Bally’s Weakened by Acquisition-Related Leveraging

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On December 4, 2020, S&P Global Ratings lowered its issuer credit rating on Bally's Corporation (f/k/a win River Worldwide Holdings, Inc.) to B from B+. The downgrade reflects expectation for lease-adjusted leverage to be above the 5.5x revised downgrade threshold in 2021. The ratings agency expects lease-adjusted leverage to increase to the high-5x area in 2021, following the announcement of a number of transactions which S&P Global considers leveraging, including the acquisition of the gaming operations of Tropicana Evansville for $140 million, the sale of the real estate assets of Dover Downs and the acquisition of Bet.Works for $125 million.

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