Bally’s Corp.’s biggest shareholder Standard General LP offered to buy the company’s remaining shares at a premium of $38 per share — around 30% higher than the stock’s closing price on Monday.
With access to online sports betting licenses in 16 states, a horse racetrack, and 14 casinos across 10 states, the deal would reportedly value Bally’s Corp. at nearly $2.07 billion. Standard General currently has a 21% stake in the company.
Bally’s has a number of other gaming and sports gambling entities.
- The company acquired online gaming operator Gamesys Group for $2.7 billion.
- Monkey Knife Fight, a daily fantasy sports site, was purchased in a $90 million deal.
- Bally’s acquired SportCaller, a B2B free-to-play game provider, in 2021 for an undisclosed amount.
- Telescope, a provider of real-time fan engagement solutions, was also purchased in 2021 for an undisclosed amount.
In 2020, Caesars sold rights to the Bally’s brand to Twin River Worldwide, a casino operator owned by Standard General. As part of the sale, Twin River Worldwide was rebranded as Bally’s Corp.
Bally’s Corp. recorded a $14.7 million net loss in its third quarter with $314.8 million in revenue.
Hurdles Ahead
Standard General said the deal would be funded through sale-and-lease-back and other long-term financing.
According to Bally’s filing, Standard General won’t move forward with the buyout unless it’s approved by a special committee. The deal will also need approval from a majority of Bally’s other shareholders.
