Bally’s agrees to The Queen Casino & Entertainment merger 

The Queen Casino & Entertainment Inc is majority-owned by Standard General LP.

Bally’s stockholers have voted for plans that will see the operator merge with The Queen Casino & Entertainment Inc, a portfolio company majority-owned by Standard General LP. The decision to adopt the merger was approved at Bally’s Special Meeting on November 19.  

Alongside this, it was confirmed that Bally’s would pay stockholders compensation as and if necessary, in connection with the transactions needed to complete the merger.  

Stockholders voted to approve the merger at the Special Meeting, with votes aside from those holding Bally’s stocks from Standard General LP, Sinclair Broadcast Group Inc, Noel Hayden and certain other executive officers being counted as affirmation of the move. 

Those who voted to have their Bally’s shares remain issued and outstanding will be assigned new Committee on Uniform Securities Identification Procedures (CUSIP) numbers, and their stocks will remain on the New York Stock Exchange (NYSE) under a new ticker, BALY.T. 

Merger transactions are expected to be completed in the first half of 2025, subject to regulatory approvals and the satisfaction of other closing conditions. 

The move comes following a quarter of change for Bally’s. In October, the operator demolished Tropicana, one of the oldest casinos on the Las Vegas Strip, to make way for the new Oakland A’s baseball stadium. The next month, it announced that it would sell its Asian interactive business to a carved-out business comprised of execs from said business, with aims to refocus its efforts on its European and North American ventures.  

This was something confirmed by the operator in a conference call shortly following the release of its Q3 2024 results.

Looking at these results, however, it is clear that the operator is facing some challenges, with a stagnation in year-over-year revenue (totaling $630m, down 0.4% year-over-year) and sharp increase in year-over-year net loss, which grew from $61.8m in Q3 2023 to $247.9m in Q3 2024.  

Beth Turner

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