The Bally’s Corp., which owns Bally’s Quad Cities Casino and Hotel in Rock Island, is closer to a merger agreement with its largest stockholder, Standard General, in a $4.6 billion deal.
The Bally’s stockholders approved the deal in a special meeting on Tuesday, Nov. 19. The merger was initially announced in July.
“At the special meeting, the company stockholders also approved, on a non-binding advisory basis, the compensation that may or will become payable by Bally’s to its named executive officers in connection with the transactions contemplated by the merger agreement. The merger agreement has been adopted by the affirmative vote of the holders of a majority of the outstanding shares of the Company’s common stock as of the October 21, 2024, record date…” according to information from Bally’s.
Excluded from the vote were shares held by Standard General L.P., Sinclair Broadcast Group, Inc., Noel Hayden and certain executive officers and a director of the company, Bally’s said.
When the merger deal was previously announced, these are some of the details of the deal that were outlined:
- Standard General will acquire the outstanding shares for $18.25 per share. The figure represents a 71% premium over the 30-day volume weighted average price per share as of March 8.
- The hedge fund also is extending $500 million to help facilitate the deal.
- Bally’s stockholders electing to retain all or a portion of their Bally’s investment will continue as stockholders of the combined company.
- The deal is expected to close in the first half of 2025 after regulatory approvals and approval by Bally’s stockholders.
Bally’s Corporation is a global casino-entertainment company with a growing omni-channel presence. It currently owns and manages 15 casinos across 10 states, a golf course in New York, a horse racetrack in Colorado, and has access to OSB licenses in 18 states. It also owns Bally’s Interactive International, formerly Gamesys Group, a leading, global, interactive gaming operator, Bally Bet, a first-in-class sports betting platform, and Bally Casino, a growing iCasino platform.
With 10,600 employees, the company’s casino operations include approximately 15,300 slot machines, 580 table games and 3,800 hotel rooms. Bally’s also has rights to developable land in Las Vegas post the closure of the Tropicana.
