Bally's Big Move Down Under: A Game-Changing Deal
Private Equity Firm Standard General Completes $4.6 Billion Takeover of Bally's Corporation
Hey there! Let's cut to the chase and delve into the latest scoop in the sports betting Universe. Yours truly, Grant Mitchell, the ex-athlete, ex-Virginia Tech grad, and current sports betting aficionado, is here to brief you on the jaw-dropping deal that Bally's has sealed recently.
So, what's the lowdown? Bally's decided to throw its hat into the ring of the Australian casino scene by investing a whopping AUD 300 million (equivalent to USD 187 million) in The Star Entertainment Group. This strategic move is done through convertible notes and subordinated debt, as announced on 6 April 2025.
Now, here's the interesting part. Post-conversion, Bally's could potentially control over 56.7% of The Star, thanks to the Tranche 1A Notes that are convertible into nearly 10% of pre-issue shares, with additional tranches on the horizon. Bally’s will also gain board representation as an observer initially, with a potential shift to majority control upon obtaining shareholder and regulatory approval – a vote expected in mid-2025.
Moving on, let's chat about the current financial status of Bally's. In 2023, Bally's raked in a cool $2.4 billion. Unfortunately, their net loss hinged at a staggering -$187.5 million. It's important to note that Bally's trades publicly on the NYSE (BALY) and is part of the Russell Microcap Index. However, specifics on the outstanding shares weren't explicitly detailed in the sources.
Now, onto things that might pique your interest. In Q1 2025, Bally’s dropped $90,000 for lobbying efforts on gaming, iGaming, sports betting, and organized retail crime. Sadly, there was no mention of outstanding shares or warrants in relation to Grant Mitchell or iGaming in the provided data.
While we're at it, Bally’s has staked its claim in the iGaming, sports betting, and casino world across numerous states, adding another exciting chapter to their already impressive portfolio. When I'm not keeping tabs on the industry trends, you can find me doing exercises, strolling around town, or glued to the big game of the day – go team!
Stay tuned for more updates on this developing story, and remember to catch my reviews on the latest sporting events at my website. Cheers!
P.S.: It's essential to note that the data discussed in this piece is based on the provided search results and may contain limited information about outstanding shares, warrants, or Grant Mitchell's comments. For a comprehensive understanding of Bally’s current share situation, it's recommended to check out their latest SEC filings (e.g., 10-K/10-Q).
- Grant Mitchell, an ex-athlete and current sports betting enthusiast, has disclosed that Bally's has made a significant investment of AUD 300 million in The Star Entertainment Group, an Australian casino entity.
- Post-conversion, Bally's could potentially control over 56.7% of The Star, thanks to a convertible note that is equivalent to nearly 10% of pre-issue shares.
- Despite a hefty net loss in 2023, Bally's has shown interest in iGaming, sports betting, and organized retail crime, spending $90,000 on lobbying efforts in Q1 2025.
- Bally’s has expanded its presence in the iGaming, sports betting, and casino world across various states, aiming to add another engaging chapter to its growing portfolio.
- For a more accurate understanding of Bally’s current share situation, it's advisable to refer to their latest SEC filings (e.g., 10-K/10-Q).
