Bally’s will merge with Standard General’s The Queens Casino & Entertainment Inc. after accepting an improved buyout offer which values the company at $4.6bn.

Standard General had had two bids rejected for the company, one earlier this year for $15 a share, but Bally’s eventually accepted an increased bid at $18.25 a share – despite rejecting a far higher offer in 2022 for $38 per share.

raised $500m to secure the buyout offer

“The Transaction provides Bally’s stockholders with a significant cash premium along with certainty of value for their investment,” said Soo Kim, Bally’s Chairman of the Board and Managing Partner of Standard General, which raised $500m to secure the buyout offer.

“We look forward to working with the Board of Directors and the Company’s senior management team as they continue to execute on their business plan.”

Bally’s has been making significant moves this year despite speculation of a buyout, recently securing over $2bn in funding to construct Chicago’s first casino.

Bally’s CEO Robeson Reeves, added: “The addition of four complementary properties through this merger to our existing 15 domestic casino properties will add further geographic and market diversity to our portfolio.”