Slot and system manufacturer Bally Technologies was busy last month.
The company announced it has amended its existing credit facility and entered into a new, four-year $75 million revolving credit facility led by Bank of America Securities LLC and Wells Fargo Securities LLC.
“We are extremely pleased with the amendment of our existing credit facility and the new $75 million revolver, which brings our total undrawn revolver capacity to $150 million,” said Bally Chief Financial Officer Robert C. Caller. “As a result of our strong and continually improving credit profile, we obtained a 50 basis point reduction in the LIBOR spread on our term loan and the revolving credit facilities, as well as increased flexibility in terms of our allowable leverage ratio, and increases in our restricted payments and acquisition baskets. With these revolving credit facilities, cash on hand, expected net proceeds from the sale of the Rainbow Casino, and cash flows generated from our ongoing operations, we have the liquidity to grow our business, consider appropriate acquisitions, and fund anticipated share repurchases.”
In other Bally news, the company has named Suzo-Happ Group North America as its exclusive distributor for the new Illinois video lottery market. Under the terms of the agreement, Suzo-Happ will promote, sell, service and maintain Bally’s gaming devices for the state’s new video lottery program, enacted last July.
The new program permits up to five video lottery terminals in licensed bars, taverns, restaurants, truck stops and certain other venues that offer on-premise alcohol consumption, and requires that the devices be sold through a distributor. More than 21,000 Illinois restaurants and bars serve liquor.
And finally, Turning Stone Resort & Casino in Central New York’s Mohawk Valley has added 200 new machines to its gaming floor, with 27 different options from Bally Technologies of Las Vegas, boosting the number of games to more than 160.
The new games include Forest Wild, Glacier Wild, Grizzly Wild and River Wild. Installation of the machines should be completed by the first week in May, casino officials announced last month.
Turning Stone, operated by the Oneida Indian Nation, has 2,315 gaming machines, 89 table games, a 32-table poker room and a 1,400-seat high stakes bingo hall.