Bally’s Corp.’s largest shareholder, Standard General LP, has offered to buy the company’s remaining shares at a premium of $38 per share, about 30% above Monday’s closing price.
With access to online sports betting licenses in 16 states, a racetrack and 14 casinos in 10 states, the deal would add value to Bally’s Corp. close to $2.07 billion. Standard General currently has a 21% of capital in the business.
Bally’s owns a number of other gaming and sports betting entities.
- The company acquired an 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 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 acquired in 2021 for an undisclosed amount.
In 2020, Caesars sold the 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 renamed Bally’s Corp.
Bally’s Corp. posted a net loss of $14.7 million in the third quarter with $314.8 million in revenue.
Standard General said the deal would be financed through sale-leaseback and other long-term financing.
According to Bally’s filing, Standard General will not go ahead with the takeover unless it is approved by a special committee. The deal will also need to be approved by a majority of Bally’s other shareholders.