Bally's Completes Gamesys Acquisition; Boosts Share Repurchase To $350M

Bally's Corp BALY Board of Directors has increased its existing share repurchase authorization to $350 million of outstanding shares of common stock.
The company made this move given the closing of the Gamesys acquisition and its new $4.065 billion debt package.
Bally's also completed its previously announced combination with Gamesys Group plc, a UK-based online gaming operator.
With the transaction closing, former Gamesys CEO Lee Fenton will now serve as Bally's CEO.
Additionally, former Bally's CEO George Papanier will assume the role of President, Retail, for Bally's land-based casino business. Former Gamesys COO Robeson Reeves will take the role of President, Interactive.
Further, Fenton, Reeves, and Jim Ryan have been appointed to serve on Bally's Board.
Price Action: BALY shares are trading higher by 0.24% at $53.21 on the last check Monday.