Bally’s Reaffirms Commitment to Las Vegas amid Ambitious Expansion Plans

Soo Kim, Bally’s chairman and co-founder of Standard General L.P., the company behind the recently announced acquisition, discussed the operator’s post-merger strategy. He noted that the future of casino gaming remains bright despite current market uncertainties. Kim remained adamant that the multibillion-dollar investment was a testament to Standard General’s confidence in the sector’s continued growth.

Bally’s Has Several Ongoing Projects

Pending regulatory approval, the $4.6 billion transaction announced Thursday will merge Bally’s Corp. with regional gaming operator The Queen Casino & Entertainment Inc., expanding the combined company’s gaming portfolio to 19 properties across 11 states. The deal should close in early 2025, hopefully bringing fresh opportunities and creating lasting growth.

Critics point to the sliding stock price of Bally’s and its long struggle to raise capital for a Chicago casino project as evidence of its dwindling prospects for success in Las Vegas. However, Kim remains optimistic regarding the operator’s prospects, noting that Standard General wouldn’t have invested so much in the deal if it wasn’t confident in Bally’s long-term viability.

We’d love to use this opportunity to sort of take advantage of market uncertainty, put our money where our mouth is, and show people the extent of our confidence.

Soo Kim, Bally’s chairman

Las Vegas, where Bally’s already has operational control of the Tropicana casino hotel, remains central to Kim’s vision. The Tropicana is scheduled to be imploded in a few months, making way for a new Bally’s resort project and a baseball stadium for the relocating Oakland Athletics on the 35-acre lot at the corner of Las Vegas Boulevard and Tropicana Avenue.

The Operator Is Well-Positioned for Sustained Growth

Kim stated that the original plan was to build the ballpark first and then do a resort design, but he noted that shifting market conditions necessitated a different approach. He added that the stadium would certainly finish construction, but the company was contemplating what to accompany it with, debating between a starter or a high-profile resort.

Despite skepticism from industry insiders, Kim was adamant that Bally’s was in the perfect position to realize its objectives. He noted that the transaction with Standard General and Bally’s recently secured $2 billion in financing from its real estate investment trust landlord, Gaming & Leisure Properties Inc. (GLPI), to complete the Chicago casino would prove naysayers wrong.

We continue to believe that our future’s bright, the future for the industry is bright, and we’re excited for tomorrow.

Soo Kim, Bally’s chairman

GLPI, the company that owns Tropicana’s real estate, was also optimistic about Bally’s and the Oakland A’s prospects. Despite ongoing market uncertainty, Soo Kim and his team remain willing to seize any opportunity for long-term growth, making Las Vegas key for the company’s prospects in the USA and beyond.