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Bally's Close to Making a Huge Las Vegas Strip Deal

·3 min read
Bally's Close to Making a Huge Las Vegas Strip Deal

In early August, Bally's Corp. stock tumbled after the casino operator cut its 2022 revenue and EBITDA estimates due to weakness at its venue in Atlantic City. "Given commentary around the guidance cut, we expect the miss on margins reflects difficulties improving profitability at Bally's Atlantic City," Stifel analyst Jeffrey Stantial said in a recent note, according to Casino.org. Bally's hopes to close its $308 million purchase of the Tropicana as soon as next month, though the company doesn't have plans to upgrade the property for at least a year.