Bally’s Corp. has agreed to be bought out by its largest shareholder — a deal that could shore up the casino company’s fiscal outlook as it looks to build a new resort on the site of the Tropicana Las Vegas that will adjoin the future home of the Oakland Athletics on the Las Vegas Strip.

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Standard General, a New York hedge fund that owns 23 percent of Bally’s, will acquire the company’s outstanding shares for $18.25 per share — a 71 percent premium to the company’s average stock price during the past month. The transaction announced Thursday valued Bally’s at $4.6 billion.

Bally’s Chairman Soo Kim, who is also the chairman of Standard General and has made several buyout offers for Bally’s in the past two years, told The Nevada Independent in an email that the agreement was “an affirmation by the large shareholders of Bally’s that our future is bright and we are optimistic.”