Bally’s Corporation enters merger agreement with Standard General

PROVIDENCE, R.I. (WLNE) — Bally’s Corporation said that it entered a merger agreement with Standard General L.P., the largest stockholder of the casino chain.

Bally’s said the agreement would have Standard General acquire the company’s outstanding stock shares, and Bally’s would combine with The Queen Casino and Entertainment, Inc., another gaming company which is majority-owned by Standard.

The shares were purchased for $18.25 per share, and current stockholders were offered a proposal to sell their shares for $15 each.

Bally’s said that stockholders who keep their shares will still retain ownership for the new combined company.

“The addition of four complementary properties through this merger to our existing 15 domestic casino properties will add further geographic and market diversity to our portfolio,” Bally’s CEO Robeson Reeves said.

After the acquisition Standard will own 19 gaming, entertainment and hospitality facilities across 11 states.

WLNE/ABC6 is owned by Standard Media Group.