The Louisiana Gaming Control Board has approved the merger between Bally’s Corporation and The Queen Casino & Entertainment, according to The Center Square.
The merger combines the Bally’s Shreveport Casino & Hotel, The Queen Baton Rouge, and the Belle of Baton Rouge assets into one organization.
The board also granted requests from casino operators requesting approval for new institutional investors. Premier Entertainment Shreveport, LLC, which operates Bally’s Shreveport Casino & Hotel, along with Louisiana Casino Cruises, LLC (The Queen Baton Rouge) and Catfish Queen, LLC (Belle of Baton Rouge), have filed papers to qualify as institutional investors.
The approved entities include the University of Chicago, Entrust Special Opportunities Master Fund III, L.P., and Entrust Global Partners, LLC.
The University of Chicago will have a 5.84% ownership, Entrust Special Opportunities Master Fund III will have 7.06%, and Entrust Global Partners will own 12.90%.
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Brian Jefferson, a Louisiana State Police gaming enforcement officer, acknowledged that the permitted firms are passive investors who will have no operational control, decision-making authority, or management responsibility over Bally’s or its Louisiana licensees after the merger.
Bally’s Corporation shareholders already approved the company’s $4.6 billion buyout of Standard General, Bally’s largest shareholder, in November.
The transaction cleared the path for a merger with The Queen Casino & Entertainment, a portfolio firm majority-owned by Standard General.
The merged company will oversee 19 gaming venues in 11 states and provide a comprehensive range of digital gaming and sports betting products.
Soo Kim, Standard General Managing Partner, stated that the acquisition provided Bally’s owners with a large cash premium as well as the ability to participate in the expanded portfolio’s long-term growth possibilities.
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