Bally's Corportation completes sale lease-back of Bally's Kansas City and Bally's Shreveport

(PRESS RELEASE) -- Bally’s Corporation announced that it has completed the previously announced sale lease-back of certain real property interests underlying Bally's Kansas City and Bally's Shreveport to Gaming and Leisure Properties, Inc. in a transaction valued at $395 million in the aggregate, inclusive of $7 million in LP units and $388 million in cash. The sale lease-back consideration includes approximately $56 million reimbursement of prior capital expenditures at the properties, with the balance as gross sale proceeds. Bally’s will use the proceeds from the sale lease-back transaction to pay down amounts drawn against its $620 million revolving credit facility, of which $350 million was drawn as of September 30, 2024, with the balance to be allocated for capital expenditures and general corporate purposes.

The leases for Bally’s Kansas City and Bally’s Shreveport have been added to a new Master Lease that is cross-defaulted with Bally's existing Master Lease with GLPI. Initial cash rent for MLA#2 is $32.2 million on an annual basis, including customary annual escalators.

Marcus Glover, Executive Vice President and Chief Financial Officer of Bally’s, commented, “We are pleased to complete this transaction as it further solidifies Bally’s financial position and enhances Bally’s strong strategic partnership with GLPI. The proceeds from the monetization of the real estate underlying our Kansas City and Shreveport properties provide us with additional liquidity and flexibility to deploy capital towards our permanent casino project in Chicago and other exciting growth opportunities.”