Bally’s Corporation Stockholders Approve Merger with The Queen Casino & Entertainment
The merger agreement received strong support, including a majority of votes from unaffiliated stockholders, signaling confidence in the transaction.
At a special meeting held on November 19, Bally’s Corporation stockholders approved the company’s proposed merger with The Queen Casino & Entertainment, a portfolio company primarily owned by Bally’s largest stockholder, Standard General LP.
The merger agreement received strong support, including a majority of votes from unaffiliated stockholders, signaling confidence in the transaction. Additionally, a non-binding advisory vote on executive compensation related to the merger was approved.
Post-merger, shares designated to remain issued and outstanding will temporarily trade under the ticker symbol “BALY.T” on the New York Stock Exchange. Once the merger becomes effective, these shares are expected to revert to their original “BALY” ticker symbol. Bally’s has also reserved the option to open additional election periods for stockholders regarding their shares.
The merger is anticipated to close in the first half of 2025, pending regulatory approvals and customary closing conditions.
This strategic move aligns with Bally’s broader growth initiatives, including the development of a $940 million Chicago casino and the redevelopment of its Las Vegas property.
In its Q3 2024 financial results, Bally’s reported $630 million in revenue, reflecting a slight 0.4% year-on-year decline. While growth in North American Interactive revenue was noted, it was offset by declines in other segments. The company continues to prioritize expansion in key U.S. markets while streamlining its international operations.
A final report detailing the meeting’s outcomes will be filed with the Securities and Exchange Commission.
