March 12, 2024 3 min read


Standard General Makes Offer to Acquire Bally’s Corporation

Despite falling short of Standard General’s previous bid in January 2022, the offer has instilled optimism among investors, resulting in a 25% surge in Bally’s stock price during early trading on March 11

Standard General, a New York-based hedge fund, has proposed to acquire the remaining shares of Bally’s Corporation, a renowned casino operator, at a price of $15 per share. This proposition represents a substantial increase of 41% over Bally’s closing share price on March 8, 2024.

Standard General’s Ambitious Bid for Bally’s Spurs Investor Optimism

Standard General, already holding a considerable 23% stake in Bally’s, revealed its intentions through a non-binding letter filed with the US Securities and Exchange Commission (SEC). The hedge fund seeks to acquire all outstanding shares of common stock not currently owned by Standard General, intending to provide shareholders with an immediate cash premium for their investment.

The offer, despite being lower than Standard General’s prior bid in January 2022, has sparked optimism among investors, leading to a surge in Bally’s stock price by 25% in early trading on March 11. This proposal underscores Standard General’s belief in Bally’s potential and its commitment to the long-term growth of the company.

Soo Kim, Chairman of Standard General, emphasized the importance of approval from Bally’s board of directors, expressing readiness to engage in discussions and negotiation of definitive transaction documents. The hedge fund expects the board to establish a special committee comprising independent directors to evaluate the proposal thoroughly and provide recommendations.

Standard General’s Second Bid for Bally’s Unveils Renewed Vision for Growth

This is not the first time Standard General has pursued Bally’s. In 2022, the hedge fund made a bid valuing the company at nearly $2.1 billion, reflecting a different assessment of Bally’s worth at the time. 

Despite the reduced offer, Standard General remains optimistic about Bally’s prospects under the leadership of its CEO, Robeson Reeves, who has been instrumental in implementing strategic initiatives aimed at enhancing the company’s performance.

Bally’s, amidst a challenging operating environment, has witnessed significant developments in recent times, including cost-cutting measures and expansion into new markets such as the UK iGaming sector. While facing headwinds like regulatory issues and operational losses, Bally’s management remains focused on driving long-term value for shareholders.

The proposed acquisition is subject to various approvals, including those from Bally’s board of directors and regulatory authorities. Standard General has also stressed its commitment to securing the necessary financing for the transaction, potentially leveraging Bally’s real estate assets.

As discussions unfold between Standard General and Bally’s, stakeholders eagerly await further updates on the potential acquisition and its implications for the future of the renowned casino operator.


Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.

Leave a Reply

Your email address will not be published. Required fields are marked *