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Casino Control Commission clears qualifications tied to Bally's–Queen merger; Apollo entities approved as financial sources
Summary
The commission approved findings that Bally's Corporation remains qualified as a holding company for Premier Entertainment AC, LLC and qualified several related holding and entity-qualifier companies created for a merger with Queen Casino Entertainment. The commission also found Apollo Global Securities LLC and Apollo Capital Management LP qualified as financial sources; votes were unanimous.
The New Jersey Casino Control Commission on Jan. 9 adopted a resolution finding multiple entities qualified in connection with a merger transaction that will bring Queen Casino Entertainment assets into Bally's Corporation, a holding company of Premier Entertainment AC, LLC (which operates Bally's Atlantic City).
Counsel Lynn Kaufman, representing Premier and Bally's, outlined the ownership structure and explained the transaction steps: funds managed by Standard General would contribute Queen’s stock to Bally’s in exchange for Bally’s common shares, then newly formed Epsilon entities would be used to effectuate mergers so that the Queen properties would become part of the Bally’s corporate family. Kaufman said shareholders were offered $18.25 in…
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