Bowlero Corp. Formerly Known as Lucky Strike Acquires Property Portfolio for $306 Million

Lucky Strike Entertainment Corp. acquired a property portfolio for $306 million. The company operates location-based entertainment platforms with over 360 locations across North America, including bowling, amusement parks, and water parks. Lucky Strike also owns the Professional Bowlers Association and operates other entertainment concepts such as Octane Raceway and Raging Waves water park.

Lucky Strike Entertainment (NYSE: LUCK), a leading operator of location-based entertainment, has made a significant stride in its long-term growth strategy by acquiring the real estate underlying 58 locations for $306 million. The acquisition, announced on July 10, 2025, transforms the company's cost structure by reducing annual rent obligations and unlocking financial and operational flexibility [1].

Lucky Strike currently operates each of the 58 locations and will continue to do so post-transaction. These high-traffic properties, previously leased, generated approximately $80 million in annualized EBITDAR against $21 million in rent obligations, subject to 15% escalations every five years. By transitioning to ownership, Lucky Strike captures immediate value, eliminates future lease inflation risk, and strengthens control over strategic assets in key markets [1].

The acquisition was financed through a $230 million bridge facility, availability under Lucky Strike’s revolving credit line, and cash on hand. The transaction is expected to be deleveraging and demonstrates a disciplined capital deployment strategy with a focus on high-ROI outcomes that increase optionality [1].

Spanning 16 states, the 58-property portfolio includes prime locations in California, Illinois, Georgia, Arizona, and Colorado—markets where Lucky Strike has a demonstrated track record of operational excellence and strong customer demand. Transitioning to full ownership of these properties enables Lucky Strike to further optimize its earnings base on a granular, market-by-market basis, while providing a foundation for long-term strategic growth and enhanced capital allocation [1].

Lucky Strike Entertainment operates over 360 locations across North America, providing experiential offerings in bowling, amusement parks, and water parks. The company also owns the Professional Bowlers Association, the major league of bowling, and a growing media property with millions of fans around the globe. Additionally, Lucky Strike operates other entertainment concepts such as Octane Raceway and Raging Waves water park [2].

This transaction reflects Lucky Strike’s continued momentum, strong balance sheet, and commitment to creating enduring value for its shareholders. The acquisition is immediately accretive to earnings and cash flow, positioning the company to continue reinvesting in its most profitable venues and initiatives [1].

References:
[1] https://markets.ft.com/data/announce/detail?dockey=600-202507101615BIZWIRE_USPRX____20250710_BW328033-1
[2] https://www.businesswire.com/news/home/20250710328033/en/Lucky-Strike-Entertainment-Unlocks-Long-Term-Value-with-%24306-Million-Acquisition-of-Real-Estate-at-58-Existing-Locations