Bally's and Standard General complete merger

Bally’s Corporation has completed its multi-billion-dollar merger with Standard General, a hedge fund and the company’s largest shareholder. Following a lengthy consideration process which began in mid-2024, the merger quickly moved ahead, with the backing of Bally’s shareholders.

Standard General and Bally’s seal multi-billion merger

As a result of the deal, Standard General was able to buy 22.8 million outstanding shares in Bally’s, paying $18.25 per share at the time. This is not the only significant development in the two companies’ arrangements, as The Queen Casino and Entertainment (QCE) has merged with Bally’s.

QCE is owned by Standard General and this merger is thought to bring new opportunities for the companies to explore a more robust business model. QCE shareholders were granted a 30.5-million share consideration whereas Bally’s shareholders chose to retain their outstanding shares.

In a statement shared via Business Wire, the company said: "The cash merger consideration was financed by the issuance of $500 million in senior secured notes due in 2028 provided exclusively by funds managed by Apollo, along with Bally’s available funds on hand and its available funding sources."

The resulting merged company is supposed to achieve better synergies and help expand its reach in both land-based verticals and iGaming at a time of rapid commercial growth in the sector. As a result of this deal, Bally’s owns and operates 19 casinos across 11 states.

The newest additions to this land-based portfolio are the Belle of Baton Rouge and Casino Queen Marquette, both of which are undergoing renovations and will be opened at some point in 2025.

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