Previously known as Twin River Worldwide Holdings, Bally’s Corp announced on November 18 it closed a $25 million deal with Caesars Entertainment and VICI Properties to acquire Bally’s Atlantic City.
New Upgrades For Bally’s Atlantic City
Bally’s Corp completed Wednesday the acquisition of Bally’s Atlantic City for $25 million after New Jersey gaming regulators approved the transaction earlier in November.
Rhode Island-based Bally’s Corp, formerly known as Twin River Worldwide Holdings, bought Atlantic City’s Boardwalk casino resort from casino operator Caesars Entertainment and real estate investment company VICI Properties yesterday. Caesars and VICI will receive 25% and 75% of the sales profit, respectively.
The 1,251-room property will be revamped with “capital improvements” to offer “first-in-class amenities and offerings”, Bally’s CEO George Papanier said.
Twin River acquired the Bally’s brand, name, and intellectual property from Caesars Entertainment for $20 million on October 13, with the changes taking effect on November 9.
“We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally’s to its former glory,”George Papanier, Chief Executive Officer at Bally’s
FanDuel To Open Sportsbook In The AC Resort
The Bally’s Atlantic City features 1,500 slots and 105 table games. In partnership with sports betting provider FanDuel, the gaming facility will also offer a sportsbook. As part of the agreement between Bally’s and FanDuel, three sports betting and five iGaming skins will be added in New Jersey.
Bally’s entered partnerships for sports betting skins with Esports Entertainment Group and Sporttrade Inc., and with PointsBet and theScore for iGaming skins. Some skins will be solely used by Bally’s.
Bally’s To Operate 14 Casinos Across The US
Bally’s Corp has four additional hotel-casino acquisitions lined up in four US states. Counting the Bally’s Atlantic City purchase, all deals total $950 million. Once finalized, the transactions will bring the number of venues operated by the company to 14 in 10 states. Most properties will be rebranded under Bally’s name.
Caesars is currently in the process of selling Tropicana Evansville in Indiana to Bally’s and real estate trust Gaming and Leisure Properties for $480 million. The casino operator will also buy the Jumer’s Casino & Hotel in Rock Island, Illinois, for $120 million, as well as the Eldorado Shreveport in Louisiana for $155 million. It is currently closing a deal to operate the MontBleu Resort Casino in Lake Tahoe, Nevada.
According to Macquarie Securities gaming analyst Jordan Bender, Bally’s only owned two casinos less than 5 years ago and is now a “mid-sized value stock” and “one of the highest growers in the space” after the purchases.
Caesars’s Bally’s Las Vegas will maintain a “perpetual license” over the Bally’s brand, as the only other property holding this name in the US.
Bally’s market shares on the Nasdaq increased by 0.66% to $30.61, as of November 18.