Bally’s Corporation Completes Merger Transactions and Financing Agreements

Bally’s Corporation (NYSE: BALY) announced on February 7, 2025, the successful completion of transactions with Standard General L.P. and The Queen Casino & Entertainment Inc. As part of the Agreement and Plan of Merger, various transactions were finalized, shaping the future landscape of Bally’s operations.

Under the merger agreement, approximately 22.8 million outstanding shares of Bally’s common stock were converted into a cash consideration of $18.25 per share, excluding certain shares owned by the company, its subsidiaries, and affiliates. Simultaneously, Queen common stock was exchanged for 3.5 million newly issued shares of Bally’s stock. Including these actions, Bally’s now boasts an estimated 48.4 million outstanding common shares.

Following these transactions, outstanding common stock not receiving cash consideration continues to trade under the original “BALY” ticker symbol and is expected to remain listed on the New York Stock Exchange based on regulatory requirements.

Moreover, Bally’s completed a note purchase agreement on the closing date of the merger transactions, issuing $500 million in first lien senior secured notes due in 2028. These notes are guaranteed by select Bally’s subsidiaries, securing the obligations undertaken. The agreement also involves specific mandatory redemption options and redemption premiums.

Furthermore, in connection with the Queen Share Contribution and Queen Merger, the Company issued 30,452,096 shares of Bally’s common stock to accredited investors. Additionally, Bally’s granted warrants for the purchase of up to approximately 11.6 million shares of common stock. These actions were conducted in compliance with Securities Act regulations.

As a result of these transactions, a change in control of the company has taken place, with Standard General L.P. and its affiliates now owning approximately 73.8% of the company’s issued and outstanding common stock.

The completion of the mergers also triggered amendments to Bally’s articles of incorporation and bylaws, signaling a significant corporate restructuring. A press release issued on February 7, 2025, detailed the outcomes of the merger transactions.

Bally’s Corporation, a global casino-entertainment entity operating across multiple states and jurisdictions, continues to expand its presence in the gaming and entertainment sector. The company now owns and manages various casinos, gaming platforms, and strategic investments, displaying a robust and diversified business model.

This press release may contain forward-looking statements, subject to risks and uncertainties. Bally’s Corporation remains committed to adhering to federal securities regulations regarding such statements and plans to provide updates as necessary. For further inquiries, the company’s Media and Investor contacts are available.

Please note that the information in this report, including the exhibit attached, is considered “furnished” and not “filed” with the Securities and Exchange Commission for inclusion in regulatory filings.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Bally’s’s 8K filing here.

About Bally’s

Bally’s Corp. is a global casino-entertainment company with a portfolio of casinos and resorts and online gaming businesses. It operates through the following segments: Casinos & Resorts, International Interactive, and North America Interactive. The Casinos & Resorts segment consists of the company’s casino and resort properties, a horse racetrack, and a golf course.