Bally’s stockholders approve merger agreement with Standard General

Bally’s (BALY) announced that at its special meeting of stockholders held, its stockholders, including its unaffiliated stockholders, approved the adoption of its previously announced definitive merger agreement with The Queen Casino & Entertainment, a portfolio company majority-owned by the company’s largest stockholder, Standard General. At the special meeting, the company stockholders also approved, on a non-binding advisory basis, the compensation that may or will become payable by Bally’s to its named executive officers in connection with the transactions contemplated by the merger agreement. The merger agreement has been adopted by the affirmative vote of the holders of a majority of the outstanding shares of the company’s common stock as of the October 21 record date for the special meeting and the affirmative vote of the holders of a majority of the holders of the outstanding shares of the company’s common stock as of such record date, excluding those held by Standard General, Sinclair Broadcast Group (SBGI), Noel Hayden and certain executive officers and a director of the company. Stockholders who validly elected to have their company shares remain issued and outstanding following the company merger as of 5:00 p.m. ET, will be assigned a new CUSIP number and their shares will continue to be traded on the NYSE under the new ticker symbol (BALY.T), prior to the effective time of the company merger. The company, subject to the prior approval by the special committee, reserves the right to open one or more new rolling share election periods prior to the company effective time. Closing of the transactions contemplated by the merger agreement is anticipated to occur in the first half of 2025 and remain subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions.