Bally’s stockholders approve merger with The Queen Casino & Entertainment
Bally’s Corporation stockholders have voted in favour of a merger agreement with The Queen Casino & Entertainment, clearing a significant step toward completion of the deal, expected in 2025.
Key points:
– Bally’s stockholders, excluding affiliated entities, approved the merger agreement
– Shares that remain outstanding will trade under a new ticker symbol “BALY.T”
– The transaction is set to close in the first half of 2025, subject to regulatory approvals
At a special meeting on 19 November, Bally’s Corporation stockholders approved the company’s merger agreement with The Queen Casino & Entertainment.
The agreement involves The Queen, a portfolio company largely owned by Bally’s largest stockholder, Standard General LP.
The affirmative vote included a majority of unaffiliated stockholders, reflecting confidence in the proposed merger. The agreement also passed a non-binding advisory vote on executive compensation related to the transaction.
Shares designated to remain issued and outstanding post-merger will trade under a new ticker symbol, “BALY.T”, on the New York Stock Exchange until the merger becomes effective.
The merger, expected to close in the first half of 2025, remains subject to regulatory approvals and customary closing conditions. Bally’s has reserved the right to open additional election periods for stockholders regarding their shares.
Good to know: Following the closing, these shares are expected to revert to their original “BALY” ticker symbol.
The approval marks a strategic step for Bally’s, aligning with the company’s ongoing development projects, including a $940m Chicago casino and the redevelopment of its Las Vegas property.
In the third quarter of 2024, Bally’s reported $630m in revenue, a 0.4% year-on-year decrease, with growth in North American Interactive revenue offset by declines in other segments.
The company has been focusing on expanding its footprint in key US markets while streamlining its international operations.
A final report on the special meeting results will be filed with the Securities and Exchange Commission.
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