On April 2, 2024, K&F Growth Capital announced that it has sent a letter to board of directors of Bally?s Corporation, stating that the Company trades with clear intrinsic undervaluation compared to its potential and, equally, the Company?s share price has declined ~45% over the past year, and its bonds currently trade at a ~28% discount to par. In addition, K&F Growth Capital stated that Chairman of the Company and also Managing Partner of Standard General, Soo Kim proposes to acquire Company at a fraction of its fair value, using as a source of funds Company own already overstretched balance sheet. Further, K&F Growth Capital recommend the Special Committee of the board of Company reject Standard General?s undervalued acquisition proposal, and proposed a plan to refocus management on core operational discipline, monetize non-core international interactive operations and use the proceeds to de-lever, eliminate construction and operating risk in Chicago, Las Vegas and New York, focus U.S. interactive operations on casino products and eliminate further investment in sports product / user acquisition, institute a substantially more disciplined, return focused M&A strategy.

Furthermore, K&F Growth Capital stated that it look forward to an opportunity to discuss in detail its proposed plan with Company management and the Special Committee and offer our assistance to implement our proposed plan, and stated that it would not have made this investment if it did not believe in a bright future for Company as a public company with an enviable portfolio of high-quality assets, a well-capitalized balance sheet and a talented, dedicated group of leaders and employees.