Ballys Corp
For the period ended Dec 31, 2023. Filed Mar 15, 2024.
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FY2023 · Filed Mar 15, 2024
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Property and Equipment
- PROPERTY AND EQUIPMENT
As of December 31, 2023 and 2022, property and equipment, net was comprised of the following:
| December 31, | ||
|---|---|---|
| (in thousands) | 2023 | 2022 |
| Land | $238,997 | $259,378 |
| Land improvements | 162,211 | 31,197 |
| Building and improvements | 673,071 | 752,964 |
| Equipment | 264,398 | 246,340 |
| Furniture and fixtures | 68,746 | 63,753 |
| Construction in process | 73,810 | 116,181 |
| Total property, plant and equipment | 1,481,233 | 1,469,813 |
| Less: Accumulated depreciation(1) | (306,345) | (267,711) |
| Property and equipment, net | $1,174,888 | $1,202,102 |
(1) Depreciation expenses on property and equipment for the years ended December 31, 2023, 2022 and 2021 was $118.7 million, $71.7 million and $53.7 million, respectively.
Bally’s Chicago
A wholly-owned indirect subsidiary of the Company, Bally’s Chicago Operating Company, LLC entered into a Lease Termination and Short Term License Agreement with Chicago Tribune Company, LLC (“Tribune”), effective March 31, 2023, which, among other things, provides that the Company will have possession of 777 West Chicago Avenue, Chicago, Illinois 60610 (the “Permanent Chicago Site”) on or before July 5, 2024, subject to $150 million in payments by the Company to Tribune payable in full upon Tribune vacating the site on or prior to July 5, 2024 (the “Payment”). $10 million of the Payment was paid upon execution of the Lease Termination and Short Term License Agreement and $90 million of the Payment was paid during the third quarter of 2023. The balance Payment amount of $50 million is secured by cash-collateralized letters of credit, issued by Citizens Bank. Cash collaterals are reported as restricted cash as of December 31, 2023.
The Company recorded the present value of the remaining payments of $47.7 million within “Accrued liabilities” with an offsetting increase to “Property and equipment, net” within the consolidated balance sheets as of December 31, 2023.
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