Allied Esports Receives Purchase Offer From Bally'S Corporation

Allied Esports Entertainment, Inc. announced that it had received an offer of purchase from the owners of the Bally'S Corporation casinos.

Bally's has offered to buy out all remaining shares in parent company Allied Esports for a total of $ 100 million. If Allied agrees, the company will be forced to cancel the previously announced sale of the World Poker Tour to investment group Element Partners.

In January, Allied Esports announced that it had agreed to sell its poker business and assets to Element for a total of $ 78.25 million. The original plan was to sell the World Poker Tour and explore options for developing its esports business under a new name.

The deal is expected to close around March 30, 2021, pending shareholder approval. According to a press release, the company's board of directors continues to recommend shareholders to approve the Element deal.

Allied Esports Entertainment, Inc. stressed that there is no guarantee that she will enter into any deal with Bally's. This offer will be available for public viewing on the Securities and Exchange Commission (SEC) website.

Bally's Corporation owns and operates 10 casinos and a racetrack in the United States, and also holds 13 OTB official licenses in Colorado. Company Interest in Acquisition of Allied Esports Continues to Underline Growing Interest in Esports Gambling