Evoke Shareholders Approve Bally’s Commercial Deal amid Liquidity Concerns
Investors endorse the strategic partnership with Bally’s Corporation, securing valuable capital injection to manage ongoing balance sheet pressures.
Evoke shareholders have overwhelmingly backed Bally’s Intralot’s proposed acquisition of the group’s William Hill and 888 businesses, removing a key obstacle to the transaction despite growing concerns surrounding the buyer’s financial position.
At a court meeting on Monday, 99.91% of scheme shares voted in favour of the deal, representing approximately 268.2 million shares. Just 236,504 shares were voted against.
A separate special resolution required to implement the transaction was also approved, securing 99.63% support. Around 268.4 million shares backed the resolution, while fewer than one million opposed it.
The votes supporting the scheme represented 59.55% of Evoke’s total issued share capital.
The transaction is now expected to complete during the fourth quarter of 2026 or the first quarter of 2027.
Bally’s Raises Going Concern Concerns
The shareholder approval came on the same day Bally’s Corporation revealed liquidity and debt covenant concerns in its delayed second-quarter results, causing its shares to fall by almost 30%.
Bally’s reported second-quarter revenue of $792.2m, representing a 20% year-on-year increase. Total segment Adjusted EBITDAR also rose from $173.2m to $187.5m.
However, the company said it is seeking additional financing through potential asset sales, equity and new debt. Bally’s warned that without further funding, it expects to fall below required liquidity levels and could breach its leverage covenant within the next 12 months.
The company said these circumstances create “substantial doubt about the Company's ability to continue as a going concern”.
Bally’s also faces significant capital requirements elsewhere in its operations. Around $400m remains to be spent against its minimum $1.34bn commitment for a permanent Chicago casino, with construction having been slowed last week.
The company has also signed a non-binding term sheet for a pre-construction loan connected to its proposed $4bn Bronx casino project, alongside a letter of intent with a potential equity investor.
Evoke Had Already Highlighted Deal Uncertainty
Evoke had previously raised concerns about the transaction. Less than a week before the shareholder vote, the online betting and casino group identified two “material uncertainties” relating to its ability to continue as a going concern in its first-half 2026 results.
The first relates directly to the proposed acquisition, with Evoke’s directors stating that they have limited visibility over Bally’s Intralot’s “ability and intentions to operate the group under its ownership”.
The second concerns the possibility of the deal failing to complete. In that scenario, Evoke said it would need to achieve a “sustainable and materially improved level of profitability and cash generation” in order to refinance its debt, describing this as a “significant execution challenge”.
Evoke currently carries around £1.84bn, or approximately $2.44bn, in borrowings. Net leverage increased from 5.2x at the end of 2025 to 5.6x as of 30 June 2026.
The group had £105.6m in cash and approximately £150m in total liquidity at the end of the period.
Despite the challenges, Evoke’s directors said they have a “reasonable expectation” that the company can continue operating through to September 2027.
