Bally’s Corporation has completed its acquisition of Jumer’s Casino & Hotel in Illinois from Delaware North Companies Gaming & Entertainment for $120m.
The deal was originally struck in October by Twin River Worldwide Holdings, prior to the operator acquiring the Bally’s brand and rebranding as Bally’s Corporation.
Located in Rock Island, Illinois, Jumer’s features a 40,000sq ft casino floor with more than 870 slot machines and 25 table games, as well as a 205-room hotel with 11 luxury suites, an events center, sports bar, nightclub and four restaurants.
Bally’s said that it expects the deal to be immediately accretive to earnings, based on the property’s adjusted earnings before interest, tax, depreciation and amortization in its 2019 fiscal year 2019 and performance since reopening during the novel coronavirus (Covid-19) pandemic.
In addition, Bally’s said the acquisition also provides it with the opportunity to capitalize on sports betting opportunities by further expanding its geographic footprint into the Illinois gaming market.
“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,” Bally’s president and chief executive George 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.”