Schedule 13D/A: Standard General Reports 68.0% Aggregate Stake in BALY

Rhea-AI Filing Summary

Amendment No. 27 to Schedule 13D updates beneficial ownership information for Bally's Corporation common stock. Standard General L.P. reports beneficial ownership of 33,359,744 shares, representing 67.91% of the outstanding shares. Individual reporting person Kim Soohyung reports aggregate beneficial ownership of 33,416,292 shares, or 68.03%. The filing states that 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. The reported percentages use an outstanding share count of 49,122,902 shares as of July 31, 2025. No other transactions in the prior 60 days are reported.

Positive

• Majority beneficial ownership disclosed: Standard General reports 33,359,744 shares (67.91%) beneficial ownership.
• Transparency on distribution event: The filing discloses a 2,400,000-share distribution by a private investment vehicle managed by Standard General.
• Specific outstanding share base provided: Percentages are calculated using 49,122,902 shares outstanding as of July 31, 2025.

Negative

• High ownership concentration: Reported holdings exceed 67% of the class, indicating concentrated control which may limit minority shareholder influence.
• Distribution details limited: The filing states the 2,400,000-share distribution was for no consideration but provides no further explanation of recipients or rationale.

Insights

Financial Analyst

TL;DR: Reporting persons disclose a controlling stake above two-thirds following a 2.4M-share distribution, using an outstanding share base of 49.1M.

The Amendment documents that Standard General and affiliated reporting persons collectively beneficially own a substantial majority of Bally's common stock, with percentages calculated on 49,122,902 shares outstanding as of July 31, 2025. The 2,400,000-share distribution on September 16, 2025 was made for no consideration and is explicitly disclosed. The filing shows no other share transactions in the preceding 60 days. For investors, this filing is material because it confirms ownership concentration and a recent internal distribution event; however the filing does not include any changes to plans, voting agreements, or transaction terms beyond the distribution.

Corporate Governance Expert

TL;DR: The filing confirms concentrated ownership exceeding two-thirds, formally disclosed via Schedule 13D amendment.

The Schedule 13D/A clarifies current beneficial ownership positions and discloses a specific distribution by a private investment vehicle managed by Standard General. The reported holdings—33.36M shares (Standard General) and 33.42M shares (Kim Soohyung aggregate)—and the stated outstanding share count provide a clear basis for assessing control. The amendment does not describe any new governance arrangements or agreements, but the ownership levels reported are governance-relevant because they reflect the ability to influence corporate decisions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 27)

Bally's Corp

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

05875B304

(CUSIP Number)

Joseph Mause
Standard General L.P., 767 Fifth Avenue, 12th Floor
New York, NY, 10153
212-257-4701

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

09/16/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 05875B304

1

Name of reporting person

Standard General L.P.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power
8	Shared Voting Power 33,359,744.00
9	Sole Dispositive Power
10	Shared Dispositive Power 33,359,744.00

11

Aggregate amount beneficially owned by each reporting person

33,359,744.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

67.91 %

14

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13D

CUSIP No. 05875B304

1

Name of reporting person

Kim Soohyung

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

AF

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 56,548.00
8	Shared Voting Power 33,359,744.00
9	Sole Dispositive Power 56,548.00
10	Shared Dispositive Power 33,359,744.00

11

Aggregate amount beneficially owned by each reporting person

33,416,292.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

68.03 %

14

Type of Reporting Person (See Instructions)

IN, HC

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock, $0.01 par value per share
(b)	Name of Issuer: Bally's Corp
(c)	Address of Issuer's Principal Executive Offices: 767 Fifth Avenue, 12th Floor, New York, UNITED STATES , 10153.
Item 1 Comment: This Amendment No. 27 to Schedule 13D (the "Amendment") relates to Common Stock, par value $0.01 per share ("Common Stock"), of Bally's Corporation, a Delaware corporation (the "Issuer" or the "Company"). This Amendment is being filed to amend the Schedule 13D that was originally filed on March 29, 2019 and amended on June 26, 2019, July 15, 2019, August 2, 2019, November 19, 2019, February 13, 2020, February 20, 2020, August 7, 2020, September 17, 2020, November 20, 2020, December 15, 2020, March 30, 2021, April 6, 2021, April 16, 2021, April 22, 2021, August 11, 2021, October 8, 2021, December 9, 2021, January 25, 2022, May 5, 2022, July 15, 2022, July 29, 2022, March 11, 2024, March 19, 2024, July 26, 2024, October 18, 2024 and February 7, 2025 (as amended, the "Schedule 13D"). Unless otherwise indicated in this Amendment, all capitalized terms have the meanings ascribed to them in the Schedule 13D. This Amendment is being filed to amend and supplement Item 5 of the Schedule 13D as set forth below.
Item 5.	Interest in Securities of the Issuer
(a)	See Items 7-13 of the cover pages and Item 2 above.
(b)	See Items 7-13 of the cover pages and Item 2 above.
(c)	On September 16, 2025, a private investment vehicle managed by Standard General distributed 2,400,000 shares of the Issuer's Common Stock in accordance with the terms of the investment vehicle for no consideration. Other than such grant and distribution, the Reporting Persons did not effect any transactions in shares of the Issuer's Common Stock during the sixty day period prior to the filing of this Amendment. The percentages reported herein are based on a statement in the Issuer's Form 10-Q, filed with the Securities and Exchange Commission on August 11, 2025, that there were 49,122,902 shares of the Issuer's Common Stock outstanding as of July 31, 2025.
(d)	Not applicable.
(e)	Not applicable.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Standard General L.P.

Signature:	/s/ Joseph Mause
Name/Title:	Joseph Mause, Chief Financial Officer
Date:	09/17/2025

Kim Soohyung

Signature:	/s/ Kim Soohyung
Name/Title:	Kim Soohyung
Date:	09/17/2025

FAQ

How many Bally's (BALY) shares does Standard General report owning?

Standard General reports beneficial ownership of 33,359,744 shares, representing 67.91% of Bally's common stock.

What aggregate ownership does Kim Soohyung report in the Schedule 13D/A?

Kim Soohyung reports aggregate beneficial ownership of 33,416,292 shares, equal to 68.03% of the outstanding shares.

What was the September 16, 2025 distribution described in the filing?

A private investment vehicle managed by Standard General distributed 2,400,000 shares of Bally's common stock for no consideration on September 16, 2025.

What outstanding share count was used to calculate the reported percentages?

The percentages are based on 49,122,902 shares outstanding as of July 31, 2025, per the issuer's SEC filing referenced in this amendment.

Did the reporting persons transact any other Bally's shares in the prior 60 days?

No other transactions in the Issuer's common stock were reported during the 60-day period prior to this amendment.