{"id":314318,"date":"2024-03-15T16:12:51","date_gmt":"2024-03-15T21:12:51","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=314318"},"modified":"2024-03-18T11:41:20","modified_gmt":"2024-03-18T16:41:20","slug":"ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted\/","title":{"rendered":"Standard General Pledges to Complete Chicago Casino if it Buys Bally\u2019s"},"content":{"rendered":"

Standard General said it will live up to Bally\u2019s (NYSE: BALY) commitment to build a $1.1 billion casino hotel in Chicago should the regional gaming company accept the hedge fund\u2019s acquisition offer.<\/p>\n

\"Bally's\"
A rendering of Bally’s planned Chicago casino. Suitor Standard General said it will complete the project if Bally’s accepts its takeover offer. (Image: Crain’s Chicago Business<\/em>)<\/figcaption><\/figure>\n

On Monday, Standard General, which owns 23% of Bally\u2019s equity, offered $15 a share<\/a> to acquire the casino operator, or less than half the $38 a share it proposed in January 2022. The hedge fund is controlled by Bally\u2019s Chairman Soo Kim. He noted the gaming company is contractually obligated to complete the integrated resort project at Chicago Tribune’s Freedom Center printing facility.<\/p>\n

\n

Kim added that Standard General is committed to the Windy City, and that its newest bid for Bally\u2019s comes with the understanding that — should the offer be accepted — the suitor must follow through on the gaming company\u2019s opportunities, which are led by Chicago.<\/p>\n<\/div>\n

Bally\u2019s was awarded the license to developed the first casino hotel in the third-largest U.S. city in 2022 by former Mayor Lori Lightfoot (D-Chicago). But the aftermath of that decision has been riddled with controversy. In December, media reports surfaced that there may be multiple investigations<\/a>, including one federal, into how the city awarded the permit to Bally\u2019s. In January, local press outlets reported that the location for the planned hotel tower will need to be changed. That’s because neither the city nor the gaming company properly accounted for underground piping that could be adversely affected by construction.<\/p>\n

Chicago Believes Bally\u2019s Casino Will Be Completed<\/h2>\n

Should Bally\u2019s accept Standard General\u2019s acquisition bid, it\u2019s possible that new ownership will make changes. But Chicago is confident a new owner won\u2019t affect the operator\u2019s plans in the city.<\/p>\n

The proposed buyout offer does not impact Bally\u2019s obligations to the city under the host community agreement,”<\/strong> a spokesman for Mayor Brandon Johnson said in a statement provided to Crain\u2019s Chicago Business<\/em>. “The city is confident in Bally’s ability to meet its obligations under the host community agreement and is in continuous dialogue with Bally\u2019s to monitor the project’s progress.”<\/strong><\/p><\/blockquote>\n

Bally\u2019s becoming a private company could raise concerns about the operator\u2019s will to follow through on a plan revealed last May for an initial public offering (IPO) of shares in the Chicago venue. Such an offering would be tied to the<\/a> Host Community Agreement reached between the gaming company and the city, and provides for stakes in the integrated resort to be sold to select Chicagoans.<\/p>\n

Earlier this week, Bally\u2019s announced the formation of a special committee comprised of board members to evaluate the Standard General takeover proposal.<\/p>\n

Financing Concerns Still Linger<\/h2>\n

Bally\u2019s recently acknowledged it\u2019s working to close an $800 million funding gap<\/a> on the Chicago casino, and that it\u2019s having conversations with potential creditors to ameliorate that situation.<\/p>\n

The operator\u2019s cost of financing could be high, because S&P Global Ratings last week lowered the gaming company\u2019s credit grade further into junk territory to \u201cB-\u201c from \u201cB.\u201d S&P believes Bally\u2019s will procure the financing necessary to complete the Chicago venture, but added the gaming company faces risks.<\/p>\n

\u201cBally’s financial policy decisions, including additional development spending, potential leveraging acquisitions, and shareholder returns, pose downside risk,\u201d <\/strong>according to the research firm.<\/p>\n","protected":false},"excerpt":{"rendered":"

Standard General said it will live up to Bally\u2019s (NYSE: BALY) commitment to build a $1.1 billion casino hotel in Chicago should the regional gaming company accept the hedge fund\u2019s acquisition offer. On Monday, Standard General, which owns 23% of Bally\u2019s equity, offered $15 a share to acquire the casino operator, or less than half […]<\/p>\n","protected":false},"author":46,"featured_media":254426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,32093,86430,86438],"tags":[],"acf":[],"yoast_head":"\nBally's Suitor Will Finish Chicago Casino If Buyout Bid Is Accepted<\/title>\n<meta name=\"description\" content=\"Standard General Pledges to Complete Chicago Casino if it Buys Bally\u2019s.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bally's Suitor Will Finish Chicago Casino If Buyout Bid Is Accepted\" \/>\n<meta property=\"og:description\" content=\"Standard General Pledges to Complete Chicago Casino if it Buys Bally\u2019s.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-15T21:12:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-18T16:41:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/bally.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"572\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted\/\",\"url\":\"https:\/\/www.casino.org\/news\/ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted\/\",\"name\":\"Bally's Suitor Will Finish Chicago Casino If Buyout Bid Is Accepted\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/bally.png\",\"datePublished\":\"2024-03-15T21:12:51+00:00\",\"dateModified\":\"2024-03-18T16:41:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Standard General Pledges to Complete Chicago Casino if it Buys Bally\u2019s.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/ballys-suitor-will-finish-chicago-casino-if-buyout-bid-is-accepted\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/bally.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/01\/bally.png\",\"width\":2052,\"height\":1146,\"caption\":\"A rendering of Bally's planned Chicago casino. Suitor Standard General said it will complete the project if Bally's accepts its takeover offer. 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