Bally’s Corporation‘s board of directors has informed investors that it has finalized the specific terms for acquiring the NYSE gambling group by Standard General LP.
The Bally’s board has agreed to an offer of $18.25 cash per share from Standard General, which owns about twenty-six percent of Bally’s New York Stock Exchange shares. This would mean a seventy-one percent premium over Bally’s thirty-day average price per share as of March 8th, 2024.
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 inclusion of QC&E resources improves the growth capacity of the Company.
Robeson Reeves, Bally’s CEO, 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 that vision.”
Standard General LP’s acquisition of Bally’s Corporation is a key milestone in its strategic expansion goals as a firm. In addition to diversifying Bally’s geographic and market presence, the new merger will also enhance its development pipeline in the future.
