Bally's stockholders greenlight merger with Standard General affiliate

Bally’s Corporation shareholders have decided to go ahead with the anticipated approval of a definitive merger agreement with The Queen Casino & Entertainment Inc, a majority-owned company by Standard General L.P.

Bally’s shareholders back merger during Special Meeting

During a Special Meeting of Stockholders held on Tuesday, November 19, stockholders voted their support for the deal and the merger may now proceed. The merger and vote involved the majority of the company’s shares. Shares held by Standard General L.P., Sinclair Broadcast Group, Inc., Noel Hayden, and several executive officers and a director did not participate in the voting process.

The deal is expected to be completed in the first half of 2025 but remains subject to the customary regulatory approvals and the satisfaction of closing conditions. All of the Special Meeting’s details will be submitted to the US Securities and Exchange Commission in a Form 8-K filing.

The value of the deal is estimated at $4.65bn, amounting to a payment of $18.25 per outstanding share. This is a 71% premium on Bally’s 30-day average share price leading up to March 8.

Bally’s also intends to remain a publicly traded share company and said that current stockholders who have opted to retain their shares, will see their stock traded under the BALY.T ticker symbol on the New York Stock Exchange during the finalization of the merger, but revert back to the BALY ticker once the deal is complete.

Creating a new gaming and entertainment giant

Once Bally’s and The Queen Casino & Entertainment complete the merger, the resulting entity will be in charge of 19 gaming venues across 11 states in the United States alone and also offer a range of digital products, which have become crucial for individual companies’ success in the market.

Bally’s has recently sold its Asian business arms, divesting from the region, as the company also faced a slight year-over-year decline in the third quarter of the year. It is possible that Standard General could have asked Bally’s to shed its Asian assets, although no confirmation has come through.

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