Louisiana Gaming Board approves Bally’s, Queen Casino merger

The Louisiana Gaming Control Board has given the green light to the merger between Bally’s Corporation and The Queen Casino & Entertainment, reported The Center Square. The move unites the Bally’s Shreveport Casino & Hotel, The Queen Baton Rouge, and the Belle of Baton Rouge properties under one entity.

The board also granted petitions from the casino operators seeking approval for new institutional investors. Premier Entertainment Shreveport, LLC, which operates Bally's Shreveport Casino & Hotel, along with Louisiana Casino Cruises, LLC (The Queen Baton Rouge) and Catfish Queen, LLC (Belle of Baton Rouge), submitted petitions requesting approval for three entities to qualify as institutional investors.

The approved entities include the University of Chicago, Entrust Special Opportunities Master Fund III, L.P., and Entrust Global Partners, LLC. The University of Chicago will hold a 5.84% stake, Entrust Special Opportunities Master Fund III will have 7.06%, and Entrust Global Partners will control 12.90%.

Louisiana State Police gaming enforcement officer Brian Jefferson confirmed that the approved entities are passive investors with no operational control, decision-making authority, or management responsibilities over Bally’s or its Louisiana licensees following the merger.

Bally’s Corporation shareholders had previously approved the company’s $4.6 billion takeover from Standard General, Bally's largest shareholder, back in November. The move paved the way for the merger with The Queen Casino & Entertainment, a portfolio company majority-owned by Standard General.

Through the merger, the combined company will manage 19 gaming facilities across 11 states and offer a diverse range of digital gaming and sports betting products. Soo Kim, Standard General Managing Partner, said the acquisition offered Bally’s stockholders a significant cash premium and the opportunity to participate in its expanded portfolio’s longer-term growth prospects.