Jones Day advised Bally’s Corporation on the deal.
Bally’s Corporation (NYSE: BALY) and Sinclair Broadcast Group, Inc. (NASDAQ: SBGI) announced that they have entered into agreements for a long-term strategic partnership that combines Bally’s vertically integrated, proprietary sports betting technology and expansive market access footprint with Sinclair’s premier portfolio of local broadcast stations and live regional sports networks (“RSNs”), STIRR, its popular Tennis Channel, and digital and over-the-air television network Stadium. Bally’s and Sinclair will partner to create unrivaled sports gamification content on a national scale, positioning Bally’s as the premier omni-channel gaming company with physical casinos and online sports betting and iGaming solutions united under a single brand. The transaction is expected to position Bally’s to capture a significant share of the fast-growing U.S. sports betting and iGaming market.
Sinclair is a diversified media company and leading provider of local sports and news. The Company owns and/or operates 23 regional sports network brands; owns, operates and/or provides services to 190 television stations in 88 markets; is a leading local news provider in the country; owns multiple national networks; and has TV stations affiliated with all the major broadcast networks.
Bally’s Corporation currently owns and manages 10 casinos across six states, a horse racetrack, and 13 authorized OTB licenses in Colorado. With more than 5,400 employees, the Company’s operations include 11,859 slot machines, 405 game tables and 2,538 hotel rooms.
The Jones Day team was led by Bob Profusek (Picture) and Randi Strudler.
Law Firms: Jones Day;
Clients: Bally’s Corporation;