Bally’s Acquires Jumer’s Casino & Hotel to Further Illinois Footprint
Bally’s Corporation recently made another quality purchase in the betting and gambling space market. They recently announced their completed transaction of Jumer’s Casino & Hotel from Delaware North Companies Gaming & Entertainment, Inc.
The talks of this transaction were originally discussed and agreed upon in October of last year when it was made public. Now, the company was able to finally close on the deal with their latest release of market information.
This purchase was around $120 million, which was furnished from their ability to borrow under their revolving line of credit. The terms of the deal, as far as interest or other information regarding the purchase, was not disclosed.
Another Growth Prospect for Bally’s
George Papanier, Bally’s CEO, recently showed his excitement about the transaction. Through his public statements, he claimed that this latest step greatly helps diversify their portfolio.
Illinois has a significantly growing betting and gambling market. This acquisition boosts the company’s ability to grow in this market too.
The closing of this deal could prove to be a massive increase in profit. This is including multiple sports betting and gambling opportunities that will help power their growth.
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Jumer‘s already had a dedicated clientele and steady growth. Now part of the Bally’s family, the company can use their expertise to make this location shine.
Earnings to Increase
Bally’s is looking forward to this transaction and how it could be applied instantly to the earnings on the property’s powerful fiscal year 2019 Adjusted EBITDA. This performance was quite positive since they reopened their doors during the COVID-19 pandemic.
The latest move also enables Bally’s the ability to take hold of lucrative sports betting opportunities by being able to expand its geographic presence. They now have casinos across 10 states with the hunger to continue to grow.
It will be interesting to see how they integrate with the local community and what Jumer’s already had established. Bally’s aims to provide the best opportunities for the already competitive market in Illinois.
There are always uncertainties surrounding the betting market, with rising costs, operations expenses, and other various economic conditions. However, the first year of operation could be a good way to gauge how well they could do in that particular market.
Location Means Everything
Jumer’s can be found at the Quad Cities in Rock Island, Illinois. The location has a massive 40,000 square foot casino floor, which features more than 870 slot machines and 25 table games.
In addition, there is a hotel with 205 rooms, 11 luxury suites, a popular events center, a unique Oculus Sports Bar, an exciting Edje nightclub, and four restaurants to keep guests full. The area does not lack opportunities for guests to relax.
It also helps that Jumer’s is one of the very few upscale casinos in Illinois. There are not a lot of casinos in Illinois, as compared to other markets, so the addition of this one in particular greatly benefits what Bally’s is aiming to accomplish.