Bally’s Corporation and Greek gaming technology giant Intralot closed their merger yesterday. The deal’s structure is unusual – it’s not a traditional buyout.
Bally’s now controls 58% of Intralot’s shares. But here’s the twist: Intralot simultaneously bought Bally’s International Interactive division for $3.12bn. So both companies got something major out of this.
Robeson Reeves leads Bally’s as CEO. He called it “a milestone transaction” that unlocks liquidity while keeping the company positioned for digital growth. Intralot brings lottery expertise and global reach to the table.
Why This Structure Benefits Bally’s
The casino operator desperately needed cash. They’re sitting on significant secured debt.
Bally’s will use at least $1bn from the deal to pay down that debt. That’s the priority. The company raised $496m through new Intralot shares yesterday, which helped finalize everything.
But it’s not just about debt relief. Bally’s shareholders now own a stake in a larger, globally-scaled operator. The interactive division they sold off? It’s now part of Intralot’s bigger platform. Reeves emphasised this gives shareholders “visibility into the value” of what they’re holding.
The timing matters too. Bally’s reported $657.5m in Q2 revenue – up 5.8% from last year. Not spectacular, but steady.
What Changed Hands in the Transaction
The total valuation hit $3.12bn. Here’s how it breaks down.
Intralot paid $1.7bn directly to Bally’s. The company also transferred a $1.57bn stake in itself to Bally’s. Add those together and you get the full price tag.
Bally’s International Interactive is now Intralot’s property. That division handles online gaming operations outside the US.
The deal was announced this summer. It took months to work through regulatory approvals and financing. Intralot just extended its Montana Lottery partnership for 20 years in August, which probably didn’t hurt the transaction’s appeal.
How This Reshapes Both Companies
Bally’s can focus on its land-based casino business now. The company broke ground on its Chicago casino project last month. That’s moving forward despite New York rejecting its casino bid earlier this year.
The debt reduction changes everything. Less interest payments means more cash for operations and development.
For Intralot, they’re getting proven digital capabilities. Bally’s International Interactive knows online gaming. Combine that with Intralot’s lottery technology platform and you’ve got something powerful.
The merged entity operates across more markets than either did alone. Reeves sees it as “a powerful foundation for expansion over the long term.” Whether that plays out depends on execution.
Bally’s shareholders own a majority stake in a company they didn’t fully control before. That’s the real story here – not an exit, but a restructuring that pays immediate bills while keeping future upside.
