American land-based casino operator Bally’s Corporation has announced the completion of a deal inked in October that has seen it purchase the Jumer’s Casino and Hotel facility in western Illinois for $120 million.
The Providence-headquartered firm used an official Monday press release to detail that the 205-room venue was previously owned by Delaware North Companies Gaming and Entertainment Incorporated but has now changed hands as part of an all-cash agreement to see its estate grow to encompass 16 facilities in 13 American states. The operator also explained that the property located in the ‘Quad Cities’ community of Rock Island comes complete with a 40,000 sq ft casino offering over 870 slots and 25 gaming tables as well as an events center, four restaurants and a nightclub.
Expanding enterprise:
Bally’s Corporation was known as Twin River Worldwide Holdings Incorporated until undergoing a name change late last year and has recently been on something of a buying spree courtesy of deals to acquire United Kingdom-licensed iGaming operator Gamesys Group, daily fantasy sports firm Monkey Knife Fight, online free-play games developer SportCaller and digital technology and services provider Bet.Works Corporation. The Rhode Island company stated that its purchase of Jumer’s Casino and Hotel, which was funded using funds from its revolving credit facility, is expected to be ‘immediately accretive’ to earnings and enable it to ‘capitalize on lucrative sportsbetting opportunities’ in Illinois.
Optimistic outlook:
George Papanier serves as the President and Chief Executive Officer for Bally’s Corporation and he used the press release to proclaim that he is ‘pleased’ to have completed the acquisition of Jumer’s Casino and Hotel and is now looking forward ‘to leveraging our expertise to enhance the property’s operations’. The executive disclosed that his firm, which was already responsible for venues such as the 1,251-room Bally’s Atlantic City in addition to Indiana’s equally-prestigious Tropicana Evansville, will additionally be looking to exploit opportunities created by last summer’s decision to legalize sportsbetting for punters in ‘The Land of Lincoln’ and create a market that chalked up aggregated November handle of $447 million.
Read a statement from Papanier…
“As the latest step in our ongoing portfolio diversification strategy, we are excited to complete our acquisition of Jumer’s Casino and Hotel and enter the rapidly growing Illinois gaming market. The closing provides us with the potential to capitalize on several lucrative sportsbetting opportunities, which we expect will drive revenue and cash flow growth.”
Future forecast:
Opened in December of 2008 at a cost of $151 million, Jumer’s Casino and Hotel is one of ten gambling-friendly venues that are spread across the length and breadth of Illinois. However, this portfolio is soon expected to grow following the signing of legislation in June of 2019 that could see the Midwestern state of slightly over 12.8 million inhabitants license up to six new land-based casinos including an inaugural Las Vegas-style property for the metropolis of Chicago.
