Thursday December 7, 2023

Bally’s Shareholder Offers To Buy 79% Stake At $2B Valuation

Ballys Casino/Design: Alex Brooks
Copy Link
Link Copied
Link Copied

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.

Copy Link
Link Copied
Link Copied

What to Read

Nick Saban highest paid college football head coach.

Who Is Highest-Paid Coach in College Football?

Saban remains atop highest-paid head coaches getting over $11 million annually.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.

How Daktronics Helps Elite Athletic Programs Secure Top Talent

How colleges are utilizing Daktronics' displays to elevate recruiting.
podcast thumbnail mobile
Front Office Sports Today

Why the NBA May Have Made Billions With Midseason Tournament


Featured Today

The College Football Playoff is considering rotating TV networks for the national championship game.

CFP Considers Super Bowl-Like Rotation For National Championship Game

Multiple networks could share rights to the championship game, sources told FOS.
Brett Favre
November 27, 2023

Favre Welfare Case Hold-Up? "AG’s Office Has Not Expressed Interest In Pursuing"

The DOJ interviewed Brett Favre in early 2020.
The future of the Pac-12 rests on a court decision.
November 24, 2023

The Pac-12 Plays Its Final Regular-Season Game. Then A Court Decides Its Fate.

The conference's future rests with a court decision.
Lane Kiffin
November 9, 2023

Ole Miss, Lane Kiffin Lawyers Argue for Dismissal of Player Lawsuit

FOS obtained audio of Lane Kiffin's interaction with the player behind lawsuit.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Multiple Locations
Multiple Locations
Creative Artists Agency
Multiple Locations

U.S. Sports Betting On Pace To Hit $100B In Wagers

Sports wagering activity accelerating to unprecedented levels.
November 20, 2023

ESPN Treads Lightly with Promoting Its Own ESPN Bet

The much-anticipated first weekend didn't lead to over-the-top promotion.
November 20, 2023

Las Vegas GP Smashes Records For Sportsbooks

High-profile Formula 1 event proves to be popular with bettors.

NHL’s Chris Foster on Amplifying Content Distribution With Automation

Learn how the NHL is using WSC Sports to increase fan engagement.
November 15, 2023

ESPN Bet Offers Familiar Feel, Hefty Promotions at Launch

PENN rolled out its reskinned Barstool app on Tuesday.
November 13, 2023

ESPN Bet’s ‘Blueprint’ For Success Has An Unexpected Origin Story

PENN Entertainment looks to replicate success seen with Canada's theScore.
November 10, 2023

ESPN BET Will Attempt To Prevent The Influence Of Insiders

ESPN released internal guidelines that banned Insiders from the new ESPN BET.
Rutgers Scarlet Knights running back Kaevon Merriweather is tackled by Iowa Hawkeyes defensive back Gaven Cooke during the second half at SHI Stadium.
November 10, 2023

Rutgers-Iowa Sets College Football Record for Lowest Over-Under

Rutgers-Iowa's betting total of 27.5 is the lowest on record.