Bally’s Corporation on Friday completed a previously announced transaction with Standard General and its affiliates including the Queen Casino & Entertainment, a regional casino operator majority-owned by funds managed by Standard General.
In November, Bally’s shareholders approved the company’s merger with Queen Casino & Entertainment. In July, Bally’s accepted a $4.6 billion acquisition offer from Standard General, with the hedge fund acquiring the company’s outstanding shares for $18.25 per share.
Bally’s and Queen combined, with Queen shareholders receiving consideration of 30.5 million shares. The company paid cash consideration of $18.25 per share to holders of 22.8 million Bally’s outstanding shares. The cash merger consideration was financed by the issuance of $500 million in senior secured notes due in 2028 provided exclusively by funds managed by Apollo, along with Bally’s available cash on hand and its available funding sources.
Bally’s stockholder’s owning 17.9 million outstanding shares elected to retain their Bally’s stock by means of a rollover election and continue as stockholders. As a result, 48.4 million shares of common stock are outstanding. Warrants representing the right to buy up to 11.6 million shares of Bally’s common stock also remain outstanding.
Shares of Bally’s common stock trading under the BALY.T ticker that remain outstanding will continue trading on the New York Stock Exchange and revert back to the “BALY” ticker beginning on February 10.
Bally’s owns and operates 19 casinos across 11 U.S. states along with a golf course in New York and a horse racetrack in Colorado. The newly acquired Belle of Baton Rouge and Casino Queen Marquette are undergoing landside conversions, both of which are expected to be completed in 2025.
Bally’s also holds online sports betting licenses in 13 jurisdictions in North America and, through its North America Interactive segment, owns Bally Bet, a sports betting platform, and Bally Casino, an icasino platform live in four states. The company also own Bally’s Interactive International division (formerly Gamesys Group), a global interactive gaming operator, and a significant economic stake in Intralot S.A., a global lottery management and services business.
