A strategic move spinning out from Bally’s merger with Standard General after a $4.6bn July buyout has seen the Rhode Island gaming giant announce that it is pulling its interactive business out of Asia and “certain other international markets.”
boost its capital and resources in core North American and European markets
Bally’s published its divestment via an SEC filing on October 31. According to the filing, Bally’s Asia-international arm will be acquired by a new company created by Bally’s management. The move builds on Bally’s strategic ownership and management pivot to boost its capital and resources in core North American and European markets.
According to Bally’s, the deal will require the firm to place some of its intellectual property into trust, with “a five-year licensing deal for the buyer.”
Bally’s, however, expects only minimal returns on its adjusted EBITDA and free cash flow from the divestment.
