Bally’s Corporation Completes Second Share Election Period
Bally’s Corporation (NYSE: BALY; BALY.T) recently announced a significant milestone in its corporate journey with the completion of the second election period for holders of its common stock. This period allowed shareholders to submit their elections to have their shares remain outstanding following the upcoming merger details outlined in the recent Agreement and Plan of Merger.
This merger involves key players, including SG Parent LLC and The Queen Casino & Entertainment Inc. This timely announcement reflects Bally's commitment to providing shareholders with greater control and security concerning their investments during this transformative stage.
As a direct result of this second election phase, an impressive 447,910 shares of common stock participated in the Rolling Share Elections. This addition brings the total to an astounding 17,940,083 shares that will remain in circulation, along with 11,191,061 warrants held by existing shareholders. Such numbers signify a robust interest amongst stockholders regarding the future of Bally’s.
Bally’s anticipates a dynamic shift in its stock as approximately 30.5 million shares are set to be issued to Casino Queen's stockholders upon the merger's completion. When all shares and warrants are accounted for, a total pro forma of around 48.4 million shares of common stock will be available, alongside approximately 11.6 million warrants. This growth highlights the company’s ongoing dedication to expanding its financial landscape while ensuring existing shareholders reap the benefits of their long-term loyalty.
For stockholders watching closely, it’s worth noting that shares subject to the Rolling Share Elections will be trading under the ticker symbol “BALY.T” on the New York Stock Exchange. Upon finalization of the transaction, shares not part of the election will revert to the original ticker symbol “BALY,” signaling a return to standard trading practices.
The anticipated closing date for this significant transaction is set for the first quarter of the upcoming year, contingent upon securing necessary regulatory approvals and satisfying standard closing requirements. This timeline emphasizes Bally's proactive and strategic approach to growth and operational stability.
About Bally’s Corporation
Bally’s Corporation stands tall as a global casino-entertainment powerhouse with a solid omni-channel footprint. Presently, it owns and operates 15 casinos spread across ten states, a golf course in New York, and a horse racetrack in Colorado. The company is also strategically positioned with access to OSB licenses in 18 states. Bally’s Interactive International, once known as Gamesys Group, further solidifies its presence in the interactive gaming sector.
Employing around 10,600 professionals, Bally’s casino operations boast approximately 15,300 slot machines, 580 table games, and 3,800 hotel rooms. Notably, Bally’s holds rights to developable land in Las Vegas, indicating its commitment to further growth and expansion in the entertainment and gaming market.
The company aims to enrich its portfolio following the merger with The Queen Casino & Entertainment Inc., which will introduce four additional casinos across three states into its offerings. This extension will not only strengthen Bally’s market position but also diversify its operational capabilities, including expanding its reach into Iowa. The merger is set to add over 900 employees and introduce additional assets, enriching Bally’s diverse portfolio.
Looking Toward the Future
With the merger on the horizon, Bally’s looks forward to enhancing its operations and market presence significantly. This integration is expected to bolster its existing games and hotel offerings, aligning with the company's vision for expansion and excellence in customer service. Bally's will also inherit Casino Queen’s expansive economic stake in global lottery management services via its investment in Intralot S.A. (ATSE: INLOT), showcasing a strategy toward diversification in its revenue streams.
As Bally’s continues to navigate the complexities of the gaming and entertainment industry, its focus remains steadfast on delivering exceptional value to its shareholders and customers. The anticipated merger promises to unfold a new chapter of growth, with innovations expected to follow in the entertainment landscape.
Frequently Asked Questions
What is the recent announcement from Bally's Corporation?
Bally's Corporation has completed its second rollover election period for shareholders to keep their shares outstanding post-merger.
What trading symbols will Bally's shares use?
Shares involved in Rolling Share Elections will initially trade under “BALY.T” and revert to “BALY” after the merger finalizes.
How many shares will be outstanding after the merger?
It's anticipated that approximately 48.4 million total shares of common stock will be outstanding, along with warrants for around 11.6 million shares.
What does the merger with Casino Queen entail?
The merger will expand Bally's portfolio by adding four casinos and introducing a range of operational assets, enhancing its market capabilities.
When is the closing of the merger expected?
The merger is expected to close in the first quarter of the upcoming year, subject to regulatory approvals and other customary conditions.
