{"id":6789,"date":"2024-03-13T03:44:15","date_gmt":"2024-03-13T03:44:15","guid":{"rendered":"https:\/\/slategray-wallaby-310340.hostingersite.com\/index.php\/2024\/03\/13\/standard-general-targets-ballys-with-648-million-buyout-plan\/"},"modified":"2024-03-13T03:44:15","modified_gmt":"2024-03-13T03:44:15","slug":"standard-general-targets-ballys-with-648-million-buyout-plan","status":"publish","type":"post","link":"https:\/\/casino-online-best.com\/index.php\/2024\/03\/13\/standard-general-targets-ballys-with-648-million-buyout-plan\/","title":{"rendered":"Standard General Targets Bally\u2019s with $648 Million Buyout Plan"},"content":{"rendered":"<div>\n<p>Standard General, holding a 23% stake in Bally\u2019s as its principal investor, has made a bid to purchase the casino firm for around $648 million. This move by Soo Kim, the Chairman of Bally\u2019s, alongside the New York hedge fund, aims to secure all outstanding shares at $15 each, which places Bally\u2019s market value at this figure. This offer represents a rise over its current market price but is notably lower than Standard General\u2019s previous $38 per share offer in 2022.<\/p>\n<p>Kim expressed frustration over the stock\u2019s performance, stating, <em>\u201cFor whatever reason, the shares have not traded well. There\u2019s nothing more that we can do, other than speak through action, and our action is to multiply down on our commitment to this company and buy shares at a healthy premium to current shareholders,\u201d<\/em> as reported by the Chicago Tribune.<\/p>\n<p>After winning the bid for Chicago\u2019s inaugural casino in 2022, valuing Bally\u2019s at nearly $2.1 billion, the company has since seen its share price decline, influenced by the <a href=\"https:\/\/igaming.org\/casino-news\/ballys-rethinks-chicago-casino-design-as-it-runs-into-issues\/\">financial strain<\/a> of its ambitious $1.74 billion Chicago project among other factors.<\/p>\n<p>The decline in Bally\u2019s market value is attributed to concerns over its financial health and external economic pressures such as inflation and increased interest rates. By the close of the fourth quarter, Bally\u2019s had $163 million in cash but was burdened with $3.6 billion in debt.<\/p>\n<p>With a funding shortfall of $800 million for the Chicago casino, set to be located on a 30-acre site in River West, construction is planned to start this summer, aiming for a 2026 opening.<\/p>\n<div class=\"main-org-3-item-ins box-100 relative mb-4\">\n<div class=\"space-org-3-items box-100 relative\">\n<div class=\"box-100 space-org-3-item relative border-tb mt-1 \">\n<div class=\"space-org-3-item-ins box-100 relative\">\n<div class=\"space-org-3-item-logo box-25 relative\">\n<div class=\"space-org-3-item-logo-ins box-100 text-center relative\">\n<div class=\"space-org-logo-title-box box-100 text-left relative\">\n<div class=\"space-org-3-item-logo-box box-25 relative img-radius\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n\t\t<amp-img alt=\"7Bit Casino\" src=\"https:\/\/igaming.org\/wp-content\/uploads\/2023\/01\/7BitCasino.png.webp\" width=\"50\" height=\"50\" layout=\"fixed\"><br \/>\n\t\t<\/amp-img><br \/>\n\t\t<\/a>\n\t\t<\/div>\n<div class=\"space-org-3-item-logo-title box-25 relative py-10\">\n\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"7Bit Casino\" target=\"_blank\" rel=\"nofollow noopener\">7Bit Casino<\/a>\n\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-terms box-25 relative\">\n<div class=\"space-org-3-item-terms-ins box-100 text-center relative\">\n\t\t<strong>177% up to 5BTC + 77 <strong>\u00a0Free Spins<\/strong>!<\/strong><br \/>\n\t\t<\/p>\n<div class=\"pt-1\">New players only. Exclusive Welcome Bonus of 177% + 77 Free Spins\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-rating box-25 relative mb-10\">\n<div class=\"rating-box text-center box-100  relative\">\n<div class=\"space-org-3-item-rating-box relative\">\n<div class=\"stars\"><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><span class=\"star on\"><\/span><\/div>\n<div class=\"space-org-rating-notice relative\">Casino<\/div>\n<\/p><\/div>\n<p>\t\n\t\t\t\t <\/div>\n<\/p><\/div>\n<div class=\"space-org-3-item-button box-25 relative\">\n<div class=\"space-org-3-item-button-ins box-100 text-center relative\">\n\t\t\t\t<a href=\"https:\/\/igaming.org\/site\/7-bit-casino\/\" title=\"Visit Site\" target=\"_blank\" rel=\"nofollow noopener\">\tVisit Site<\/a>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>The project received city approval in December 2022 for a large-scale entertainment venue, featuring various amenities. Adjustments were made in January to the hotel\u2019s location to protect nearby city infrastructure.<\/p>\n<p>Despite financial challenges, Bally\u2019s is committed to investing over $1.34 billion in its Chicago ventures, which exceeds the initial estimate. This does not include certain costs outside of construction expenses.<\/p>\n<p>After Standard General\u2019s previous takeover offer was declined in May 2022, they continue to support Bally\u2019s, especially the Chicago casino initiative. Bally\u2019s operates 16 casinos across 10 states.<\/p>\n<p>Bally\u2019s temporary Chicago location has shown promising revenue but has yet to reach the city\u2019s expectations for significant tax contributions. The development of the permanent site is critical for both the city\u2019s financial projections and Bally\u2019s ambitions.<\/p>\n<p>The post <a href=\"https:\/\/igaming.org\/casino-news\/standard-general-targets-ballys-with-648-million-buyout-plan\/\">Standard General Targets Bally\u2019s with $648 Million Buyout Plan<\/a> appeared first on <a href=\"https:\/\/igaming.org\/\">iGaming.org<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Standard General, holding a 23% stake in Bally\u2019s as its principal investor, has made a bid to purchase the casino firm for around $648 million. This move by Soo Kim, the Chairman of Bally\u2019s, alongside the New York hedge fund, aims to secure all outstanding shares at $15 each, which places Bally\u2019s market value at [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-6789","post","type-post","status-publish","format-standard","hentry"],"blocksy_meta":{"styles_descriptor":{"styles":{"desktop":"","tablet":"","mobile":""},"google_fonts":[],"version":6}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/6789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/comments?post=6789"}],"version-history":[{"count":0,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/posts\/6789\/revisions"}],"wp:attachment":[{"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/media?parent=6789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/categories?post=6789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/casino-online-best.com\/index.php\/wp-json\/wp\/v2\/tags?post=6789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}