Bally’s accepts Standard General takeover offer

The transaction values Bally’s at approximately $4.6bn in enterprise value.

US.- Bally’s Corporation announced yesterday that Bally’s board has endorsed an $18.25 per share offer proposed by New York private equity fund Standard General, its biggest investor. The transaction values Bally’s at approximately $4.6bn in enterprise value. Bally’s will remain publicly traded on the NYSE.

The merger will expand Bally’s Casino & Resorts segment to 19 facilities across 11 states. Standard General owns Queen Casino & Entertainment, which owns and operates four casinos in three states and is currently working on redevelopment projects at two of its properties. Standard General had made multiple attempts to acquire Bally’s.

Soo Kim, managing partner of Standard General, said: “The transaction provides Bally’s stockholders with a significant cash premium along with certainty of value for their investment or, if they elect to retain their shares, the opportunity to participate in the longer-term growth prospects of our expanded portfolio and significant development pipeline.

“The addition of the complementary QC&E assets builds upon the Company’s attractive growth profile. We look forward to working with the Board of Directors and the Company’s senior management team as they continue to execute on their business plan.”

Bally’s CEO Robeson Reeves said: “The addition of four complementary properties through this merger to our existing 15 domestic casino properties will add further geographic and market diversity to our portfolio. With QC&E’s development pipeline recently completed or already well underway, we see a path toward additional revenue and EBITDAR growth and value accretion as those projects are completed in 2025.

“We look forward to bringing our ultimate vision to bear and to working closely with the Standard General team to execute on that vision.”