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Why Bally's Stock Crapped Out Today

TheMotleyFool

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Investors in casino operator Bally's (NYSE: BALY) are processing a deluge of news from the company today. So far, they don't like what they've heard, as the stock was down as much as 15% before paring that decline. As of 12:15 p.m. EDT, Bally's shares are down about 9.5% on the day.

The new developments were a business update with preliminary first-quarter 2021 results, the acquisition of UK-based online gambling operator Gamesys with an all-cash offer, the purchase of the Tropicana Las Vegas Hotel and Casino, and finally the issuance of $600 million in common stock and $250 million of equity units to pay for proceeds that will be used to help pay for the new spending.

Source Fool.com

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