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Bally Technologies announces exploration of sale of Rainbow Casino
Bally Technologies has engaged Credit Suisse Securities (USA) to evaluate the potential sale of Rainbow Casino located in Vicksburg.
Miss. Richard Haddrill, CEO, said, “With the positive acceptance of our new slot technology and the growth of our Systems business over the past two years, we believe it is appropriate to fully allocate our capital and management attention to the continued growth of these businesses.
“Consistent with our previous dispositions, we will carefully evaluate the market interest in Rainbow and proceed only if we believe we can obtain an attractive sale price and structure. We value our Rainbow team and believe the property has developed a solid reputation as a highly effective competitor in the Vicksburg market.”
The net proceeds from the sale of Rainbow would be used to reduce a portion of the Company’s long-term debt and would likely result in dilution of the Company’s earnings per share. No assurances can be given that the Company will complete the sale of Rainbow Casino.
Prior to this announcement, Bally Technologies, over a four-year period has acquired a series of gaming technology assets and companies while disposing of several former operating units, including Rail City Casino in Sparks, Nev., the United Coin slot route operation in Nevada, the VSI slot route operation in Louisiana and Bally Wulff in Germany.
