PROVIDENCE, R.I. (WPRI) — Bally’s Corp. has accepted a buy-out offer from New York-based Standard General L.P., the casino operator’s largest stockholder, in a deal that’s valued at $4.6 billion.

The Providence-based company announced the deal Thursday. Bally’s officials said the deal offers stockholders $18.25 per share, representing a 71% premium over the company’s 30-day average price per share. Alternatively, shareholders can also choose to keep their investment in the company, which will remain publicly traded, according to the announcement.

As part of the deal, Standard General will merge Bally’s with its regional casino chain, the Queen Casino & Entertainment Inc., which owns and operates four casinos in Illinois, Iowa and Louisiana.

The merged companies will now run 19 gaming, entertainments and hospitality facilities throughout the country, including Bally’s Twin River Casino and Resort in Lincoln , according to the announcement.

Sinclair Broadcast Group, Inc. and Noel Hayden, which also do business with Bally’s, are said to make rollover elections. In a press release, Bally’s said, “at least 47% of Bally’s outstanding fully-diluted equity interests will be rolled over into the combined company.”

Bally’s Chief Executive Officer Robeson Reeves said “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.”

Bally’s officials said a special committee unanimously recommended that the board of directors approve the transaction. The directors approved the deal and are now recommending that stockholders approve it as well.

Bally’s and IGT, a gambling technology company, currently have a 20-year deal with the state to operate gambling in Rhode Island.

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