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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 8-K
_______________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 8, 2025
________________________
BALLY'S CORPORATION

Delaware
001-38850
20-0904604
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
100 Westminster Street
Providence RI 02903
(Address of Principal Executive Offices and Zip Code)
________________________
(401) 475-8474
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12 (b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common stock, $0.01 par value BALY New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).    □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐




Item 2.01    Completion of Acquisition or Disposition of Assets.

On October 8, 2025, the previously announced acquisition by Intralot S.A. (“Intralot”) of the “Bally’s International Interactive” business (the “Acquisition”) pursuant to that certain Transaction Agreement, dated as of July 18, 2025 (the “Transaction Agreement”), between Bally’s Corporation (the “Company”) and Intralot successfully closed. As a result, the “Bally’s International Interactive” business has now been acquired by Intralot in exchange for consideration comprised of (subject to certain customary agreed adjustments for net debt, working capital and transaction expenses) €1.53 billion in cash and €1.136 billion in newly issued Intralot shares (873,707,073 shares at an implied value of €1.30 per share). With the completion of the transaction, the Company has become the majority shareholder of Intralot, with ownership of 1,081,241,951 (or approximately 58%) of the outstanding shares.

Item 7.01        Regulation FD Disclosure.

On October 9, 2025, the Company issued a press release announcing the closing of the Acquisition. A copy of the press release is filed as Exhibit 99.1 and incorporated by reference into this Item 7.01.

The information contained in Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and will not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or under the Exchange Act, except as otherwise expressly stated in such filing.

Cautionary Statement Concerning Forward-Looking Statements

Certain of the matters discussed in this Form 8-K and Exhibit 99.1 constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by the Company in this report or otherwise filed with the Securities and Exchange Commission (“SEC”) speak only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for the Company to predict or identify all such events or how they may affect it. The Company has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to those included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q filed with the SEC thereafter and other reports filed by the Company with the SEC.

Item 9.01        Financial Statements and Exhibits.

(a)    Financial Statements of Business or Funds Acquired.

If required, the Company intends to file financial statements required by this Item 9.01(a) under the cover of an amendment to this Form 8-K no later than 71 calendar days after the date on which this Form 8-K was required to be filed.

(b)    Pro Forma Financial Information.

If required, the Company intends to file the pro forma financial information that is required by this Item 9.01(b) under the cover of an amendment to this Form 8-K no later than 71 days after the date on which this Form 8-K was required to be filed.

(d) Exhibits.

The following exhibits are filed with this Current Report on Form 8-K:

Exhibit No. Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BALLY'S CORPORATION
By: /s/ Kim M. Barker
Name: Kim M. Barker
Title: Chief Legal Officer

Date: October 9, 2025



EX-99.1 2 ex991-pressrelease_1092025.htm EX-99.1 Document
Exhibit 99.1
imagea.jpg
Bally’s Corporation and Intralot S.A. Complete Intralot’s Acquisition of Bally’s International Interactive Business for €2.7 Billion

Transaction Creates Global iGaming and Lottery Leader and Delivers
Significant Liquidity to Bally’s Including €1.530 Billion of Cash and Valuable Intralot Equity Stake

Bally’s Now Owns 58% of Intralot S.A. as its Majority Shareholder

October 9, 2025 - Bally’s Corporation (NYSE: BALY) (“Bally’s”) announced today that Intralot S.A. (ATSE: INLOT) (“Intralot”), has completed the acquisition of Bally’s International Interactive business (“Bally’s International Interactive”) and combined it with Intralot’s global lottery and gaming operations. The transaction, values Bally’s International Interactive at an enterprise value of €2.7 billion and unlocks significant liquidity for Bally’s while positioning Bally’s International Interactive for continued and accelerated global growth.

