BALLY’S CORPORATION COMPLETES TRANSACTIONS WITH STANDARD GENERAL AND THE QUEEN CASINO & ENTERTAINMENT (Form 8-K)

BALLY'S CORPORATION COMPLETES TRANSACTIONS WITH STANDARD GENERAL AND THE QUEEN CASINO & ENTERTAINMENT

PROVIDENCE, R.I. - February 7, 2025 - Bally's Corporation (NYSE: BALY; BALY.T) ("Bally's" or the "Company") today announced that it has completed the previously announced transactions with Standard General L.P. ("Standard General") and its affiliates including The Queen Casino & Entertainment Inc. ("Queen"), a regional casino operator majority-owned by funds managed by Standard General.

Pursuant to the terms of the merger agreement, Bally's and Queen combined, with Queen shareholders receiving consideration of 30.5 million shares. Thereafter, the Company paid cash consideration of $18.25 per share to holders of 22.8 million of the Company's outstanding shares. The cash merger consideration was financed by the issuance of $500 million in senior secured notes due in 2028 provided exclusively by funds managed by Apollo, along with Bally's available funds on hand and its available funding sources.

Bally's stockholders owning 17.9 million outstanding shares elected to retain their Bally's stock by means of a rollover election and continue as stockholders of Bally's. As a result, 48.4 million shares of common stock are now outstanding upon completion of the merger transactions. Warrants representing the right to purchase up to 11.6 million shares of Bally's common stock also remain outstanding.

Shares of Bally's common stock trading under the "BALY.T" ticker which remain outstanding as a result of the rollover election will continue trading on the New York Stock Exchange and revert back to the "BALY" ticker beginning Monday, February 10, 2025.

Bally's now owns and operates 19 casinos across 11 U.S. states along with a golf course in New York and a horse racetrack in Colorado. The newly acquired Belle of Baton Rouge and Casino Queen Marquette are currently undergoing land-side conversions, both of which are expected to be completed in 2025. The Company holds online sports betting licenses in 13 jurisdictions in North America and, through its North America Interactive segment, owns Bally Bet, a first-in-class sports betting platform, and Bally Casino, a growing iCasino platform (currently live in four states). Further, it owns Bally's Interactive International division (formerly Gamesys Group), a leading global interactive gaming operator, and a significant economic stake in Intralot S.A. (ATSE: INLOT), a global lottery management and services business.

Advisors

Macquarie Capital acted as financial advisor to the Special Committee of Bally's Board of Directors and Sullivan & Cromwell LLP and Potter Anderson & Corroon LLP acted as legal counsel to the Special Committee. Nixon Peabody LLP acted as legal counsel to Bally's. Citizens JMP Securities, LLC acted as financial advisor to Queen and Fried, Frank, Harris, Shriver & Jacobson LLP and Richards, Layton & Finger, PA acted as its legal counsel.

About Bally's Corporation

Bally's Corporation (NYSE: BALY) is a global casino-entertainment company with a growing omni-channel presence. Bally's owns and operates 19 casinos across 11 states, along with a golf course in New York and a horse racetrack in Colorado, and holds OSB licenses in 13 jurisdictions in North America. The acquisition of Aspers Casino in Newcastle, UK, expands its international reach. It also owns Bally Bet, a first-in-class sports betting platform, Bally Casino, a growing iCasino platform, Bally's Interactive International division (formerly Gamesys Group), a leading global interactive gaming operator, and a significant economic stake in Intralot S.A. (ATSE: INLOT), a global lottery management and services business.

With 11,500 employees, its casino operations include approximately 17,700 slot machines, 630 table games, and 3,950 hotel rooms. Bally's also has rights to developable land in Las Vegas at the site of the former Tropicana Las Vegas.