Bally's Closes $4.6 Billion Deal with Standard General

Standard General, the largest shareholder of Bally's Corporation, has completed its $4.6 billion acquisition of the regional casino operator. The hedge fund initially offered $15 per share for Bally's but increased the bid to $18.25 per share in July 2024, a proposal that was eventually accepted. The transaction was financed in part through $500 million in senior secured notes provided by Apollo, along with funds from Bally's existing resources. As a result of the acquisition, Queen Casino & Entertainment Inc., also owned by Standard General, brought Queen Casinos in Baton Rouge and Marquette into Bally's portfolio, with plans to transition these from riverboat to land-based operations. The deal is unique as Bally's stock will remain listed on the New York Stock Exchange, with investors given the option to either receive cash or retain equity. With the acquisition finalized, Bally's now operates 19 casinos across 11 states and plans to expand by obtaining a casino license in New York City. Despite speculation about selling its sports betting unit, no deals have materialized yet.