Weeks after securing financing to build its planned Chicago casino, Bally’s has struck a deal to sell the company to its largest shareholder. New York hedge fund Standard General, which owns about 25% of Bally’s, reached an agreement with the board Thursday to buy out the rest of the stockholders at $18.25 per share, valuing the casino company at $975 million. The deal to take the Rhode Island-based Bally’s private, which is pending shareholder and regulatory approval, is expected to close during the first half of 2025. “What it says is that myself and some of the other large inside shareholders believe that the future is bright, and want to put our money where our mouth is,” Soo Kim, chairman of Bally’s and founding partner of Standard General, told the Tribune Thursday. As part of the deal, Bally’s will be merged with Queen Casino & Entertainment, which is majority owned by Standard General and operates four casinos in three states, including DraftKings at Casino Queen in East St.

NEXT
Topics:  new york   rhode island-based    what   soo kim   tribune   queen casino    entertainment   casino queen   east st   louis   in march   macquarie capital   standard general s march    after   special committee   cash consideration   jaymin patel   qc&e    with   lance vitanza   td cowen s    he   it s   on july   pennsylvania-based    we re   june   jumer s casino    hotel   rock island   cities   bally s chicago   medinah temple   chicago   standard general   bally s    kim    kim   illinois   standard general    vitanza    we   freedom center   river   leisure properties   kim   gaming   september    bally s   private   plans   share buyout   casino company   deal   thursday   million   offer   build   financing   planned   states   stockholders   casinos   billion   approval   rest   expected   fund   shareholders   including   pending   securing   shareholder   chairman   valuing   operates   complex   analyst   city   part   majority   news   site   permanent   stock   financial   owns   
BING NEWS:
  • Bally’s begins demolition of Freedom Center to make way for permanent Chicago casino
    Standard General, which owns about 26% of Bally’s, reached an agreement with the board on July 25 to buy out the rest of the stockholders at $18.25 per share, valuing the casino company at $975 ...
    08/27/2024 - 6:18 am | View Link
  • What's to blame for Bally's woes? They say some of it's the Washington Bridge.
    Analysts surveyed by the Zacks Investment Research firm estimated Bally's would post a larger loss-per-share. However, the ... a small casino chain already owned by Standard General.
    08/8/2024 - 11:07 pm | View Link
  • Bally’s agrees to $4.6B buyout ahead of Tropicana implosion
    The impending implosion of the Tropicana casino-hotel is still a ... announced Thursday it has accepted a buyout offer from Standard General LP, the company’s largest shareholder, for a reported ...
    07/25/2024 - 10:22 am | View Link
  • Bally's has new ownership after hedge-fund buyout. What does it mean for RI?
    Bally's announced that it has accepted an $18.25-per-share buyout from Standard General ... casino-affiliated sports betting and $24.8 million from iGaming, according to the Lottery. But the ...
    07/25/2024 - 7:19 am | View Link
  • Bally’s Chicago secures casino financing, unveils new hotel design
    One week after taking possession of the Freedom Center printing plant, Bally’s has secured the needed financing to supplant it with a $1.7 billion Chicago casino complex on the 30-acre site in ...
    07/11/2024 - 7:14 pm | View Link
  • More

 

NEXT
Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

Movies With Butter More Movie News

More Business News