The move comes in light of recent capital market changes, with the Bally’s board of directors determining that the company should pursue a $190m tender offer for shares, at a per share price of no less than $19.25 and no greater than $22.

The offer will commence on 24 June 2022 and end on 22 July 2022, unless Bally’s chooses to extend or conclude the offer early. The company went on to state that it “expects to return capital to shareholders in the future, including through its previously announced $350m capital return programme.”

Upon expiration of the offer, Bally’s will determine the lowest price per share within the specified range, allowing for the purchase of the maximum number of common shares without the aggregate purchase price exceeding $190m.

All shares purchased in the offer will be bought at the same price; this price may be higher or lower than the market price during or preceding the offer. Bally’s intends to use cash on hand and current financial resources to fund the purchase and to cover potential fees and expenses. If additional finances are required, the company is prepared to borrow under its revolving credit facility.

Standard General, which beneficially owns 22% of Bally's outstanding common shares, has not determined whether or not to tender any of its shares. Bally’s directors and executive officers have said the same.

However, in a bid to improve transparency, Standard General and the Bally’s directors and executive officers have said they will notify Bally’s about whether or not they intend to tender shares into the offer, no later than six business days before the deadline.

Goldman Sachs is acting as the lead dealer manager for the tender offer, with Capital One Securities, Truist Securities and Wells Fargo Securities acting as co-dealer managers.