Bally’s Corporation Board Recommends Standard General Merger
Bally's Corporation, the global casino-entertainment company, has announced a merger agreement with Standard General L.P. in a deal that sees the hedge fund tabling an offer of $18.25 per Bally’s share.
Bally's Corporation in a $4.6 billion merger deal with Standard General L.P.
LISTEN TO THIS ARTICLE:This offer values the combined business at approximately $4.6 billion and is expected to be completed in 2025. Under the terms of the merger, the offer of more than $18 for each Bally’s share represents a premium of 71% based on a 30-day rolling average of the Bally’s share price. When Standard approached Bally’s with an offer, the gaming operator contravened a special committee to deliberate the offer. Both the board and committee have unanimously recommended stockholders accept the offer.
Standard General already has a 23% stake in Bally’s and previously had a merger offer turned down earlier this year. There is an option for shareholders in Bally’s to accept a rollover bid rather than a cash-proposed offer, which will see them retain their stock in the combined business.
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. The addition of the complementary QC&E assets builds upon the Company’s attractive growth profile. We look forward to working with the Board of Directors and the Company’s senior management team as they continue to execute their business plan.
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Bally’s Welcomes Additional Casino Properties
As part of the merger Bally’s portfolio of casino properties will be increased with the addition of another four casinos and resorts, under The Queen Casino & Entertainment (QC&E) brand, owned by Standard General.
This will see Bally’s suite of casinos expanded to nineteen properties. The four QC&E casino resorts are located across three states and have gaming facilities that comprise 2,400 slot machines, and 50 casino table games.
There has been development of the QC&E casino resorts which has seen Louisiana Queen Baton Rouge Casino open last year.
The addition of four complementary properties through this merger to our existing 15 domestic casino properties will add further geographic and market diversity to our portfolio. With QC&E’s development pipeline recently completed or already well underway, we see a path toward additional revenue and EBITDAR growth and value accretion as those projects are completed in 2025. We look forward to bringing our ultimate vision to bear and to working closely with the Standard General team to execute on that vision.
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