Bally announces preliminary results of its modified Dutch auction tender offer

Based on the preliminary count by American Stock Transfer & Trust Company, the depositary for the tender offer, a total of 9,942,039 shares of Bally's common stock were properly tendered and not properly withdrawn at or below the final purchase price of us$ 40 per share, including 3,307,958 shares that were tendered through notice of guaranteed delivery.

In accordance with the terms and conditions of the tender offer, and based on the preliminary count by the depositary, Bally expects to accept for purchase 9,942,039 shares of its common stock at a purchase price of us$ 40 per share, for an aggregate cost of approximately us$ 397.7 million, excluding fees and expenses relating to the tender offer.  The 9,942,039 shares expected to be purchased in the tender offer represent approximately 18.5% of Bally's currently issued and outstanding shares of common stock.

The number of shares to be purchased and the purchase price are preliminary and subject to change.  The preliminary information contained in this press release is subject to confirmation by the depositary and is based on the assumption that all shares tendered through notice of guaranteed delivery will be delivered within the three trading day settlement period.

The final number of shares to be purchased and the final purchase price will be announced following the expiration of the guaranteed delivery period and completion by the depositary of the confirmation process.  Payment for the shares accepted for purchase under the tender offer, and return of all other shares tendered and not purchased, will occur promptly thereafter. 

BofA Merrill Lynch, Mitsubishi UFJ Securities, and Wells Fargo Securities are the dealer managers for the tender offer.  The information agent for the tender offer is Morrow & Co.