Allied Esports Entertainment Board Determines Bally’s Corporation Proposal Is Superior to Element Stock Purchase Agreement

Allied Esports Entertainment, Inc. (NASDAQ: AESE) (the “Company”), a global esports entertainment company, today announced that the Company’s Board of Directors, in consultation with its financial and legal advisors, has determined that a proposal from Bally’s Corporation (“Bally’s”) constitutes a “Superior Proposal” under the Company’s pending stock purchase agreement with Element Partners, LLC (“Element”). Under the terms of Bally’s proposal, Bally’s would acquire all of the equity interests of Club Services, Inc. (“CSI”), an indirect wholly-owned subsidiary of the Company that directly or indirectly owns the Company’s poker-related business and assets, including the entities comprising the World Poker Tour (“World Poker Tour,” or “WPT”), for consideration totaling $105 million in cash at the closing.

The Company notified Element that it intends to terminate their stock purchase agreement unless, prior to 5:00 p.m. Pacific Time on March 29, 2021, the Company and Element negotiate an amendment to their pending stock purchase agreement such that the Bally’s proposal no longer constitutes a Superior Proposal.

Prior to making its determination regarding Bally’s proposal, the Company received a proposal from Bally’s to sell the outstanding capital stock of CSI for $100 million, and Bally’s increased its proposed purchase price to $105 million after discussions with the Company.

There can be no assurance that the Company will enter into a definitive agreement with Bally’s or consummate any transaction with Bally’s.

About World Poker Tour

World Poker Tour (WPT) is the premier name in internationally televised gaming and entertainment with brand presence in land-based tournaments, television, online, and mobile. Leading innovation in the sport of poker since 2002, WPT ignited the global poker boom with the creation of a unique television show based on a series of high-stakes poker tournaments. WPT has broadcast globally in more than 150 countries and territories, and is currently producing its 18th season, which airs on FOX Sports Regional Networks in the United States. Season XVIII of WPT is sponsored by ClubWPT.com. ClubWPT.com is a unique online membership site that offers inside access to the WPT, as well as a sweepstakes-based poker club available in 43 states and territories across the United States, Australia, Canada, France and the United Kingdom. WPT also participates in strategic brand license, partnership, and sponsorship opportunities. For more information, go to WPT.com. WPT Enterprises Inc. is a subsidiary of Allied Esports Entertainment, Inc.