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As disclosed in this report, the Company did not appropriately design a control to monitor the functional currency assessment of its subsidiaries in accordance with ASC Topic 830, Foreign Currency Matters , specifically with regard to foreign currency held by a newly formed subsidiary to effectuate a large international acquisition.
−Removed: This error related to the quarter ended September 30, 2021 and year ended December 31, 2021 and indicated that certain deficiencies existed in our internal control over financial reporting.
−Removed: As a result of the accounting error, the Company has re-evaluated the effectiveness of the Company’s internal control over financial reporting and identified material weaknesses in the Company’s internal control over financial reporting as of March 31, 2022.
+Added: This error related to the current financial reporting period and indicated that certain deficiencies existed in our internal control over financial reporting.
+Added: As a result of the accounting error, the Company has re-evaluated the effectiveness of the Company’s internal control over financial reporting and identified material weaknesses in the Company’s internal control over financial reporting as of September 30, 2021.
The material weaknesses are:
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(i) designing controls that would address relevant risks identified through the assessment of changes in the business and (ii) operation at a level of precision to identify all potentially material errors.
−Removed: For further discussion regarding the accounting error and the correction of such error in the Company’s condensed consolidated financial statements, see Note 22 “Correction of Current Period Consolidated Financial Statements” included in Part I, Item 1 in the Form 10-K/A for the fiscal year ended December 31, 2021, which is being filed concurrently with this Form 10-Q/A.
+Added: For further discussion regarding the accounting error and the correction of such error in the Company’s condensed consolidated financial statements, see Note 19 “Correction of Unaudited Interim Condensed Consolidated Financial Statements” included in Part I Item 1 of this Form 10Q/A.
A material weakness is defined as a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.
If not remediated, the material weaknesses identified above could result in material misstatements in our consolidated financial statements.
−Removed: BALLY’S CORPORATION
−Removed: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
EXHIBIT INDEX
−Removed: 10.1 Amended and Restated Regulatory Agreement, dated February 17, 2022, by and among the Rhode Island Department of Business Regulation, the Division of Lotteries of the Rhode Island Department of Revenue, Bally’s Corporation, Twin River Management Group, Inc., UTGR, Inc.
−Removed: and Twin River-Tiverton, LLC (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No.
−Removed: 001-38850) filed February 24, 2022)
−Removed: 10.2 Eighth Amendment to UTGR Master Video Lottery Terminal Contract, dated February 17, 2022, by and between the Division of Lotteries of the Rhode Island Department of Revenue and UTGR, Inc.
−Removed: (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No.
−Removed: 001-38850) filed February 24, 2022)
−Removed: 10.3 Eighth Amendment to TRT Master Video Lottery Terminal Contract, dated February 17, 2022, by and between the Division of Lotteries of the Rhode Island Department of Revenue and Twin River-Tiverton, LLC (incorporated by reference to Exhibit 10.3 to the Company’s Form 8-K (File No.
−Removed: 001-38850) filed February 24, 2022)
−Removed: 10.4 Separation Agreement and Release, dated March 11, 2022 by and between Bally’s Corporation and Stephen Capp (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K (File No.
−Removed: 001-38850) filed March 14, 2022)
−Removed: 10.5 Employment Agreement, dated March 11, 2022, by and between Bally’s Corporation and Robert Lavan (incorporated by reference to Exhibit 10.2 to the Company’s Form 8-K (File No.
−Removed: 001-38850) filed March 14, 2022)
+Added: 3.1 Fifth amended and restated certificate of incorporation (incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q (File No.
+Added: 001-38850) filed on November 9, 2021)
+Added: 4.1 Indenture, dated August 20, 2021, among Premier Entertainment Sub, LLC, Premier Entertainment Finance Corp.
+Added: Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No.
+Added: 001-38850) filed August 20, 2021)
31.1* Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
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101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document
−Removed: 104 The cover page from Bally’s Corporation’s Quarterly report on Form 10-Q for the quarter ended March 31, 2022, formatted in inline XBRL contained in Exhibit 101
+Added: 104 The cover page from Bally's Corporation's Quarterly report on Form 10-Q for the quarter ended September 30, 2021, formatted in inline XBRL contained in Exhibit 101
______________________________________________
* Filed herewith.
−Removed: BALLY’S CORPORATION
−Removed: NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
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 thereunto duly authorized, on November 9, 2022.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.