Bally’s Corporation announced the completion of previously agreed transactions with Standard General L.P. and its affiliates, including The Queen Casino & Entertainment Inc.
The merger between Bally’s and Queen resulted in 30.5 million shares being delivered to Queen shareholders. Additionally, the company paid $18.25 per share in cash to holders of 22.8 million shares of the company’s existing shares.
Payment was made from US$500 million in financing, due in 2028, provided exclusively by funds managed by Apollo.
Impacts of the transaction with Bally’s
Bally’s shareholders, with 17.9 million shares, chose to maintain their shares through a “rollover” process, thus continuing as Bally’s shareholders.
Following the completion of the merger, there are now 48.4 million shares of common stock outstanding. Additionally, call options remain open for up to 11.6 million shares of Bally’s common stock.
Bally’s shares, trading under the ticker “BALY.T”, will trade on the New York Stock Exchange, returning to the ticker “BALY” on February 10, 2025.
Bally’s Expansion and Operations
With the merger, the company now operates 19 casinos in 11 US states, as well as a golf course in New York and a horse racing track in Colorado. The recently acquired Belle of Baton Rouge and Casino Queen Marquette are in the process of converting to land-based operations, scheduled for completion in 2025.
The company holds online sports betting licenses in 13 jurisdictions across North America, operating the Bally Bet and Bally Casino platforms. It also owns the Bally’s Interactive International division and a significant economic stake in Intralot S.A.
Consultants and representations
Macquarie Capital acted as financial advisor to the Special Committee of the Bally’se Board of Directors, while Sullivan & Cromwell LLP and Potter Anderson & Corroon LLP provided legal advice.
Nixon Peabody LLP also provided legal advice to the corporation. Citizens JMP Securities, LLC was Queen’s financial advisor, with Fried, Frank, Harris, Shriver & Jacobson LLP and Richards, Layton & Finger, PA as legal advisors.
