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Bally's shareholders wage battle over ownership, 'unfunded development projects'
Key investors are fighting back against Bally's Chairman Soo Kim, and his offer to buy the casino company and take it private.
"Moon shot bets on huge, unfunded development projects, failed U.S. online execution, casino resort properties underperforming its regional peers, an overlevered balance sheet with little near-term prospects for de-levering and irresponsible capital allocation decisions have driven the stock and bonds to a point of disinterest from the investing community," the letter reads. Though K&F Growth Capital owns less than 1% of Bally's stock, Fetters and King are well-known venture capitalists in the gaming industry and co-founders of blank check firm Acies Acquisition Corp. with Chris Grove and former MGM Resorts International CEO Jim Murren. Dan Fetters and Edward King, well-known venture capitalists in the gambling industry, blame Bally's stock price and market share decline on Kim's focus on "moon shot" projects.
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