Bally’s Corporation, based in Providence, RI, has reached an agreement to be acquired by Standard General L.P., a hedge fund led by Bally’s chairman Soo Kim and the company’s largest common stockholder. The acquisition will be for $18.25 per share of Bally’s and values the company at approximately $4.6 billion including debt.
Under this merger, Bally’s will join forces with The Queen Casino & Entertainment Inc., a regional casino operator primarily owned by funds managed by Standard General. This partnership will expand Bally’s Casinos & Resorts segment to include 19 gaming facilities across 11 U.S states and also strengthen its development pipeline.
CEO Robeson Reeves expressed excitement about the potential growth opportunities from QC&E’s ongoing projects which are expected to be completed in 2025. He looks forward to working closely with Standard General team towards achieving their ultimate vision.
Aside from Standard General, Sinclair Broadcast Group Inc., and Noel Hayden have committed their support for this merger as well as making rollover elections. As a result of these commitments, at least 47% of fully-diluted equity interests in Bally’s will carry over into the combined company.
