Bally’s Corporation, a well-known player in the casino and entertainment industry based in Providence, Rhode Island, is poised for a major transition as it will be acquired by its largest stockholder, Standard General, in a deal valued at $4.6 billion. Standard General, a hedge fund with a significant stake in Bally’s, already holds more than a quarter of the company’s shares. The acquisition agreement, which values Bally’s at $18.25 per share, also includes plans to merge Bally’s with Queen Casino & Entertainment, another casino operator under Standard General’s ownership.
Bally’s operates a broad and diverse portfolio, including 15 casinos across ten states, a golf course in New York, an online gaming operator, a horse racetrack in Colorado, and the sports-betting platform Bally Bet. In its home state of Rhode Island, Bally’s manages two prominent properties: Bally’s Twin River Casino and Resort in Lincoln and Bally’s Tiverton, which features both a casino and a hotel. The company’s assets extend beyond Rhode Island, providing a comprehensive array of gaming and entertainment options across the country.
The acquisition will integrate Bally’s with Queen Casino & Entertainment, a regional casino chain that operates four casinos in Louisiana, Iowa, and Illinois. This merger is expected to significantly expand Bally’s geographic footprint and market presence. Queen Casino & Entertainment, already a part of Standard General’s portfolio, brings additional regional strength and market share to the table, further diversifying Bally’s operations.
Robeson Reeves, the CEO of Bally’s, expressed enthusiasm about the merger, noting that it will enhance the company’s geographic and market diversity. He highlighted that the merger represents a strategic path towards additional revenue streams and value enhancement. The integration of the two companies is anticipated to create a stronger and more competitive entity in the gaming and entertainment sector.
With approximately 10,600 employees at Bally’s and around 900 at Queen Casino & Entertainment, the merger will bring together a substantial workforce. This consolidation aims to streamline operations, leverage economies of scale, and unlock new growth opportunities within the industry. The combined entity will likely benefit from increased operational efficiencies and a more extensive market reach, positioning it as a formidable player in the casino and entertainment landscape.
The acquisition and merger underscore a broader trend in the industry where consolidation is being pursued to create more robust and diversified gaming enterprises. The deal is expected to be finalized following regulatory approvals and other customary closing conditions, marking a significant milestone in Bally’s corporate evolution and Standard General’s expansion strategy.