Bally’s Wraps Up $4.6B Deal with Standard General

Bally’s Corporation has now sealed its much-awaited deal with Standard General and Queen Casino & Entertainment setting a new benchmark in the gambling world. The $4.6 billion transaction gives Standard General, already the biggest stakeholder in Bally’s, an even tighter grip on the casino company.

Bally’s Finalizes Deal with Queen Casino, Issues $500M in Notes

As part of the deal, Bally’s joined forces with Queen Casino & Entertainment giving Queen’s shareholders 30.5 million shares. On top of that, Bally’s handed out cash payments of $18.25 per share to owners of 22.8 million outstanding shares. To fund this part of the transaction, Bally’s issued $500 million in senior secured notes due in 2028 set up through funds managed by Apollo. The company also tapped into its own money and available credit lines to cover the costs.

Even with the merger, some investors chose to keep their shares. A rollover election kept 17.9 million shares intact leaving 48.4 million shares still out there after the deal wrapped up. Also, warrants to buy up to 11.6 million shares are still floating around. Shares now listed as “BALY.T” will keep trading on the New York Stock Exchange switching back to the original “BALY” ticker on February 10, 2025.

Now that the deal is done, Bally’s runs 19 casinos in 11 US states. It also owns a golf course in New York and a horse racetrack in Colorado. The company has bought new properties, including Belle of Baton Rouge and Casino Queen Marquette. These two are changing to land-based venues. They should be ready by 2025.

Bally’s Stays Public, Focuses on Digital Growth and Casino Development

The company keeps growing its digital gaming business. It has online sports betting licenses in 13 North American areas and runs Bally Bet, its own sports betting platform. It also operates Bally Casino, an online casino brand operational in four states. Through its Bally’s Interactive International branch — which used to be called Gamesys Group — the company has a strong position in the global interactive gaming world. What is more, Bally’s owns a big part of Intralot S.A., a company that manages and provides services for lotteries in many countries.

Though company buyouts often lead to stocks being delisted, Bally’s stays public, as some investors keep their shares. People still wonder if the company will sell off certain assets, its sports betting arm in particular, but there are no official decisions yet.

Standard General has committed to helping Bally’s growth, including finishing the big Chicago casino project, one of its largest to date. Also, Bally’s wants to win a casino license in New York City planning to turn its Bronx golf course into a full casino.

This recent deal strengthens Bally’s standing as a key competitor in the gambling sector. The company enjoys robust support from Standard General and keeps pushing to expand its physical and digital businesses.