Bally’s Merger with Queen Casino Meets Stockholders Approval
Bally's Corporation, the global sports betting and casino entertainment company, has announced its stockholders have approved the proposed merger with The Queen Casino & Entertainment. The vote was held in a recent special meeting.
Bally's Corporation stockholders vote for the merger with Queen Casino & Entertainment.
LISTEN TO THIS ARTICLE:Queen Casino & Entertainment is a subsidiary of Standard General L.P., and under the terms of the deal, Standard offered $4.6 billion for the acquisition. This equates to a value of $18.25 per share, which is estimated to be more than 70% over the value of Bally’s stock price.
In June this year, when the merger was first proposed, the Board at Bally’s recommended to investors in the company that it vote in favor of the merger with Standard General L.P.
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Bally’s to Add Four Casinos to its Portfolio
The acquisition deal is expected to be completed in the first half of 2025 once it has received regulatory approval from gaming authorities.
Bally’s will continue to operate its 15 casinos and other gaming venues, while the 4 casinos operated by Queen Casino & Entertainment will be added to Bally’s portfolio. This will see Bally’s presence see significant growth across 3 US states.
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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