Benzinga | Oct 4, 2021 01:41PM EDT

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

* Bally's Corp (NYSE: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.