A special committee has been formed at Bally’s Corporation to determine whether all outstanding shares of Bally’s which it does not already own should be acquired. The price per share would be $38.00 in cash.
The special committee was formed at the behest of the company’s Board of Directors and is to be constituted of disinterested and independent parties. Its remit is to evaluate the viability of a non-binding preliminary proposal by the Standard General – dated January 25, 2022 – to acquire all outstanding shares.
The proposal is non-binding and there is no assurance that any offer is going to be made or accepted.
It is a logical next step, though, for a Bally’s Corporation that has spent the last several years expanding and consolidating its position. Under the stewardship of Soo Kim, who bought the Bally’s brand in 2018, the group has been on something of a buying spree: the Tropicana Hotel in Las Vegas, the European iGaming operator Gamesys, and its positioning itself to obtain one of the licenses to operate a casino in downstate New York.
With these recent acquisitions, Bally’s has become at once half a land-based operator and half an online operator. This is a unique place to maintain in the in the world of American gaming.
The company already has about 10,000 employees and casino operations with over 15,800 slot machines, 500 table games and 5,300 hotel rooms.
Obtaining the company’s outstanding shares would be a further power move by a management team already disposed to aggressive expansion.
