Standard General has acquired shares of Bally's Corporation in a deal valued at $4.6 billion.
Notably, Standard General already held nearly 23% of Bally's shares prior to this agreement, and has now purchased the remaining shares at a price of $18.25 each.
Soo Kim, chairman of Bally's and managing partner at Standard General, stated that the buyback offers Bally's shareholders a significant cash premium. Bally's CEO Robson Reeves mentioned that the company is "well positioned to continue executing the projects we have planned across both interactive and land-based sectors."
Following this acquisition, Bally's will merge with Queen Casino and Entertainment (QC&E), another regional operator owned by Standard General, resulting in a total of 19 gambling facilities across 11 states.
The completion of this deal is anticipated in the first half of 2025. Bally's has also announced that it will release its second-quarter results by July 31 at the latest.
