SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): June 8, 1995
Commission file number 1-7244
BALLY ENTERTAINMENT CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 36-2512405
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
8700 West Bryn Mawr Avenue, Chicago, Illinois 60631
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (312) 399-1300
<PAGE>
BALLY ENTERTAINMENT CORPORATION
FORM 8-K
Current Report
Item 5. Other Events
On June 8, 1995, the Registrant issued the press release attached
hereto as Exhibit 99, which press release is incorporated herein by reference.
Item 7. Financial Statements and Exhibits
c. Exhibits
99 News Release of Registrant dated June 8, 1995.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on its behalf
by the undersigned, hereunto duly authorized.
BALLY ENTERTAINMENT CORPORATION
-------------------------------
Registrant
/s/ Lee S. Hillman
Date: June 12, 1995 ---------------------------------------
Lee S. Hillman
Executive Vice President, Chief
Financial Officer and Treasurer
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EXHIBIT 99
FROM: BALLY ENTERTAINMENT CORPORATION
8700 West Bryn Mawr Avenue
Chicago, IL 60631
MWW/Strategic Communications, Inc.
Public Relations - Tel. (201) 507/9500
Contact: Michael W. Kempner / Rob Kulat
____________________________________________________________________
FOR IMMEDIATE RELEASE
BALLY ENTERTAINMENT CORPORATION COMMENCES EXCHANGE OFFER FOR 6%
CONVERTIBLE SUBORDINATED DEBENTURES DUE 1998
Chicago, June 8, 1995 -- Bally Entertainment Corporation
(NYSE:BLY) today announced it had mailed to holders of its 6%
Convertible Subordinated Debentures due 1998 an offer to exchange
those 6% Convertible Debentures for a new issue of 8% Convertible
Senior Subordinated Debentures due 2000. Presently, $15,390,000
aggregate principal amount of the 6% Convertible Debentures are
outstanding.
Under the terms of the exchange offer, each $1,000
principal amount of the 6% Convertible Debentures may be exchanged
for $1,000 principal amount of the new 8% Convertible Debentures.
The 8% Convertible Debentures will be convertible into common stock
of Bally at a price of $13.00 per share unless the Average Closing
Price (as defined) of Bally's common stock equals or exceeds $11-1/8
prior to consummation of the exchange offer, in which case the
conversion price will be 118% of such Average Closing Price. The
conversion price for the 6% Convertible Debentures is currently
$28.99 per share. The conversion price for both the 6% Convertible
Debentures and the 8% Convertible Debentures is subject to
adjustment following consummation of Bally's previously announced
spin-off of its fitness center business.
Holders of the 6% Convertible Debentures who tender in the
exchange offer will be deemed to consent to certain waivers and an
amendment of the terms of the indenture under which the 6%
Convertible Debentures were issued, which are intended to permit the
consummation of the spin-off.
The exchange offer will expire on 5:00 p.m. on July 6,
1995. Copies of the Offering Circular and Consent Solicitation and
related transmittal materials for the exchange offer may be obtained
from MacKenzie Partners, Inc., Information Agent for the exchange
offer, by calling Jeannie Carr at (212) 929-5500 (collect) or (800)
322-2885 (toll free).
Bally Entertainment Corporation is one of the world's
foremost operators of casinos and casino hotel resorts. The company
owns and operates three world-class casino hotel resorts in Atlantic
City and Las Vegas, it expects to open its riverboat casino in New
Orleans, Louisiana by late June 1995, and plans to reopen its
dockside casino at its new location in Mississippi in the summer of
1995.
Bally, through its subsidiary, Bally's Health & Tennis, is
also the world's largest commercial operator of fitness centers with
approximately 340 facilities in the U.S. and Canada.
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