Bally’s Corporation adds Illinois as its 12th state
Operator completes acquisition of Jumer’s Casino Hotel for $120m.
Bally’s Corporation on Tuesday said it has completed the previously announced acquisition of Jumer’s Casino and Hotel from Delaware North Companies Gaming and Entertainment, Inc.
The total purchase price was $120m, which Bally’s reported it funded using available borrowings under its revolving credit facility.
Jumer’s (pictured) is located in the Quad Cities in Rock Island, Illinois. It features a 40,000-square-foot casino floor containing more than 870 slot machines and 25 table games, a 205-room hotel with 11 luxury suites, an events center, the Oculus Sports Bar, the Edje nightclub and four restaurants.
Bally’s said in a statement it expects the acquisition of Jumer’s to be immediately accretive to earnings based on the property’s strong fiscal year 2019 adjusted EBITDA, and its performance since reopening from Covid-19 restrictions.
George Papanier, president and CEO of Bally’s Corporation, said the acquisition also provides Bally’s the opportunity to capitalize on what he described as lucrative sports betting opportunities by further expanding the company’s geographic footprint into Illinois.
“As the latest step in our ongoing portfolio diversification strategy, we are excited to complete our acquisition of Jumer’s and enter the rapidly growing Illinois gaming market,” Papanier said. “The closing provides Bally’s with the potential to capitalize on several lucrative sports betting opportunities, which we expect will drive revenue and cash flow growth. We are pleased to welcome Jumer’s into the Bally’s family, and look forward to leveraging our expertise to enhance the property’s operations.”
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