Bally’s exec Soo Kim explains Tropicana rationale

In a conference call, Bally’s executive Soo Kim has gone into detail over the company’s recent strategy and acquisitions.

Tropicana

Recently, Bally’s Corporation announced strong preliminary numbers for the first quarter of 2021, also revealing it had reached agreements to acquire casino properties in different states.

The company showcased a 41% increase in consolidated revenue for Q1 2021, raising the total to more than $185m. It equally experienced a 56% rise in EBITDA to more than $50m.

Bally’s reached an agreement with Gaming and Leisure Properties, Inc. to acquire the Tropicana Hotel and Casino in Las Vegas in a transaction valued at approximately $308 million. As part of the transaction, the parties also entered into a sale leaseback transaction regarding Bally’s Black Hawk, CO, and Rock Island, IL, casino properties for a cash purchase price of $150 million, payable by GLPI.

During a conference call, Kim said Bally's was able to get “quite an important property in an efficient manner."

According to Kim, for Bally's to have ambitions to grow nationally in the US, having a Las Vegas presence is very important for the operator.

Kim also mentioned that the Las Vegas casino will not be redeveloped by Bally's until next year.

Bally’s could continue adding more to its brand as the company plans a $2.8bn acquisition of UK-based Gamseys.

Kim has said this is “an opportunity that might not come again in the future."


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