Twin River Worldwide Holdings has completed its acquisition of Bally’s from Caesars Entertainment.
Casino operator Twin River Worldwide Holdings has announced its acquisition of the Bally’s brand from Caesars Entertainment.
This comes after the casino operator purchased Bally’s casino in Atlantic City, New Jersey from Caesars and real estate investment trust, Vici Properties, for $25m back in April.
Twin River purchases the Bally’s brand
With the purchase of the Bally’s brand, which the casino operator described as “iconic”, Twin River will be able to retain the Bally’s name at the Atlantic City venue.
The financial terms of the deal were not disclosed.
In addition to the New Jersey venue, the brand and logo will now be rolled across multiple Twin River-owned casino properties in the US. The operator has yet to reveal exactly which casinos will be rebranded using the Bally’s brand.
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 in Las Vegas, Nevada.
This comes after Caesars Entertainment was acquired by Eldorado Resorts earlier this year.
Another big deal for Twin River
Twin River has been hard at work extending its reach across the US gambling space with several property acquisitions in recent months.
Prior to the operator’s acquisition of the Bally’s brand, in July, Twin River completed the acquisition of Eldorado Resorts’ Isle of Capri Casino in Kansas City, Missouri and the Lady Luck Casino in Vicksburg, Mississippi.
Twin River is also in the process of acquiring the Eldorado Shreveport Resort and Casino in Louisiana and the Mont Bleu Casino Resort & Spa in Lake Tahoe, Nevada for $155m. These purchases were announced in April, along with the announcement that Twin River would purchase Bally’s Atlantic City.
Earlier this month, the casino operator announced plans to purchase Delaware North’s Jumer’s Casino & Hotel in Illinois for $120m.
Bally’s-branded online gambling product coming soon?
While Bally’s is a well-established New Jersey casino, the brand is in a very unusual position when it comes to online gambling.
Although online gambling is legal in New Jersey, Bally’s is the only casino brand in the Garden State that does not have an online casino or sports betting product.
The main reason for this was because the brand’s previous owner, Caesars, already had two online casino brands which included its own and Harrah’s, as well as a close partnership with 888.
However, by adding another brand to the New Jersey market, Caesars would have run the risk of creating another layer of competition amongst its brands. But now that Twin River owns the brand this is less of a concern for the operator.
Twin River has confirmed plans to launch a Bally’s-branded mobile sportsbook as soon as possible and it is more than likely to be followed by or accompanied by an online casino product.
The operator has also recently inked online casino market access deal with the Australian sportsbook PointsBet and Canadian sports media company TheScore. As both companies already offer online betting in New Jersey, it is likely these brands will offer online casino gambling in the state via the Bally’s licence.