Ballys merger announced after Tropicana closes for As stadium [Video]

LAS VEGAS, Nev. (FOX5) – Bally’s Corporation announced they are merging with their top stockholder, Standard General.

Standard General is an American hedge fund located in New York City.

The news comes as Bally’s closed the Tropicana Las Vegas to make way for the a new A’s stadium. A demolition is expected in the fall.

According to the press release, Standard General will obtain the company’s outstanding shares for $18.25. The transaction is valued around $4.6 billion.

Soo Kim, Managing Partner of Standard General, said, “The Transaction provides Bally’s stockholders with a significant cash premium along with certainty of value for their investment or, if they elect to retain their shares, the opportunity to participate in the longer-term growth prospects of our expanded portfolio and significant development pipeline. The addition of the complementary QC&E assets builds upon the Company’s attractive growth profile. We look forward to working with the Board of Directors and the Company’s senior management team …