SCHEDULE: Standard General Reduces Bally's Stake to Repay Debt

Standard General L.P. has reduced its beneficial ownership in Bally's Corp by transferring 623,875 shares to a third-party to repay an $11.5 million promissory note.

Summary

• Standard General L.P. and Kim Soohyung filed Amendment No. 28 to Schedule 13D for Bally's Corp.
• On December 22, 2025, a private investment vehicle managed by Standard General transferred 623,875 shares of Bally's Common Stock.
• The transfer was made to a third-party to repay approximately $11.5 million owed under a promissory note.
• Standard General L.P. now beneficially owns 32,480,973 shares, representing 66.07% of Bally's Common Stock.
• Kim Soohyung beneficially owns 32,542,026 shares, representing 66.19% of Bally's Common Stock.
• The percentages are based on 49,162,136 shares outstanding as of September 30, 2025, as stated in Bally's Corp's Form 10-Q filed November 12, 2025.

Sentiment

Score: 6

Explanation: The filing reports a debt repayment, which is a positive financial action for the reporting entity. However, it also indicates a reduction in the reporting entity's stake in Bally's, which could be viewed neutrally to slightly negative depending on the investor's perspective on the reporting entity's long-term commitment or liquidity needs. For Bally's itself, the impact is indirect, as it's a transaction between a major shareholder and a third party.

Positives

• Standard General successfully repaid approximately $11.5 million in debt through a share transfer.

Negatives

• Standard General's beneficial ownership in Bally's Corp has decreased by 623,875 shares.

Future Outlook

No forward-looking statements or guidance are provided in this filing.

Industry Context

This filing primarily concerns a change in beneficial ownership by a major shareholder and debt repayment, not directly related to broader industry trends or competitors in the gaming/entertainment sector. It reflects a financial transaction by a significant investor.

Stakeholder Impact

• Shareholders: Standard General's reduced stake might be interpreted differently by other shareholders, potentially signaling a shift in the major investor's position, though the reason is debt repayment. The overall control by Standard General remains significant (over 66%).
• Creditors: The repayment of a promissory note by Standard General's managed vehicle demonstrates financial responsibility.

Key Dates

Recommendation

This filing is an amendment to a Schedule 13D, primarily disclosing a change in beneficial ownership by a major shareholder (Standard General L.P.) due to a debt repayment. It does not contain information about Bally's Corp's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. Standard General remains a controlling shareholder, and the transaction is a routine financial event for the reporting entity. Therefore, a 'hold' recommendation is appropriate as there's no new fundamental information to alter an existing investment thesis.

Keywords

Bally's Corp, Standard General, Kim Soohyung, Schedule 13D, Beneficial Ownership, Share Transfer, Debt Repayment, Casino, Gaming, Entertainment