Bally’s Merged Into Standard General

Bally’s Merged Into Standard General

Bally’s Corporation stock will be bought out by the Standard General hedge fund. The merger agreement values the gambling company at $4.6 billion.

Standard General had an initial offer of $38 per share rebuffed in 2022. It countered with a $15 offer in March. The final deal pegged the stock at $18.25.

Bally’s will be merged with Standard General’s The Queen Casino & Entertainment, which owns and operates casinos in Illinois, Iowa, and Louisiana.

Standard General was already Bally’s largest shareholder at 35%. Bally’s Chairman Soo Kim also heads Standard General.

Said Kim: “The transaction provides Bally’s stockholders with a significant cash premium along with certainty of value for their investment or, if they elect to retain their shares, the opportunity to participate in the longer-term growth prospects of our expanded portfolio and significant development pipeline.”

 “After a detailed consideration by the Special Committee, with the assistance of our outside financial and legal advisors, it was determined that the cash consideration from Standard General delivers a meaningful and immediate value to stockholders,” Bally’s executive and special committee chairman Jaymin Patel said in a release. “We look forward to working with the team at Standard General and QC&E as we move through the process to complete the merger.”

About the Author
Brant James

Brant James

Lead Writer
Brant James is a lead writer who covers the sports betting industry and legislation at Gaming Today. An alum of the Tampa Bay Times, ESPN.com, espnW, SI.com, and USA Today, he's covered motorsports and the NHL as beats. He also once made a tail-hook landing on an aircraft carrier with Dale Earnhardt Jr. and rode to the top of Mt. Washington with Travis Pastrana. John Tortorella has yelled at him numerous times.

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