Gaming software provider Scientific Games has announced the completion of its takeover of Las Vegas-based slots developer Bally Technologies this week.
The deal is worth an approximate $5.1 billion, equal to £3.25 billion or €4.1 billion, and completion was confirmed after Scientific Games revealed that the move had been given approval by the Nevada gaming regulators and the deal had also received backing from Bally Technologies shareholders. The completion of the deal will put an end to speculation that surfaced last month suggesting that the takeover could be on the rocks due to a lack of funding.
As part of the deal, Scientific Games will re-finance an estimated $1.8 billion of Bally Technologies debt and will also look to restructure the hierarchy of the company with three new appointments leading the gaming, interactive, and lottery divisions.
It is expected that Derik Mooberry will take on the role of Group Chief Executive for Gaming, Jordan Levin will now act as the President of the Interactive Division, and James Kennedy will take on the position as Group Chief Executive for Lottery.
President and CEO of Scientific Games Gavin Isaacs said “Completing the Bally transaction brings together two exceptional organisations with a common culture of innovation and customer focus.”
Isaacs added “We are excited by the opportunities that will be created by combining each organisation’s core strengths in developing engaging gaming entertainment products, advanced technologies and systems, and providing value-added services to help our customers grow their revenues.”
Bally Technologies has established itself as one of the leading slots developers in the world with recent slots releases making their transition to the online platform from land-based casinos such as the Egyptian-themed Pharaoh’s Dream slot and the Arctic Circle tundra-themed Wild Huskies slot.
Scientific Games adds Bally Technologies to its ever-growing list of subsidiary developers that already includes the prolific WMS Gaming. WMS Gaming has been a mainstay in the slots industry for a number of years with its biggest slots titles including the 6 reel behemoth Raging Rhino slot and the timeless Greek mythology-themed classic Zeus III slot.