Bally’s Corporation and Standard General Finalize Multi-Billion Dollar Merger
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Bally’s Corporation has successfully finalized its extensive merger with Standard General, a hedge fund that stands as the company’s largest shareholder. The merger, which commenced with a detailed evaluation process in mid-2024, swiftly progressed with strong support from Bally’s shareholders.
Standard General and Bally’s Finalize Multi-Billion Dollar Merger
Through the execution of this deal, Standard General acquired 22.8 million shares of Bally’s, offering $18.25 per share at that juncture. This significant transaction is not the sole noteworthy event in the evolving relationship between the two entities. The Queen Casino and Entertainment (QCE) has also merged with Bally’s.
Owned by Standard General, the merger with QCE is anticipated to unlock new avenues for both companies to explore a more dynamic business model. QCE shareholders received a consideration of 30.5 million shares, while Bally’s shareholders opted to retain their existing shares.
In an announcement shared through Business Wire, the company expressed: ‘The cash merger consideration was supported by the issuance of $500 million in senior secured notes due in 2028, exclusively provided by funds managed by Apollo, alongside Bally’s available resources and funding options.’
The newly formed merged entity is expected to capitalize on enhanced synergies and broaden its presence in both land-based sectors and iGaming, amidst a period of significant commercial expansion in the industry. As a consequence of this merger, Bally’s now owns and operates 19 casinos across 11 states.
The latest additions to this land-based portfolio include:
- Belle of Baton Rouge
- Casino Queen Marquette
Both of which are currently undergoing renovations and are slated for reopening sometime in 2025.