Bally’s Corporation has completed an anticipated transaction with Standard General and its affiliates including the regional casino operator The Queen Casino & Entertainment.
The merger with Queen Casino was approved by Bally’s shareholders last November.
As per the merger agreement, Queen shareholders received consideration of 30.5m shares. Thereafter, the company paid cash consideration of US$18.25 per share to holders of 22.8m of the company’s outstanding shares.
Bally’s stockholders owning 17.9m outstanding shares elected to retain their Bally’s stock by means of a rollover election and continue as stockholders of Bally’s. As a result, 48.4m shares of common stock are now outstanding upon completion of the merger transactions. Warrants representing the right to purchase up to 11.6m shares of Bally’s common stock also remain outstanding.
Shares of Bally’s common stock trading under the “BALY.T” ticker which remain outstanding as a result of the rollover election will continue trading on the New York Stock Exchange and revert back to the “BALY” ticker beginning today, Monday, February 10, 2025.
Bally’s now owns and operates 19 casinos across 11 US states along with a golf course in New York and a horse racetrack in Colorado. The newly acquired Belle of Baton Rouge and Casino Queen Marquette are currently undergoing land-side conversions, both of which are expected to be completed later this year.
