Bally’s stockholders approve merger
Bally’s Corp. announced that its stockholders have approved a $4.6 billion merger and buyout by Standard General LP, its largest shareholder.
The merger includes The Queen Casino & Entertainment Inc., a regional gaming operator owned by Standard General, and expands Bally’s gaming portfolio to 19 properties across 11 states.
Standard General, led by Bally’s Chairman Soo Kim, offered shareholders $18.25 per share — a 71 percent premium over the company’s 30-day average share price — or the option to retain their shares. Stockholders who opt to keep their shares will see them temporarily trade under the ticker “BALY.T” before reverting to “BALY” upon the merger’s completion, expected in the first half of 2025.
The deal integrates QC&E’s four Illinois, Iowa and Louisiana casinos into Bally’s portfolio.
The transaction is backed by $500 million in committed financing and aligns with Bally’s broader expansion goals.
Company executives have previously stated that while the merger alters Bally’s national presence, Las Vegas remains a focal point.
Bally’s shuttered the iconic Tropicana Las Vegas on April 2 before imploding two hotel towers on Oct. 9. With demolition complete, plans for its 35-acre site on the Las Vegas Strip are progressing.
Bally’s and site owner Gaming & Leisure Properties Inc., aim to develop a new casino-hotel while committing up to nine acres to a Major League Baseball stadium for the Athletics, formerly of Oakland. The team is slated to begin playing in Las Vegas at the start of the 2028 season.
David Danzis can be contacted at ddanzis@reviewjournal.com or (702) 383-0378. Follow AC2Vegas_Danzis on X.