{"id":168479,"date":"2021-03-25T09:29:11","date_gmt":"2021-03-25T16:29:11","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=168479"},"modified":"2021-03-25T10:49:28","modified_gmt":"2021-03-25T17:49:28","slug":"ballys-gamesys-takeover-dubbed-exciting-by-analysts","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-gamesys-takeover-dubbed-exciting-by-analysts\/","title":{"rendered":"Bally’s $2.7 Billion Gamesys Deal Confirmed, Analysts Laud Acquisition"},"content":{"rendered":"

Bally’s Corp. (NYSE:BALY) and Gamesys (OTC:JKTPF) are confirming a $2.7 billion takeover by the casino operator of the British online gaming firm. It marks one of the buyer’s largest acquisitions to date.<\/p>\n

\"Bally's
The Bally’s Atlantic City building towers above Caesars. The operator’s deal for UK-based Gamesys is earning adulation. (Image: News 12 New Jersey<\/em>)<\/figcaption><\/figure>\n

In a regulatory filing with the Securities and Exchange Commission (SEC) on March 23, Bally’s revealed it made an offer for Gamesys<\/a>, saying at the time a deal was reached in principle. Late Wednesday, the UK-based company issued its own filing, endorsing the transaction.<\/p>\n

The Gamesys board and Bally’s board believe that the possible combination has a compelling strategic and financial rationale, would create long-term value for both Gamesys and Bally’s, and would be consistent with Bally’s Gamesys’ respective long-term growth strategies,\u201d said the target in the regulatory document.<\/p><\/blockquote>\n

While Bally’s is one of the most acquisitive<\/a> gaming operators, the bulk of its deals revolve around boosting its US footprint — either with land-based casinos or online sports wagering assets. With Gamesys, the buyer gains entry into the UK’s vibrant iGaming market.<\/p>\n

Analysts Applaud Bally’s Gamesys Buy<\/h2>\n

Bally’s latest purchase is drawing praise from sell-side analysts, with one saying it’s another step in the buyer’s omnichannel ambitions, and another saying it could prove to be one of the acquirer’s most exciting deals to date.<\/p>\n

\u201cWhile the financial merits of the deal are compelling, the strategic logic behind the merger could make this deal BALY\u2019s most exciting endeavor yet,\u201d said Union Gaming analyst John DeCree in a note.<\/strong><\/p>\n

\n

He points out that Gamesys trades at a discount to rivals because it lacks a US footprint and a sports betting platform — two gaps Bally’s fills with ease.<\/a> The analyst says Gamesys will benefit from Bally’s recent acquisition of technology provider Bet.Works and the casino operator’s deal with Sinclair Broadcasting to put the Bally\u2019s brand on 21 regional sports networks (RSNs).<\/p>\n<\/div>\n

\u201cBALY is one of the last major US casino companies with significant market access, making it an ideal partner for GYS looking to scale in the nascent US digital gaming industry,\u201d adds DeCree.<\/p>\n

The analyst lifts his price target on Bally’s stock to $110, implying upside of almost 62 percent from the March 24 close.<\/p>\n

Good Deal for Bally’s<\/h2>\n

Pursuant to UK law, Bally’s has until April 21 to formalize a proposal for Gamesys, but with both companies’ boards endorsing the transaction, bringing the deal across the finish line appears likely.<\/p>\n

Adding to the allure of Gamesys for Bally’s, the buyer is getting free cash flow-generating international operations at a fair price.<\/p>\n

\u201cWith the total purchase price set at ~2.5x 2022E revenues (per Factset), we believe BALY is effectively paying fair price for Gamesys’s international operations, with 100% upside thereafter as BALY leverages the technology and seasoned management team here in the US,\u201d <\/strong>said Stifel analyst Steven Wieczynski in a note.<\/p>\n

The analyst adds the target averages 90 percent-plus free cash flow conversion, giving Bally’s a cash cow to use to fund further expansion in the US.<\/p>\n

He reiterates a \u201cbuy\u201d on Bally’s stock while lifting his price forecast to $75 from $70.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally’s Corp. (NYSE:BALY) and Gamesys (OTC:JKTPF) are confirming a $2.7 billion takeover by the casino operator of the British online gaming firm. It marks one of the buyer’s largest acquisitions to date. In a regulatory filing with the Securities and Exchange Commission (SEC) on March 23, Bally’s revealed it made an offer for Gamesys, saying […]<\/p>\n","protected":false},"author":46,"featured_media":168480,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093],"tags":[],"acf":[],"yoast_head":"\nBally's Gamesys Takeover Dubbed Exciting by Analysts<\/title>\n<meta name=\"description\" content=\"Bally's Gamesys takeover could be the buyer's most thrilling acquisition to date and analysts are praising the move.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-gamesys-takeover-dubbed-exciting-by-analysts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Gamesys Takeover Dubbed Exciting by Analysts\" \/>\n<meta property=\"og:description\" content=\"Bally's Gamesys takeover could be the buyer's most thrilling acquisition to date and analysts are praising the move.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-gamesys-takeover-dubbed-exciting-by-analysts\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-25T16:29:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-03-25T17:49:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/ballys.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-gamesys-takeover-dubbed-exciting-by-analysts\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-gamesys-takeover-dubbed-exciting-by-analysts\/\",\"name\":\"Bally's Gamesys Takeover Dubbed Exciting by Analysts\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-gamesys-takeover-dubbed-exciting-by-analysts\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-gamesys-takeover-dubbed-exciting-by-analysts\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/ballys.jpg\",\"datePublished\":\"2021-03-25T16:29:11+00:00\",\"dateModified\":\"2021-03-25T17:49:28+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Bally's Gamesys takeover could be the buyer's most thrilling acquisition to date and analysts are praising the move.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-gamesys-takeover-dubbed-exciting-by-analysts\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-gamesys-takeover-dubbed-exciting-by-analysts\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-gamesys-takeover-dubbed-exciting-by-analysts\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/ballys.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/03\/ballys.jpg\",\"width\":1920,\"height\":1080,\"caption\":\"Bally's Atlantic City. 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