Twin River acquires iconic Bally’s brand from Caesars Entertainment for $20 million
NASDAQ-listed Caesars Entertainment’s iconic casino brand Bally’s has finally been acquired Twin River Worldwide Holdings, according to an official press release by Lincoln, Rhode Island-headquartered gaming company.
Soo Kim, the founder of Standard General hedge fund that controls 38 per cent stake in Twin River Worldwide Holdings, said the operator of two gaming properties in Rhode Island agreed to pay $20 million for obtaining rights to the iconic Bally’s mark. In April this year, Twin River had indicated that it would pay $25 million to acquire Bally’s brand on the Atlantic City Boardwalk.
The Rhode Island gaming company has plans to rebrand all of its portfolio properties under the newly acquired Bally’s name and logo.
Speaking on the topic, Kim said, “As part of the deal, Twin River has agreed to provide Caesars Entertainment a perpetual license to use the Bally’s brand at its existing Bally’s Las Vegas Hotel & Casino property. TRWH plans to rebrand virtually all of its portfolio properties under the Bally’s name and logo.”
Under the terms of the newly signed agreement, Twin River will provide casino giant Caesars Entertainment with a perpetual license to use the iconic Bally’s brand at its already running Bally’s Las Vegas Hotel & Casino.
The purchaser has also revealed plans to launch a sports betting website under the newly acquired Bally’s brand, something which could carry some reserve in New Jersey, the US’ largest sports wagering market.
The Bally’s, which is a well known gambling and entertainment property on the Las Vegas Strip, came into existence in 1973 as the MGM Grand Hotel & Casino. In 1986, it was sold to Bally Manufacturing for $594 million, and it was rebranded to its current name. In 1995, it was acquired by Hilton Hotels, and its gaming business was spun off in the year of 2003. Ten years later, Harrah’s Entertainment acquired Caesars, purchasing Bally’s Las Vegas too as part of that deal.
The sale of the Bally’s brand was part of a broader deal in which Twin River agreed to acquire three venues from Caesars Entertainment for $180 million. The sale was prompted by Caesars-Eldorado merger, which had raised concerns over competition in the market.
Twin River currently owns ten casino and racetrack properties in five states, viz. Colorado, Delaware, Mississippi, Missouri, and Rhode Island. But it has multiple deals in the pipeline, which would expand its portfolio to thirteen gaming venues in nine states of the US.
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