Similar Stories to Bally’s Board Agrees To $18.25 Per Share Buyout By Standard General, Taking The Casino Company Private. Plans For Chicago Casin on Bing News

Robert Channick, Chicago Tribune: Business
Thu, 07/25/2024 - 5:01pm

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.

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