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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 27, 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
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Exhibit Index on Page 2
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BALLY ENTERTAINMENT CORPORATION
FORM 8-K
Current Report
Item 5. Other Events
On June 27 and June 28, 1995, the Registrant issued the press
releases attached hereto as Exhibits 99.1 and 99.2, respectively, which press
releases are incorporated herein by reference.
Item 7. Financial Statements and Exhibits
c. Exhibits
99.1 News Release of Registrant dated June 27, 1995
99.2 News Release of Registrant dated June 28, 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
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Registrant
/s/ Lee S. Hillman
Date: June 29, 1995
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Lee S. Hillman
Executive Vice President, Chief
Financial Officer and Treasurer
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EXHIBIT 99.1
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
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FOR IMMEDIATE RELEASE
BALLY'S HEALTH & TENNIS CORPORATION COMPLETES $150 MILLION PRIVATE PLACEMENT OF
ASSET-BACKED SECURITIES TO FURTHER SPIN-OFF PLANS
Chicago, IL, June 27, 1995 -- Bally Entertainment Corporation
(NYSE:BLY) announced that its fitness center subsidiary, Bally's Health &
Tennis Corporation completed through its subsidiary, a $150 million private
placement of asset-backed securities. The primary use of proceeds was to repay
amounts outstanding under Bally's Health & Tennis' bank credit facility, which
was replaced with a new $30 million letter of credit and revolving working
capital facility.
"This financing arrangement improves the capital structure of
Bally's Health & Tennis and represents a significant step towards completion of
our announced plan to spin-off this business," commented Arthur M. Goldberg,
Chairman, CEO and President of Bally Entertainment Corporation.
This transaction was structured and solely placed by Chemical
Securities Inc. The securities are rated "BBB+" by Standard & Poor's Rating
Group, Fitch Investors Service, L.P. and Duff & Phelps Credit Rating Company.
The securities were issued and sold in a private placement under
an exemption from the registration requirements of the Securities Act of 1933,
as amended. This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities.
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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, and
expects to open its riverboat casino in New Orleans, Louisiana within the next
couple of weeks, and plans to reopen its dockside casino at its new location in
Mississippi in late summer of 1995.
Bally, through Bally's Health & Tennis Corporation and its
subsidiary, Bally Total Fitness, 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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EXHIBIT 99.2
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/Laurie Terry
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FOR IMMEDIATE RELEASE
BALLY ENTERTAINMENT CORPORATION ANNOUNCES CONVERSION PRICE FOR 8% CONVERTIBLE
SENIOR SUBORDINATED DEBENTURES DUE DECEMBER 15, 2000
Chicago, June 28, 1995 -- Bally Entertainment Corporation
(NYSE:BLY) today announced that the 8% Convertible Senior Subordinated
Debentures due 2000 being offered by the Company in an exchange offer for its
6% Convertible Subordinated Debentures due 1998 will be convertible at any time
prior to maturity (unless previously redeemed) into shares of common stock of
the Company, par value $.66 2/3 per share (the "Common Stock") at a conversion
price of $13.85 per share. This conversion price per share represents 118% of
the average reported closing sales price of the Common Stock on the NYSE during
the ten trading days ended on June 27, 1995.
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, and
expects to open its riverboat casino in New Orleans, Louisiana, within the next
couple of weeks, and plans to reopen its dockside casino at its new location in
Mississippi in late summer of 1995.
Bally, through Bally's Health & Tennis Corporation and its
subsidiary, Bally Total Fitness, 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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