AP Photo/Wayne Parry Colorado and Iowa are the only places you can currently play at Bally Bet sportsbooks, but the brand is going to be expanding soon. To that end, today Bally’s Corporation finalized its $2.7 billion acquisition of Gamesys Group , a leading global iGaming operator based in the UK.
Search results for the former UK operator now pull up, “Gamesys, a Bally’s Corporation Company.” GamesysGroup.com also now touts that the acquired company is positioned for future growth “in an evolving global sector.”
Bally’s has been on a bit of a spending spree, but may slow down after this. In a separate announcement today, it said it is expanding its existing share repurchase authorization to $350 million. The announcement specifically names the Gamesys closing and a “strong balance sheet” as reasons for doing so. It still has the monetary flexibility to buy what it needs in future, and is now looking to enhance long-term shareholder value, according to the announcement . Gamesys CEO to lead combined company
A corporate reorganization accompanied today’s announcement about Gamesys : Gamesys CEO Lee Fenton will now serve as Bally’s CEO.
Bally’s CEO George Papanier will assume the role of President, Retail, for Bally’s land-based casino business, and
Gamesys COO Robeson Reeves will assume the role of President, Interactive.
In other words, the Board of Directors sees Gamesys and the online channel as so important to Bally’s future that they want Fenton to be the one leading the company forward. Papanier will stick to what he knows best, which is the traditional, retail portion of the business.
Fenton said today: “Our business is transforming from being a regional casino operator into an industry leader in retail, sports, media and iGaming, which will see us bringing together a set of assets that gives us a formidable platform for growth as a digital-first leader in global gaming entertainment.” Gamesys is going to help Bally Bet expand into online casino
Bally’s Board Chairman Soohyung Kim told Online Poker Report a few months ago that Gamesys would be integral to Bally Bet’s future and make it a market leader. “This […]
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