Bally's shareholders have approved a takeover bid by Standard General, the company's largest investor and hedge fund controlled by Chairman Soo Kim. The deal values shares at $18.25 each, revised up from the initial March offer of $15 per share.

The merger received majority approval from shareholders, excluding votes from Standard General, Sinclair Broadcasting, Noel Hayden, and certain company executives and directors. The transaction is expected to close in the first half of 2025.

Unlike traditional acquisitions, Bally's will maintain its public trading status. Shareholders can opt for "rolling company shares" that will continue trading on the NYSE. The stock ticker will temporarily change to "BALY.T" before reverting to "BALY."

The deal faces limited regulatory hurdles since Standard General isn't a gaming company. State-level reviews will be required across the 10 states where Bally's operates its 15 casinos. The Queen Casino & Entertainment Inc., a Standard General affiliate, will execute the purchase.

This agreement comes after Standard General's previous attempt to acquire Bally's in January 2022 at $38 per share. The current deal represents a significant adjustment in valuation while maintaining the company's public market presence and operational structure.

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