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10/26/2006
BALLY TECHNOLOGIES ANNOUNCES EXPLORATION OF SALE OF RAINBOW CASINO
LAS VEGAS, Oct. 26, 2006 — Bally Technologies, Inc. (NYSE: BYI) announced today that it has engaged Credit Suisse Securities (USA) LLC 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.
With a history dating back to 1932, Las Vegas-based Bally Technologies designs, manufactures, operates and distributes advanced gaming devices, systems and technology solutions worldwide. Bally’s product line includes reel-spinning slot machines, video slots, wide-area progressives and Class II, lottery and central determination games and platforms. As the world’s No. 1 gaming systems company, Bally also offers an array of casino management, slot accounting, bonusing, cashless and table management solutions. The Company also owns and operates Rainbow Casino in Vicksburg, Miss. Additional information on the Company can be found at www.BallyTech.com.
This news release may contain “forward-looking” statements within the meaning of the Securities Act of 1933, as amended, and is subject to the safe harbor created thereby. Such information involves important risks and uncertainties that could significantly affect the results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements. Future operating results may be adversely affected as a result of a number of risks that are detailed from time to time in the Company’s filings with the Securities and Exchange Commission.
– BALLY TECHNOLOGIES –
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.
With a history dating back to 1932, Las Vegas-based Bally Technologies designs, manufactures, operates and distributes advanced gaming devices, systems and technology solutions worldwide. Bally’s product line includes reel-spinning slot machines, video slots, wide-area progressives and Class II, lottery and central determination games and platforms. As the world’s No. 1 gaming systems company, Bally also offers an array of casino management, slot accounting, bonusing, cashless and table management solutions. The Company also owns and operates Rainbow Casino in Vicksburg, Miss. Additional information on the Company can be found at www.BallyTech.com.
This news release may contain “forward-looking” statements within the meaning of the Securities Act of 1933, as amended, and is subject to the safe harbor created thereby. Such information involves important risks and uncertainties that could significantly affect the results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements. Future operating results may be adversely affected as a result of a number of risks that are detailed from time to time in the Company’s filings with the Securities and Exchange Commission.
– BALLY TECHNOLOGIES –