Details of the transaction
Bally’s shareholders approved the takeover last November, granting 30.5 million shares to Queen Casino & Entertainment.
Queen’s Belle of Baton Rouge in Louisiana and Casino Queen Marquette in Iowa also took on the Bally’s brand as part of the merger. Both casinos are housed on riverboats but are being brought onto land-based facilities this year.
The merger was financed by $500 million in senior secured notes due in 2028, along with liquid cash.
48.4 million shares of common stock and warrants for up to 11.6 million shares of Bally’s common stock are still outstanding.
Bally’s shares of outstanding common stock trading under BALY.T on the New York Stock Exchange will revert to BALY on Feb. 10.
The company announced last July after it reached the agreement with Standard General that the $18.25 price per share represented a 71 percent premium over the company's 30-day weighted average price as of the final day before Standard General’s first bid was reported.
Plans for the future
Bally’s previously said that the merger would expand its operations to 19 gaming facilities in 11 different states with more on the horizon.
Bally’s also holds sports betting licenses in 13 different states thanks to Bally Bet, its in-house sports betting platform.
The company also has an in-house online casino platform in four of seven possible states and could expand to others now that the topic of iGaming legalization is picking up steam in several new jurisdictions.
On top of that, Bally’s is in the running for one of three New York casino licenses that are expected to be made available by New York Gov. Kathy Hochul later this year. If its plan is approved, it will transform the Trump Golf Links at Ferry Point in the Bronx into a premier gaming destination.
Standard General is yet to provide comment on how it will approach the future of various Bally’s assets. However, it said it will continue the construction of Bally’s Chicago casino, the company’s most lucrative project.
