Bally’s Sold By Caesars, VICI Properties To Twin River

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Huge news out of the casino world as Bally’s of Atlantic City, NJ, has been sold by Caesars and VICI Properties to Twin River Worldwide Holdings. The selling price is $25 million, of which almost $19 million will go to VICI, with Caesars receiving the rest of the sale price.

Bally’s has been around for several decades, spanning back to 1979, making them the third oldest casino. They have been doing business for a long time, though based on their overall year, it seemed that a sale was pretty imminent.

In 2019, they brought in $176 million in casino win and $181.5 million in total gaming revenue. Those numbers give them the smallest amount of income for the year among their nine properties. If anybody is going to be to help turn it around, it would be Twin River.

Twin River is also buying two properties — Eldorado Resort Casino Shreveport and Mont Bleu Resort Casino & Spa — from Eldorado in a $155 million deal.

Twin River continues to expand its portfolio, with properties now in Rhode Island, Mississippi, and Delaware as well as the new acquisitions in the Louisiana, New Jersey, and Nevada markets.

“These acquisitions represent a unique opportunity to continue executing on our expansion and diversification strategy at attractive valuation multiples,” George Papanier, President and Chief Executive Officer of Twin River, said in a press release. “We see significant opportunities to create cross-marketing connections for customers at multiple Twin River locations, and we look forward to applying our proven operating and integration approach to drive incremental revenues and cash flows.”

Twin River is planning to obtain a sportsbook license to be able to add a physical sportsbook to Bally’s as well as have an online sports betting and internet casino presence.

Bally’s complex features over 1,500 slot machines, 100 table games, and over 1,250 hotel rooms. They do not lack in being able to handle full crowds and several options for their patrons coming in. Atlantic City is a tremendous tourist destination, and so they’re always ready to have guest accommodations.

It’s important for this to be a success for Twin River. Given that New Jersey online casinos reported a record $64.8 million in earnings just last month, getting people to continue to come and pour money in is vital. This is a time in the world where books, exams and games have all moved online. They need to continue to be innovative.

Bally’s has always been a popular place, drawing an overall review of 4.1 stars on 15,000 Google reviews. It helps that they’re located near the boardwalk and several other popular destinations. But when the clock begins to tick and time gets late, Bally’s is always the place to be for those in the area.

Lots of Changes

Bally’s is currently a part of the Caesars Reward Network, which won’t be the case upon the finalization of the sale to Twin River. Caesars themselves are in the midst of a merger with Eldorado, so when that officially goes through, things will change.

The only glaring issue to be seen with this potential partnership was that despite Bally’s improvements is that they got off to a very slow start when they initially opened. So there will be a little pressure to do a lot of business right off the bat.

But knowing the track record of their buyer, there should not be too many worries about productivity here. Big things are going to be coming to Atlantic City in the near future.


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