Listen to Episode 1 Of Deviate To Win, The New Podcast From Jason Ader, Featuring The Chairman Of Bally's

Deviate To Win is an interview series featuring executives and investors who have won in business by taking chances and doing things a little bit differently. The podcast is hosted by Jason Ader, founder and CEO of SpringOwl Asset Management, and is produced by Benzinga. 

On the first episode of Deviate To Win, SpringOwl Asset Management Founder and CEO Jason Ader spoke with Soo Kim, the chairman of Bally's Corp BALY and founding partner of the hedge fund Standard General. 

Background On Bally’s And Standard General

Standard General has initiated massive changes since taking a stake in the casino—then known as Twin River—in 2016, and has since become its largest shareholder. In 2019, Kim was named chairman of the board. 

That same year, the company completed a reverse merger with Dover Downs Gaming & Entertainment, which took the company public. In 2020, the company went on a shopping spree. 

First, they paid $51 million for three Colorado casinos from Affinity Gaming. This was followed by acquisitions in New Jersey, Louisiana, Nevada, Missouri, Mississippi, and Illinois. In October, the company paid $20 million to buy the Bally’s trademark from Cesear’s Entertainment and rebranded all its properties under the Bally brand. 

In November, Bally’s paid $125 million for Bet.Works, a U.S. sports betting platform, which the company said will enable it to scale its online sports betting offerings. 

Bally also reached a naming rights deal with Sinclair Broadcast Group SGBI, and in April the company’s regional sports networks were rebranded as “Bally Sports.”

In the episode, Kim discusses what led to those transactions, and how each of them fit into the long-term vision for Bally’s. 

“We wanted to be the first gaming company that essentially disruptiveness ourselves, essentially willing to put our casinos on the line so that we can embrace an online future because we felt that in the end, the online future was was was bright and ultimately it didn't harm the physical casinos, but was this amazing compliment that added a lot of growth to it,” he said. 

Among the other topics discussed:

• How regional sports networks helps Bally’s acquire more customers (8:10)
• How Bally’s is thinking about esports (21:12)
• Kim’s business role models (29:10)

Listen to the full episode below. Don’t forget to rate and review to help others find it! 

Jason’s book, “Deviate To Win: Insights From A Turnaround Investor” can be purchased on Amazon here. 

DISCLAIMER

This podcast is meant to be used for informational purposes only and not investment advice. Hosts and guests may maintain positions in securities discussed. All opinions on Deviate To Win are the opinions of the host and guest, and do not represent those of SpringOwl Asset Management. Deviate To Win is produced by Benzinga.