Standard General’s multi-billion-dollar takeover of Bally’s Corporation is close to fruition.
At Bally’s Special Meeting of Stockholders on Nov. 19, stockholders approved the previously announced merger agreement with Standard General-owned Queen Casino & Entertainment.
The deal is worth a total of $4.6 billion and is anticipated to close in the first half of 2025 upon regulatory approvals and other customary closing conditions. Bally’s will remain a publicly traded company on the New York Stock Exchange.
Bally’s accepted Standard General’s offer in July to acquire outstanding shares of the company for $18.25 a share, less than two years after stockholders had rejected a 2022 offer from the same company that would have paid $38 a share. Prior to the accepted offer, Standard General the largest stakeholder in Bally’s, and Soo Kim is both Bally’s board chairman and the managing partner of Standard General.
Combined company will continue Bally’s expansion
Bally’s owns and manages 15 casinos across 10 states and has access to online sports betting licenses in 18 states. It owns and operates Bally’s Interactive, Bally Bet, Bally Casino and other physical properties such as a golf course in New York and a horse racing track in Colorado. It also holds the rights to developable land in Las Vegas after the closure of the Tropicana.
Bally’s said in a release that upon completion of the merger, those assets will be supplemented with four additional casinos across three states, one of which will be Bally’s first entry into Iowa. Overall, the company will manage 19 physical gaming facilities across 11 states, as well as a broad range of online casino and online sports betting offerings.
Bally Bet most recently launched in Tennessee last month, its 10th state. Prior to that launch, CEO Robeson Reeves told investors in the summer that he the sportsbook to go live in four more U.S. states before the end of the year. Reeves specifically referenced plans to bring Bally Bet to Illinois, New Jersey, and Ontario.
