Bally's Strengthens Its Position in the Gaming Market Following Merger with Queen Casino and Standard General
As part of the agreement, Bally’s issued 30.5 million shares to Queen's owners and paid them $18.25 in cash for each share. To finance this portion of the transaction, the company issued $500 million in bonds, maturing in 2028. Bally’s also utilized its own funds and available credit lines to cover additional expenses.
Following the merger, some investors opted to retain their shares. As a result, 17.9 million shares remain outstanding, bringing the total number of shares post-merger to 48.4 million.
With the completion of the deal, Bally’s now controls 19 casinos across 11 U.S. states. The company also owns a golf-club">golf club in New York and a racetrack in Colorado. Additionally, it has acquired new properties, including Belle of Baton Rouge and Casino Queen Marquette, which it plans to transform into land-based establishments set to open in 2025.
Bally’s management has announced plans to continue expanding its digital gaming business. The company currently holds licenses for online sports betting in 13 regions across North America and operates its own platform, Bally Bet. It also owns the Bally Casino brand.
This merger solidifies Bally’s position as a key player in the gaming entertainment sector. The company benefits from strong backing by Standard General and continues to expand both its physical and digital business operations.
Notably, Chicago has approved a full casino license and extended the lease for Bally’s.
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