Bally’s completes $4.6bn Standard General merger
Rhode Island-based operator finalizes transaction first approved in November 2024 which includes merging with land-based firm The Queen Casino and Entertainment
Bally’s Corporation has announced the completion of its multi-billion-dollar merger with its largest shareholder, Standard General.
The $4.6bn deal was first announced in July 2024, at a time when Standard General owned 23% of the operator, before being approved by Bally’s shareholders in November.
Per the agreement, Standard General acquired 22.8 million outstanding Bally’s shares at a price of $18.25 per share.
Bally’s also merged with regional land-based casino firm The Queen Casino and Entertainment (QCE), which is also owned by Standard General.
QCE shareholders received a consideration of 30.5 million shares.
The deal was partly financed by the issuance of $500m in senior secured notes due in 2028, which were provided exclusively by finances managed by hedge fund Apollo Global Management.
Apollo’s resources were supported by Bally’s available funds on hand and its “available funding sources”.
Bally’s shareholders, who own 17.9 million outstanding shares, opted to retain their stock via a rollover election.
This has resulted in there being 48.4 million shares of common stock outstanding upon completion of the merger.
Warrants representing the right to purchase up to 11.6 million shares of Bally’s common stock also remain outstanding.
Shares of Bally’s common stock will continue to trade on the New York Stock Exchange (NYSE) under the “BALY” ticker from today (February 10).
At close of play on February 7, Bally’s share price stood at $16.0, up 10.4% from the previous day.
Back in November, Bally’s agreed a deal to sell its Asia-facing online arm to the division’s current management team, with a view to focusing its efforts on its North American and European operations.