadership and technology infrastructure while leveraging Intralot’s lottery expertise. Intralot is now one of the largest listed companies on the Athens Stock Exchange.
The transaction follows Intralot’s successful €429 million issuance of new ordinary shares announced on October 8, which the companies reported was oversubscribed.
Bally’s Corporation currently owns and operates 19 casinos across 11 U.S. states, along with gaming properties in the UK. Intralot operates in 40 regulated jurisdictions worldwide with approximately 1,700 employees as of March 2025.
In other recent news, Gaming and Leisure Properties announced its acquisition of the real estate assets of Sunland Park Racetrack & Casino for approximately $184 million. Truist Securities reaffirmed its Buy rating for the company, maintaining a price target of $60.00, with the transaction expected to close this month. Meanwhile, Bally’s Corporation has secured additional commitments to its revolving credit facility, increasing it to $510 million with a new maturity date in October 2028. The company also received unanimous consent from lenders for a proposed $735 million sale and leaseback of Twin River Lincoln Casino Resort to Gaming and Leisure Properties. Bally’s has amended its credit agreement to increase its senior secured revolving credit facility by $50 million, now due in 2028. Plans were also unveiled for a new entertainment resort destination on the Las Vegas Strip at the former Tropicana site, featuring luxury hotels, a casino, and entertainment venues. However, Bally’s still requires consent from holders of approximately $630 million in term loans to proceed with the sale-leaseback transaction.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.