Bally’s has taken a significant step forward by finalizing a merger agreement with affiliates of Standard General L.P. According to the terms of the deal, Standard General will acquire Bally’s outstanding shares for $18.25 each, merging Bally’s with The Queen Casino & Entertainment.
Soo Kim, Managing Partner of Standard General, emphasized the benefits of the merger, stating, “The transaction provides Bally’s stockholders with a significant cash premium along with certainty of value for their investment or, if they elect to retain their shares, the opportunity to participate in the longer-term growth prospects of our expanded portfolio and significant development pipeline.”
The merger will leverage QC&E’s complementary assets, enhancing Bally’s growth profile. Kim added, “We look forward to working with the Board of Directors and the company’s senior management team as they continue to execute on their business plan.”
To support the merger, Standard General has secured $500 million in committed financing.
Board Approval and Future Plans
Bally’s Board of Directors has approved the per share cash merger consideration and the transactions recommended unanimously by the company’s special committee. Special Committee Chairman Jaymin Patel commented, “After a detailed consideration by the Special Committee, with the assistance of our outside financial and legal advisors, it was determined that the Cash Consideration from Standard General delivers a meaningful and immediate value to stockholders. We look forward to working with the team at Standard General and QC&E as we move through the process to complete the merger.”
Bally’s CEO Robeson Reeves provided further details about the agreement, stating, “Our team is well positioned to continue to execute on our initiatives to drive growth across all our segments including in our International Interactive business, North America Interactive and our Casinos & Resorts segments, while proceeding with our development pipeline, including construction of our permanent casino resort in Chicago, for which we recently announced a comprehensive financing plan.”
This merger marks a significant milestone for Bally’s, promising substantial growth and development opportunities in the future.
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