The acquisition consideration comprised:
•€1.530 billion of cash paid by Intralot, and
•€1.136 billion of newly issued shares to Bally’s in new Intralot (873,707,073 shares, at an implied value of €1.30 per share)
•When combined with Bally’s prior ownership of 207,534,878 shares, the transaction results in Bally’s holding a 58% equity interest in Intralot

The successful €429 million issue of new ordinary shares in Intralot was announced on October 8, 2025, with strong institutional and retail investor demand resulting in the offering being oversubscribed multiple times.

Intralot is now a global iGaming and lottery champion with enhanced scale, diversification, and a highly complementary product offering across B2G, B2B and B2C channels. Intralot is one of the largest listed companies on the Athens Stock Exchange, and the combined entity is expected to generate approximately €1.1 billion in annual revenue with industry-leading EBITDA margins in excess of 39%, driven by operational synergies, cross-market opportunities, and continued data-driven innovation. This strategic alignment is expected to unlock significant cross-selling opportunities and drive growth and long-term value creation.

As part of Intralot, Bally’s International Interactive will retain its leadership, technology stack, and proven digital capabilities. The combination of Bally’s’ proven digital experience and Vitruvian data platform with Intralot’s scale and lottery infrastructure creates a powerful foundation for long-term expansion to capitalise on an addressable market estimated to reach €200 billion globally by 2029.




Bally’s intends to allocate at least $1.0 billion of the cash after-tax proceeds from the transaction for the reduction of its secured debt, including outstanding revolver balances. Combined with the contemplated sale and leaseback of Bally’s’ Twin River Lincoln Casino Resort - which includes the application of $500 million to reduce secured debt and credit facilities - Bally’s will substantially reduce debt. The transaction also allows Bally’s to maintain ample liquidity, including its recently announced increased $670 million revolver, to pursue the Company’s strategic growth development initiatives. In this regard, Bally’s also expects to allocate a minimum of $200 million of cash to fund the development of its Chicago casino as construction accelerates in conjunction with the $940 million commitment under its agreement with Gaming and Leisure Properties.

On the completion of the acquisition, Robeson Reeves, CEO of Bally’s, commented: “This is a milestone transaction for Bally’s. We have unlocked significant liquidity in a key asset while establishing an even stronger platform for digital growth. Our shareholders now have visibility into the value of our interactive division as part of a larger, globally scaled operator. Intralot’s lottery expertise and reach, combined with Bally’s International Interactive’s proven digital capabilities, creates a powerful foundation for expansion over the long term.”

[ENDS]

About Bally’s Corporation

Bally’s Corporation is a global casino-entertainment company with a growing omni-channel presence. Bally’s owns and operates 19 casinos across 11 states, along with a golf course in New York and a horse racetrack in Colorado, and holds OSB licenses in 13 jurisdictions in North America. The acquisition of Aspers Casino in Newcastle, UK, expands its international reach. It also owns Bally Bet, a first-in-class sports betting platform, Bally Casino, a growing iCasino platform, Bally’s International Interactive division (formerly Gamesys Group), a leading global interactive gaming operator, and a significant economic stake in Intralot, a global lottery management and services business. With 11,500 employees, its casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. Bally’s also has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas.

About Intralot S.A.

Intralot, a publicly listed company established in 1992, is a leading gaming solutions supplier and operator active in 40 regulated jurisdictions worldwide. With a global workforce of approximately 1,700 employees in March 2025, Intralot is committed to redefine innovation and quality of services in the lottery and gaming sector, while supporting operators in raising funds for good causes. Uniquely positioned to deliver state-of-the-art technology across geographies, the company has developed an advanced ecosystem that serves all verticals enabling the digital transformation of gaming operators and offering players an unparalleled gaming experience. Intralot has been awarded the prestigious Responsible Gaming Framework certification by the World Lottery Association and is certified under the WLA Security Control Standard.

Investor Contact Media Contact
Vladimira Mircheva Joseph Jaffoni
Chief Financial Officer JCIR
401-475-8564 212-835-8500
ir@ballys.com baly@jcir.com