{"id":1265,"date":"2024-11-01T22:00:14","date_gmt":"2024-11-01T23:00:14","guid":{"rendered":"http:\/\/buckinghamshire-removals.co.uk\/?p=1265"},"modified":"2024-11-14T14:20:46","modified_gmt":"2024-11-14T14:20:46","slug":"ballys-selling-asia-digital-gaming-operations","status":"publish","type":"post","link":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/2024\/11\/01\/ballys-selling-asia-digital-gaming-operations\/","title":{"rendered":"Bally\u2019s Selling Asia Digital Gaming Operations"},"content":{"rendered":"

Bally\u2019s (NYSE: BALY) said it is selling its Asian interactive gaming business, which also operates in other markets, to a group comprised of executives from the to-be-divested entity.<\/p>\n

\"bally's\"
Bally’s on the Atlantic City Boardwalk. The company is selling its Asian interactive unit. (Image: Press of Atlantic City<\/em>)<\/figcaption><\/figure>\n

Financial terms of the transaction weren\u2019t disclosed, but Bally\u2019s noted the sale will be \u201cneutral\u201d to its earnings before interest, taxes, depreciation, and amortization (EBITDA). The regional casino operator announced the deal in a Form 8-K filing<\/a> with the Securities and Exchange Commission (SEC) earlier today.<\/p>\n

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The financial impact of the transaction is not expected to be material to Adjusted EBITDA or free cash flow of the Company,\u201d said Bally\u2019s in the regulatory document. \u201cGoing forward, the financial statements of the Company will only reflect licensing and royalty revenues received from the Buyer, which are expected to be lower than revenues under the current accounting treatment, but the profitability margins associated with those licensing revenues are expected to be higher as is customary in the gaming industry for IP license business models. The expected modest decline in Adjusted EBITDA and free cash flow resulting from the transaction are expected to be mitigated by cost actions to simplify Bally\u2019s organizational structure and other cost reductions.\u201d<\/p>\n<\/blockquote>\n

The seller added the divestment of its Asian digital operations will allow it direct focus and resources to comparable operations in Europe and North America.<\/p>\n

Bally\u2019s Was Previously Bullish on Asia<\/h2>\n

When examining Bally\u2019s online gaming business, the UK segment stands out as the clear leader with the aforementioned Asia unit being a laggard relative to the UK and North America.<\/p>\n

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Following the company\u2019s second-quarter earnings report in August, CEO Robeson Reeves<\/a> highlighted strength in the UK digital operations while acknowledging some issues in Asia, but he was optimistic a turnaround in Asia was possible.<\/p>\n<\/div>\n

\u201cOutside the UK, our business in Asia was challenged in the quarter as we continue to work through several logistical and operational hurdles which directly impacted players,\u201d he said on a conference call with analysts. \u201cWe believe the Asian Interactive market remains an attractive opportunity and we will continue to work to manage and grow our position in this important region.\u201d<\/strong><\/p>\n

Rhode Island-based Bally\u2019s delivers third-quarter results on Wednesday, Nov. 6. It\u2019s possible that at that time, the company will provide more color on the Asia sale.<\/p>\n

Asia Sale Could Help Renew Focus<\/h2>\n

Standard General — the hedge fund that\u2019s Bally\u2019s largest shareholder — is in the process of acquiring<\/a> the casino operator. It\u2019s not clear if the buyer prompted the sale of the Asian interactive business, but with that combination looming, now would be an opportune time to shed underperforming assets.<\/p>\n

Additionally, the sale of the Asian business could pave the way for the seller to focus on important land-based projects, including construction of its permanent casino hotel in Chicago and a new integrated resort at the former site of the Tropicana on the Las Vegas Strip.<\/strong><\/p>\n

The post Bally\u2019s Selling Asia Digital Gaming Operations<\/a> appeared first on Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bally\u2019s (NYSE: BALY) said it is selling its Asian interactive gaming business, which also operates in other markets, to a group comprised of executives from the to-be-divested entity. Bally’s on the Atlantic City Boardwalk. The company is selling its Asian interactive unit. (Image: Press of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1265"}],"collection":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=1265"}],"version-history":[{"count":1,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1265\/revisions"}],"predecessor-version":[{"id":1266,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/1265\/revisions\/1266"}],"wp:attachment":[{"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=1265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=1265"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/buckinghamshire-removals.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=1265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}