Ballys Announces Merger with Queen Casino after Approval from Louisiana Board
Deal News | Feb 06, 2025 | EIN
The Louisiana Gaming Control Board has approved the merger between Ballys Corporation and The Queen Casino & Entertainment. This merger consolidates Ballys Shreveport Casino & Hotel, The Queen Baton Rouge, and the Belle of Baton Rouge under one entity, expanding Ballys' operations across 19 gaming facilities in 11 states. Alongside the merger, the board approved new institutional investors, including the University of Chicago and Entrust Global entities, as passive investors. This move follows Ballys Corporation's $4.6 billion acquisition by Standard General, which was approved by its shareholders. The merger aims to enhance Ballys' digital gaming and sports betting product offerings, providing shareholders with both a cash premium and future growth opportunities.
Sectors
- Gaming & Casinos
- Private Equity
Geography
- United States – The merger and related approvals by the Louisiana Gaming Control Board concern casinos located within Louisiana, USA, impacting operations across 11 states in the US.
- Louisiana – Specific focus due to the involvement of the Louisiana Gaming Control Board in approving the merger of casino operations located in the state.
Industry
- Gaming & Casinos – The article is centered on the merger of casino operating companies, including Ballys Corporation and The Queen Casino & Entertainment, both involved in the gaming and casino industry.
- Private Equity – The acquisition by Standard General, a private equity firm, showcases its role in the casino merger, indicating the involvement of private equity in strategic market consolidations.
Financials
- $4.6 billion – The purchase price of Ballys Corporation by Standard General, prior to the merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Ballys Corporation | Target Company | Company | A leading gaming and betting company involved in the merger. |
| The Queen Casino & Entertainment | Target Company | Company | Part of the merger with Ballys Corporation, managing casino properties in Louisiana. |
| Louisiana Gaming Control Board | Regulatory Authority | Government | The state board that approved the merger between Ballys and The Queen Casino & Entertainment. |
| Standard General | Private Equity Firm | Company | The largest shareholder of Ballys Corporation that facilitated the $4.6 billion acquisition leading up to the merger. |
| University of Chicago | Investor | Company | Held a 5.84% stake as a passive institutional investor following the merger approval. |
| Entrust Special Opportunities Master Fund III, L.P. | Investor | Company | Controlled a 7.06% stake as one of the approved passive institutional investors. |
| Entrust Global Partners, LLC | Investor | Company | Held a 12.90% stake approved as a passive institutional investor. |