Bally’s has agreed to merge with Standard General’s The Queens Casino & Entertainment Inc. after accepting an improved buyout offer worth $4.6 billion. Standard General had previously had two bids rejected, with one earlier this year at $15 per share. However, Bally’s finally accepted an increased bid of $18.25 per share, despite rejecting a much higher offer of $38 per share in 2022.
Soo Kim, Bally’s Chairman of the Board and Managing Partner of Standard General, expressed that the transaction provides Bally’s stockholders with a significant cash premium and certainty of value for their investment. Standard General raised $500 million to secure the buyout offer and looks forward to collaborating with the Board of Directors and senior management team as they continue to execute the company’s business plan.
Despite rumors of a potential buyout, Bally’s has been actively making moves this year. Recently, the company secured over $2 billion in funding to develop Chicago’s first casino. CEO Robeson Reeves stated that the merger will add four complementary properties to Bally’s existing 15 domestic casino properties, providing further geographic and market diversity to their portfolio.