Bally’s and Standard General confirmed the completion of a $4.6 billion acquisition. Standard General, Bally’s largest shareholder, initially offered $15 per share, later increasing to $18.25 in July 2024. The deal was funded through a mix of secured notes and existing capital.
Casino Expansions and Riverboat Conversions
As part of the transaction, Queen Casino’s Belle of Baton Rouge and Casino Queen Marquette in Iowa join Bally’s. Both riverboat casinos are transitioning to land-based venues, with completion expected later this year. Queen Casino also operates DraftKings at Casino Queen and Queen Baton Rouge.
Bally’s Stock Structure Post-Acquisition
Unlike typical buyouts, Bally’s stock remains publicly traded. Investors had the option of cash or retaining shares, with 17.9 million shares held. Bally’s will trade under the ticker “BALY.T” before reverting to “BALY” on February 10, 2025.
Future Outlook and Expansion Plans
Bally’s now operates 19 casinos across 11 states, a golf course іn NYC, and a racetrack іn Colorado. The company іs pursuing a New York City casino license. While rumors suggest a potential sale оf its sports betting unit, nо deal has been confirmed. Standard General remains focused оn completing the Bally’s Chicago casino, its largest project tо date.