Bally’s Corp. completes $4.6 billion buyout by Standard General

Bally’s Corporation has completed the proposed $4.6 billion buyout by its largest shareholder, New York-based hedge fund Standard General LP, led by Bally's Chairman Soo Kim. 

The Rhode Island-based casino operator has merged with The Queen Casino & Entertainment Inc. as a result of the takeover. The developments come as Bally's moves forward with a slate of projects, including a new property on the Las Vegas Strip following the implosion of the Tropicana casino hotel.

A total of 22.8 million shares of Bally’s stock was purchased at $18.25 per share, according to a press release. This represented a 71% premium over the company’s 30-day average price per share. Queen shareholders received a cash consideration of 30.5 million shares.

The cash transaction was funded through the issuance of $500 million in senior secured notes due 2028 provided by Apollo-managed funds, as well as Bally’s available cash reserves.

Meanwhile, 17.9 million Bally’s stockholders opted to retain their shares through a rollover election. Post-merger, Bally’s now has 48.4 million outstanding shares, with warrants available to purchase up to 11.6 million shares.

Effective Monday, February 10, 2025, Bally’s stock, which temporarily traded under the “BALY.T” ticker during the transaction period, will revert to its original “BALY” ticker on the New York Stock Exchange.

Following the merger, which added four domestic casino properties to Bally’s portfolio, the company now operates 19 casinos in 11 states, a golf course in New York, and a horse racetrack in Colorado. The combined entity also holds sports betting licenses in 13 U.S. jurisdictions and operates online casino in four states.

Bally’s and casino land-owner Gaming & Leisure Properties Inc. plan to build a casino-hotel on the 35-acre former Tropicana site at Las Vegas Boulevard and Tropicana Avenue. They have also agreed to reserve up to 9 acres for a potential Major League Baseball stadium for the Athletics.

The Athletics have already applied for a land use permit for the proposed $1.75 billion, 33,000-seat ballpark. Construction is expected to start between April and June.