Bally’s to be Acquired by Hedge Fund Standard General

Providence, RI-based Bally’s Corporation has agreed to be acquired by Standard General L.P., the hedge fund led by Bally’s chairman Soo Kim and the company’s largest common stockholder, for $18.25 per Bally’s share. The deal values Bally’s at approximately $4.6 billion in enterprise value, including debt.

Pursuant to the merger, Bally’s will combine with The Queen Casino & Entertainment Inc., a regional casino operator majority-owned by funds managed by Standard General. The combination will expand the Bally’s Casinos & Resorts segment to 19 gaming, entertainment and hospitality facilities across 11 U.S. states and enhance its development pipeline.

Bally’s CEO Robeson Reeves said, “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 on that vision.”

In addition to Standard General, Sinclair Broadcast Group, Inc. and Noel Hayden have committed to support the merger and to make rollover elections. As a result, at least 47% of Bally’s outstanding fully-diluted equity interests will be rolled over into the combined company.