Bally’s completes merger transaction with Standard General and Queen
With the merger completed, Bally’s now owns and operates 19 casinos across 11 US states along with a golf course in New York and a horse racetrack in Colorado.
Key Points
- Bally’s will acquire both the Belle of Baton Rouge and Casino Queen Marquette properties as part of the transaction, which are currently undergoing land-side conversions
- Pursuant to the terms of the merger agreement, Bally’s and Queen combined, with Queen shareholders receiving consideration of 30.5m shares
Bally’s Corporation has completed its merger transaction with Standard General and its affiliates, including The Queen Casino and Entertainment (Queen), which was approved by Bally’s stockholders on November 20.
Pursuant to the terms of the merger agreement, Bally’s and Queen combined, with Queen shareholders receiving consideration of 30.5m shares.
Afterwards, Bally’s paid a cash consideration of $18.25 per share to holders of 22.8m outstanding shares, which was made possible by a $500m secured note issued by Apollo Global Management.
Bally’s stockholders owning 17.9m outstanding shares elected to retain their stock by means of a rollover election and continue as stockholders of the company. As a result, 48.4m shares of common stock are now outstanding upon completion of the merger transaction.
Good to know: The Wisconsin Institute for Law and Liberty announced that is suing Bally’s Casino and members of the Illinois Gaming Commission on January 31 on grounds of “racial discrimination”
Bally’s also acquired both the Belle of Baton Rouge and Casino Queen Marquette properties, meaning the company now owns and operates 19 casinos across 11 US states along with a golf course in New York and a horse racetrack in Colorado.
Belle of Baton Rouge and Casino Queen Marquette are currently undergoing land-side conversions that are expected to be completed sometime during 2025. Bally’s also holds online sports betting licenses in 13 jurisdictions in North America and offers sports betting to customers through its Bally Bet platform.
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