Standard General's shareholders have approved the hedge fund's takeover of Bally's (NYSE: BALY) at $18.25 per share, marking a significant development in the casino operator's future.

The deal, expected to close in the first half of 2025, follows Standard General's initial offer of $15 per share in March, which was later increased to $18.25 in July. This current offer represents a substantial decrease from the hedge fund's January 2022 bid of $38 per share.

The merger received majority approval from shareholders, excluding votes from Standard General, Sinclair Broadcasting, Noel Hayden, and certain company executives and directors. Notably, Bally's will maintain its public trading status on the NYSE, with shareholders having the option to retain "rolling company shares."

During the transition, the company's ticker will temporarily change to "BALY.T" before returning to "BALY." The shares will remain SEC-registered and continue trading on the NYSE or another U.S. securities exchange.

The acquisition, being executed through Standard General's affiliate The Queen Casino & Entertainment Inc., is expected to face minimal regulatory hurdles. While state-level gaming boards in the 10 states where Bally's operates 15 casinos will review the deal, the absence of another gaming company as the buyer should streamline the approval process.

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