SCHEDULE: Standard General Distributes Bally's Corp Shares

Standard General L.P. reported a distribution of 2.4 million Bally's Corp common shares from a private investment vehicle, adjusting its beneficial ownership percentage.

Summary

• Standard General L.P. and Kim Soohyung filed Amendment No. 27 to their Schedule 13D regarding their beneficial ownership in Bally's Corp.
• On September 16, 2025, a private investment vehicle managed by Standard General distributed 2,400,000 shares of Bally's Common Stock for no consideration.
• Following this distribution, Standard General L.P. beneficially owns 33,359,744 shares, representing 67.91% of the class.
• Kim Soohyung beneficially owns 33,416,292 shares, representing 68.03% of the class, which includes shares held by Standard General.
• The reported percentages are based on 49,122,902 shares of Bally's Common Stock outstanding as of July 31, 2025, as stated in Bally's Form 10-Q filed on August 11, 2025.

Sentiment

Score: 5

Explanation: Neutral. The filing reports a routine amendment to beneficial ownership due to an internal share distribution by a major shareholder. It does not contain information that is inherently positive or negative for Bally's Corp's operational or financial performance.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• A private investment vehicle managed by Standard General L.P. distributed 2,400,000 shares of Bally's Common Stock for no consideration.

Stakeholder Impact

• Shareholders: The distribution by Standard General L.P. alters the direct holdings of its specific investment vehicle, but Standard General and Kim Soohyung remain the largest beneficial owners, maintaining significant control over Bally's Corp. This internal portfolio adjustment does not immediately impact other public shareholders, but a reduction in direct holdings by a major investor could be perceived differently depending on market interpretation.

Key Dates

Recommendation

The filing is a routine Schedule 13D amendment reporting an internal share distribution by a major beneficial owner, Standard General L.P. It does not contain any new material information regarding Bally's Corp's operational performance, financial outlook, or strategic initiatives that would alter an investment thesis. The beneficial ownership percentage of Standard General and Kim Soohyung remains substantial, indicating continued significant influence. Therefore, a 'hold' recommendation is appropriate as this filing does not provide a basis for a 'buy' or 'sell' decision.

Keywords

Bally's Corp, Standard General L.P., Kim Soohyung, Schedule 13D, Beneficial Ownership, Common Stock, Share Distribution, Gaming Industry, Casino Operator