Announcement • Feb 08

The Queen Casino & Entertainment Inc completed the acquisition of remaining 73.9% stake in Bally's Corporation (NYSE:BALY) from BlackRock Institutional Trust Company, National Association, K&F Growth Capital LLC, SBG Gaming, LLC, Noel Hayden, Standard RI Ltd and others.

The Queen Casino & Entertainment Inc submits a non-binding proposal letter to acquire remaining 73.9% stake in Bally's Corporation (NYSE:BALY) from BlackRock Institutional Trust Company, National Association, K&F Growth Capital LLC, SBG Gaming, LLC, Noel Hayden, Standard RI Ltd and others for approximately $490 million on March 11, 2024. The Queen Casino & Entertainment Inc enter into an agreement to acquire remaining 73.9% stake in Bally's Corporation (NYSE:BALY) from BlackRock Institutional Trust Company, National Association, K&F Growth Capital LLC, SBG Gaming, LLC, Noel Hayden, Standard RI Ltd and others for approximately $590 million on July 25, 2024. Standard General will acquire all of the outstanding shares of Common Stock not currently owned by Standard General at a price of $15.00 per share. The Merger Agreement provides, among other things and on the terms and subject to the conditions in the Merger Agreement, in connection with the closing of the transaction, (i) SG Gaming will contribute to the Company all shares of common stock, par value $0.00000198 per share, of Queen that it owns (the “ Queen Share Contribution ”) in exchange for shares of common stock, par value $0.01 per share, of the Company (“ Company Common Stock ”) based on a 2.45368905950 share exchange ratio, (ii) immediately thereafter, Merger Sub I will merge with and into the Company (the “ Company Merger ”), with the Company surviving the Company Merger and (iii) immediately thereafter, Merger Sub II will merge with and into Queen (the “ Queen Merger ,” and together with the Company Merger, the “ Mergers ”), with Queen surviving the Queen Merger as a direct, wholly owned subsidiary of the Company. Proposal represents a significant premium of 41% to Company’s closing share price on March 8, 2024. As per July 25, 2024 filling, Subject to the terms and conditions of the Merger Agreement, at the effective time of the Company Merger, each share of Company Common Stock issued and outstanding immediately prior to the effective time of the Company Merger (other than shares of Company Common Stock owned: (i) by the Company or any of the Company’s wholly owned subsidiaries; (ii) by Parent or any of Parent’s affiliates; (iii) by holders exercising statutory appraisal rights; (iv) by SG Gaming following the Queen Share Contribution; or (v) by holders who have elected to have such shares remain issued and outstanding following the Company Merger (a “Rolling Share Election ”)) will be converted into the right to receive cash consideration equal to $18.25 per share of Company Common Stock (the “ Per Share Price ”). Each holder of shares of Company Common Stock (other than the Company or its subsidiaries) will have the option to make a Rolling Share Election. In order to fund a portion of the cash consideration required for the consummation of the Company Merger, Parent has obtained a debt commitment letter providing for, among other things, the availability of up to $500 million of senior secured first-lien debt financing, which Parent will, prior to the closing, assign to the Company in order to facilitate the consummation of the transactions contemplated by the Mergers. The Merger Agreement provides that the Company is required to pay Parent a termination fee equal to $11.1 million in the event that the Merger Agreement is terminated. The Merger Agreement also provides that Parent is required to pay the Company a termination fee equal to $22.2 million in cash or stock at the option of the Parent in the event that either Parent or the Company terminate the Merger Agreement. Standard General expects that the Board of Directors of the Company will appoint a special committee of independent directors to consider its proposal and make a recommendation to the Board of Directors. Standard General will not move forward with the transaction unless it is approved by such a special committee. As of April 2, 2024, K&F Growth Capital recommended the Special Committee of the Board of Directors of Bally's Corporation to reject Standard General’s acquisition proposal. In addition, the transaction will be subject to a non-waivable condition requiring the approval of holders of a majority of the shares of the Company not owned by Standard General or parties affiliated with Standard General, the expiration of any waiting period applicable to the consummation of the Queen Share Contribution or Mergers under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, receipt of specified gaming approvals by the Company and Queen (unless otherwise waived), the absence of any law or order enjoining, rendering illegal or otherwise prohibiting the consummation of the Queen Share Contribution and Mergers and other customary closing conditions relating to, among other things, the representations, warranties and covenants of the parties and is expected to close in first half of 2025. As of July 25, 2024, the board of directors of the Company (the “ Board ”), acting upon the unanimous recommendation of a Special Committee of independent directors of the Board, has (i) approved, adopted and declared advisable the Merger Agreement and the transactions contemplated by the Merger Agreement and (ii) recommended that the holders of Company Common Stock vote to adopt the Merger agreement at a meeting of stockholders of the Company. Neither the Special Committee nor the Board is making any recommendation with regard to whether any stockholders of the Company should take the Rolling Share Election (as defined below) or retain and hold the Rolling Company Shares (as defined in the Merger Agreement), or the merits of retaining an investment in the Company. In connection with the transaction, in addition to Standard General, Sinclair Broadcast Group, Inc. (“Sinclair”), and Noel Hayden have committed to support the Merger and to make rollover elections. As a result, at least 47% of Bally’s outstanding fully-diluted equity interests will be rolled over into the Combined Company. The board of directors of Standard General approved and declared advisable this Agreement and the transactions contemplated hereby, including the Company Merger. As of November 19, 2024, Bally’s Corporation stockholders approved the transaction. Erica Jaffe, Ryan Messier and Philip Richter of Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisors to Standard General. Macquarie Capital acted as financial advisor and Mark A. Morton and Alyssa K. Ronan of Potter Anderson & Corroon LLP and Scott D. Miller and Lauren S. Boehmke of Sullivan & Cromwell LLP acted as legal advisors to Bally’s Corporation. Macquarie Capital acted as fairness opinion to special committee of Bally's Corporation. Bally’s has agreed to pay Macquarie Capital for its services in connection with the Company Merger an aggregate fee of $10.6 million, of which a portion was payable in connection with Macquarie Capital’s engagement, a portion was payable upon the rendering of Macquarie Capital’s opinion and $9.3 million is payable contingent upon consummation of the Company Merger. Macquarie Capital also may be entitled to an additional fee payable at the discretion of the Special Committee upon consummation of the Company Merger (or earlier termination of Macquarie Capital’s engagement) of up to $500,000. Marc Crisafulli, Richard Langan, Jr., John Partigan and Conrad Adkins of Nixon Peabody LLP acted as legal advisors to Bally's Corporation. Richards, Layton & Finger, PA are acting as its legal counsel to QC&E. Equiniti Trust Company, LLC acted as payment and exchange agent to Bally’s and The Queen Casino & Entertainment. Citizens JMP Securities, LLC acted as financial advisor to Queen. D.F. King & Co., Inc. acted as information agent to Bally's. D.F. King will be paid a fee of approximately $250,000. The Queen Casino & Entertainment Inc completed the acquisition of remaining 73.9% stake in Bally's Corporation (NYSE:BALY) from BlackRock Institutional Trust Company, National Association, K&F Growth Capital LLC, SBG Gaming, LLC, Noel Hayden, Standard RI Ltd and others on February 7, 2025. Shares of Bally’s common stock trading under the “BALY.T” ticker which remain outstanding as a result of the rollover election will continue trading on the New York Stock Exchange and revert back to the “BALY” ticker beginning Monday, February 10, 2025.

