Shareholders of Bally approve $4.6 billion merger with Queen Casino & Entertainment
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Bally's shareholders recently green-lit a whopping $4.6 billion merger with Standard General's Queen Casino & Entertainment, a move that'll see Bally's shell out a cool $18.25 per share, as agreed back in July. With a completion date slated for the first half of 2025, the company's shares will be temporarily trading on the New York Stock Exchange under the ticker "BALY.T" in the meantime.
But that's just the beginning. Bally's is on a roll, and they're not about to slow down anytime soon! They're in the midst of developing Chicago's very first casino, aiming to bring about 3,000 construction jobs and 3,000 permanent casino jobs once operational. If things go as planned, this bad boy is expected to open its doors by September 2026. However, the project nearly hit a snag due to waste-hauling subcontractor controversies, but Bally's hasn't let a little organized crime drama get in the way of their flagship project in the U.S.
As if that wasn't enough, Bally's has its sights set on Ferry Point Park in the Bronx, New York, where they're planning a $4 billion hotel-casino complex. With a 500,000-square-foot gaming hall, a swanky 500-room hotel, retail shops, an event center, and parking for over 4,600 cars, this project is gonna be a game-changer. But they need to get some regulatory approvals and licensing sorted first, and they've got some stiff competition – they're one of eight candidates vying for three New York downstate gaming licenses. They'll need to cough up a $500 million license fee, invest at least $500 million in development, and part with $115 million for the Trump Organization's Ferry Point site before they can start breaking ground.
And let's not forget about the former Tropicana Las Vegas site, which Bally's is looking to revamp. The specifics are still in the shadows, but one thing's for sure – Bally's ain't backing down from a challenge. They've got their eyes set on Las Vegas, and they're determined to shake things up.
But Bally's is not just content with dominating the U.S. market. They've also set their sights on international expansion. case in point: their $300 million acquisition of Australia's struggling Star Entertainment Group, giving them a 57% stake. They aim to use their operational expertise to turn the company around and boost their reputation on the global stage.
In a nutshell, Bally's Corporation is going all in on a multi-front expansion strategy, with ambitious plans for significant casinos in Chicago and New York, the redevelopment of Tropicana Las Vegas site, international investment in Australia's Star Entertainment Group, and more. Even if they face a few operational and regulatory challenges along the way, Bally's is not about to back down – they're all in on establishing a national and international footprint in gaming and hospitality!
Bally's Corporation's multi-billion-dollar plans include a $4 billion hotel-casino complex in Ferry Point Park, New York, and a $300 million acquisition of Australia's Star Entertainment Group, demonstrating their commitment to both national and international expansion in the finance sector.
