At the special meeting on November 19, Bally's Corporation shareholders approved the merger agreement with The Queen Casino & Entertainment.
The agreement involves The Queen, a portfolio company primarily owned by Bally's largest shareholder, Standard General LP.
The majority vote in favor reflects confidence in the proposed merger. The agreement also passed a non-binding advisory vote on executive compensation related to the transaction.
The shares still issued after the merger will trade under the new stock code "BALY.T" on the New York Stock Exchange until the merger takes effect.
The merger is expected to be completed in the first half of 2025, but is still subject to regulatory approval and customary closing conditions. Bally's retains the right to offer an additional share option period for shareholders.
Notably, after the close, these shares are expected to revert to the original stock code "BALY".
This approval marks a strategic step for Bally's, consistent with the company's ongoing development projects, including a $940 million casino in Chicago and the redevelopment of properties in Las Vegas.
In the third quarter of 2024, Bally reported revenues of $630 million, a decrease of 0.4% year-over-year, with growth in North American interactive business revenue offset by declines in other departments.
The company has been focused on expanding its influence in major US markets while streamlining its international operations.
The final report of the special meeting results will be submitted to the U.S. Securities and Exchange Commission.