CEO salary percentage	13.15%
CEO tenure	3.2yrs
CEO ownership	0.5%
Management average tenure	2.2yrs
Board average tenure	7yrs

Date	Total Compensation	Salary	Company Earnings
Dec 31 2025	US$9m	US$1m	-US$701m
Sep 30 2025	n/a	n/a	-US$434m
Jun 30 2025	n/a	n/a	-US$579m
Mar 31 2025	n/a	n/a	-US$410m
Dec 31 2024	US$2m	US$1m	-US$568m
Sep 30 2024	n/a	n/a	-US$760m
Jun 30 2024	n/a	n/a	-US$574m
Mar 31 2024	n/a	n/a	-US$540m
Dec 31 2023	US$5m	US$1m	-US$187m
Sep 30 2023	n/a	n/a	-US$397m
Jun 30 2023	n/a	n/a	-US$334m
Mar 31 2023	n/a	n/a	-US$249m
Dec 31 2022	US$2m	US$850k	-US$426m
Sep 30 2022	n/a	n/a	-US$53m
Jun 30 2022	n/a	n/a	-US$112m
Mar 31 2022	n/a	n/a	-US$102m
Dec 31 2021	US$5m	US$213k	-US$115m

Name	Position	Tenure	Compensation	Ownership
Soohyung J. Kim	Executive Chairman of the Board	10.3yrs	US$400.01k	0.13% $ 763.2k
Robeson Reeves	President	3.2yrs	US$8.66m	0.50% $ 2.9m
Terrence Downey	Head of Global Operations	1.2yrs	US$33.33k	0.016% $ 91.5k
Kimberly Marie Lee	Executive VP & Chief Legal Officer	3.4yrs	US$1.20m	0.049% $ 287.0k
Vladimira Mircheva	CFO & Executive Vice President	1.2yrs	no data	0.76% $ 4.4m
Craig Eaton	President of Rhode Island Operations & Corporate Secretary	3.3yrs	US$952.14k	0.35% $ 2.0m

