As it prepares to proceed with a new project on the Las Vegas strip, the operator announced by the then imploded Tropicana Casino-Hotel implementation of a purchase of $ 4.6 billion of the company’s largest shareholders.
Rhode Island-based Bally’s Corp., the casino operator in TROP during the last days, has merged with Queen Casino & Entertainment Inc., following the first acquisition of Standard General LP, a New York-based hedge fund managed by Bally’s chairman Soo Kim.
The merger adds four domestic casino properties to Bally’s operational footprint. The newly formed company now owns or manages 19 casinos over 11 US states, a golf course in New York and a horse racing track in Colorado. The company has sports licenses in 13 American jurisdictions and runs online casino in four states.
According to a press release, 22.8 million shares were purchased in Bally’s share at $ 18.25 per share, which represented a premium of 71 percent compared to the company’s 30-day average price per share. The Queen’s shareholders received cash agreements of 30.5 million shares.
Cash Fusion overweight was financed by the issuance of $ 500 million in Senior Secured Notes due to 2028, which is exclusively provided by funds handled by Apollo, along with Bally’s available funds at hand and its available financing sources, stated release.
Bally’s investors who own 17.9 million outstanding shares chose to retain their warehouse using a choice of election in November. They continue as shareholders in the public trading company, which will change their share Ticker from “Baly.t” to “Balig”, as of Monday.
Tropicana closed on April 2 and was imploded on October 9.
At present, the future of the former Tropicana website remains unclear. Bally’s and Land-Owner Gaming & Leisure Properties Inc. has stated their intention to construct a new casino hotel somewhere on the 35 acre place at the corner of Las Vegas Boulevard and Tropicana Avenue. The two parties have also agreed to commit up to 9 acres for the construction of a new Major League Baseball Stadium for Athletics, formerly in Oakland.
Athletics has applied for a permit for land use for their proposed Las Vegas ballpark. According to team representatives, construction can begin between April and June of the estimated $ 1.75 billion, 33,000 fan capacity ball park.
Contact David Danzis at ddanzis@ theplayerlounge.com or 702-383-0378. Follow @AC2vegas-danzis.bsky.social.
