Bally’s Completes $4.6 Billion Deal with Standard General
Bally’s Corporation has closed its highly anticipated $4.6 billion transaction with Standard General and Queen Casino & Entertainment.
LISTEN TO THIS ARTICLE:The deal strengthens Standard General’s control over Bally’s, as it was already the company’s largest stakeholder. As part of the agreement, Bally’s partnered with Queen Casino & Entertainment, issuing 30.5 million shares to Queen’s shareholders. Additionally, Bally’s provided cash payments of $18.25 per share to holders of 22.8 million outstanding shares. To finance this portion of the deal, the company issued $500 million in senior secured notes due in 2028, arranged through funds managed by Apollo. Bally’s also leveraged its own cash reserves and existing credit facilities to complete the transaction.
Despite the Standard General merger, some investors opted to retain their shares. A rollover election preserved 17.9 million shares, leaving 48.4 million shares in circulation after the deal’s conclusion. Moreover, warrants allowing the purchase of up to 11.6 million shares remain active. Bally’s stock, currently trading under “BALY.T” on the New York Stock Exchange, will revert to its original “BALY” ticker on February 10, 2025.
Bally’s Expands Casino Footprint with New Acquisitions
Following the deal, Bally’s now operates 19 casinos across 11 U.S. states, along with a golf course in New York and a horse racetrack in Colorado. The company has also acquired new properties, including Belle of Baton Rouge and Casino Queen Marquette. Both are set to transition into land-based casinos, with openings planned for 2025.
Bally’s is also continuing to expand its digital gaming footprint and has online sports betting licenses in 13 North American markets and operates its own platform, Bally Bet. Additionally, it runs Bally Casino, an online gambling brand available in four states. Through Bally’s Interactive International, formerly known as Gamesys Group, the company maintains a large presence in the global interactive gaming sector. Bally’s also owns a significant stake in Intralot S.A., a multinational lottery services provider.
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Speculation over Future Asset Sales
While corporate buyouts often lead to stock delisting, Bally’s remains publicly traded due to some investors choosing to hold onto their shares. There is ongoing speculation over whether the company might sell off certain assets, particularly its sports betting division, though no official announcements have been made.
Standard General has reaffirmed its commitment to Bally’s future growth, including completing the company’s ambitious Chicago casino project. Additionally, Bally’s is vying for a coveted casino license in New York City, with plans to transform its Bronx golf course into a full-scale casino.
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