Bally's proposal will require Allied to terminate the $78.3m agreement with Element Partners
Global Esports company, Allied Esports Entertainment, has disclosed that US casino operator, Bally’s Corporation, has submitted a proposal to acquire the rights to The World Poker Tour for $100m in cash, stock or both.
Allied had previously agreed to sell its poker-related business, including the World Poker Tour, for $78.3m to Element Partners. Under The Bally’s proposal, Allied would be required to terminate the deal agreed in January to sell Allied’s poker business.
Allied Esports Entertainment said,
“The company’s Board of Directors, consistent with its duties and the company’s obligations under its existing agreement with Element, will evaluate Bally’s proposal in due course. The company and Element continue to discuss potential updates to the current terms of their agreement.”
The company further stated, “There can be no assurance that the company will enter into a definitive agreement with Bally’s or consummate any transaction with Bally’s,”.
The Allied board continues to recommend Element’s offer.
World Poker Tour (WPT) is the premier name in internationally televised gaming and entertainment with brand presence in land-based tournaments, television, online, and mobile. Leading innovation in the sport of poker since 2002.
Bally’s Corporation currently owns and manages about a dozen properties and recently acquired a few more. The casinos are located in 11 states across America and employ more than 5,900 people.
Some of the most recognisable names in the Bally’s portfolio are the Hard Rock Hotel & Casino in Mississippi, Dover Downs Hotel & Casino in Delaware, and the Golden Gates Casino & Poker Parlour in Colorado.
According to Bally’s most recent financial filing for the full year of 2020, it showed an increase of 51.4% in net income, amounting to $20.2M, despite the adverse impacts of the pandemic.
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