Bally’s takeover announced as Tropicana implosion nears

LAS VEGAS ( KLAS ) — After shutting down Tropicana Las Vegas in preparation for the construction of a $1.5 billion stadium that will be the future home of the Las Vegas A’s, Bally’s is entering a merger agreement.

A news release on the company’s website reports top stockholder Standard General is taking control under a merger agreement. The company, which is currently focused on a major casino project in Chicago, is valued at $4.6 billion.

Bally’s still controls most of the 34-acre site where the Tropicana stands, expected to be imploded in October at the earliest. A permit for implosion preparations was issued earlier this month.

The stadium will occupy 9 acres of the site at the corner of Las Vegas Boulevard and Tropicana Avenue. The stadium will seat up to 33,000 people. Bally’s hasn’t revealed plans for how it intends to use the remaining land.

Soo Kim, managing partner of Standard General, said, “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.”

Standard General is a hedge fund that already owns almost 23% of the company and has agreed to pay a 35% premium for the remaining shares. The price was set at $18.25 per share.

Bally’s will merege with the Queen Casino & Entertainment, a regional casino operator controlled by Standard General.

Standard General has made previous offers — one as high as $38 per share in 2022.

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