Bally’s Corp. has completed its previously announced merger with Queen Casino & Entertainment Inc. and acquisition by Standard General.
The transaction, which was first announced in March 2024, combines Bally’s with Queen Casino to create an enlarged gaming group, with New York hedge fund Standard General paying $18.25 per share to Bally’s shareholders who offered their shares for sale.
Bally’s shareholders representing approximately 22.8 million outstanding shares elected to tender their stock, while shareholders owning 17.9 million outstanding shares elected to retain their Bally’s stock by means of a rollover.
As a result, 48.4 million shares of common stock are now outstanding upon completion of the transactions, with warrants representing the right to purchase up to 11.6 million shares of Bally’s common stock also 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 when the market opens today, February 10.
The enlarged Bally’s operates 19 casinos across 11 US states and holds sports betting licenses in 13 North American jurisdictions. The company also owns Bally’s Interactive (formerly Gamesys), as well as a significant stake in lottery provider Intralot.
As a part of the transaction, Bally’s divested its Asian online gaming business to members of the management team of that business in November for an undisclosed amount.
Shares in Bally’s Corp. (NYSE:BALY.T) gained 3.23 per cent to close at $16.00 per share in New York Friday.