Name	Position	Tenure	Compensation	Ownership
Soohyung J. Kim	Executive Chairman of the Board	10.3yrs	US$400.01k	0.13% $ 763.2k
Robeson Reeves	President	5.3yrs	US$8.66m	0.50% $ 2.9m
Jaymin Patel	Independent Vice Chairman of the Board	5.3yrs	US$956.70k	0.069% $ 402.8k
Jeffrey Rollins	Independent Director	7yrs	US$455.00k	0.035% $ 201.4k
George Papanier	Director	15.3yrs	US$5.76m	0.67% $ 3.9m
Tracy Harris	Independent Director	3.3yrs	US$310.00k	0.028% $ 164.8k
Wanda Wilson	Independent Director	7yrs	US$555.00k	0.036% $ 207.4k

Data	Last Updated (UTC time)
Company Analysis	2026/05/12 19:17
End of Day Share Price	2026/05/12 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Brandt Montour	Barclays
Colin Mansfield	CBRE Securities
Jordan Bender	Citizens JMP Securities, LLC

Bally's Management

Management criteria checks 2/4

Key information

Recent management updates

Bally's Corporation, Annual General Meeting, May 19, 2026

Director exercised options and sold US$200k worth of stock

Insufficient new directors

Bally's Corporation Appoints Soohyung Kim as Executive Chair, Effective January 27, 2026

Bally's Corporation Announces Terrence Downey Decides to Retire from its Board of Directors, Effective September 26, 2025

Independent Director recently sold US$125k worth of stock

Recent updates

Bally's Corporation announced delayed 10-Q filing

Bally's: Balance Sheet Needs To Sustain Growth Ambition

Bally's Corporation, Annual General Meeting, May 19, 2026

Bally’s Reportedly Tipped as Frontrunner to Acquire William Hill Parent Evoke

Bally's Corporation announced delayed annual 10-K filing

Bally's Corporation to Report Q4, 2025 Results on Mar 16, 2026

Director exercised options and sold US$200k worth of stock

Bally's Corporation (NYSE:BALY) entered into a definitive agreement to acquire Red River Entertainment of Shreveport, LLC from Boyd Gaming Corporation (NYSE:BYD).

Insufficient new directors

Bally's Corporation Appoints Soohyung Kim as Executive Chair, Effective January 27, 2026

Bally's Corporation announced delayed 10-Q filing

Bally's Corporation to Report Q3, 2025 Results on Nov 10, 2025

Intralot S.A. Integrated Lottery Systems and Services (ATSE:INLOT) completed the acquisition of International Interactive business of Bally’s Corporation.

Bally's Corporation Announces Terrence Downey Decides to Retire from its Board of Directors, Effective September 26, 2025

Consensus EPS estimates fall by 127%

Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind

Bally's Corporation to Report Q2, 2025 Results on Aug 11, 2025

Intralot S.A. Integrated Lottery Systems and Services (ATSE:INLOT) agreed to acquire International Interactive business of Bally’s Corporation. from Bally's Corporation (NYSE:BALY) for €2.5 billion.

First quarter 2025 earnings: EPS exceeds analyst expectations

New major risk - Revenue and earnings growth

Bally's Corporation to Report Q1, 2025 Results on May 12, 2025

Now 25% undervalued after recent price drop

Consensus EPS estimates upgraded to US$0.96 loss

Full year 2024 earnings: EPS misses analyst expectations

Independent Director recently sold US$125k worth of stock

Bally's Corporation Announces Executive Changes

President & Director exercised options and sold US$253k worth of stock

Bally's Corporation to Report Q4, 2024 Results on Mar 05, 2025

Insufficient new directors

The Queen Casino & Entertainment Inc completed the acquisition of remaining 73.9% stake in Bally's Corporation (NYSE:BALY) from BlackRock Institutional Trust Company, National Association, K&F Growth Capital LLC, SBG Gaming, LLC, Noel Hayden, Standard RI Ltd and others.

Gaming and Leisure Properties, Inc. (NasdaqGS:GLPI) completed the acquisition of Real property in Kansas City and Shreveport from Bally’s Corporation (NYSE: BALY) for approximately $400 million.

Standard General L.P. submits a non-binding proposal letter to acquire remaining 76.78809% stake in Bally's Corporation (NYSE:BALY) from BlackRock, Inc. (NYSE:BLK) and others for approximately $550 million.

CEO Compensation Analysis

CEO

Leadership Team

Board Members

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources