Casino For Sale Atlantic City
Atlantic City: The earlier announced sale of Bally’s Atlantic City from Caesar’s Entertainment to Twin Rivers Casino has been finalized. Twin Rivers Casino Company has since purchased the Bally name, and has renamed itself Bally’s Corporation. This adds Bally’s Atlantic City to their portfolio of casino and gaming properties, while taking it away from Caesars. Worth noting is how Bally’s has been sold, but the Wild West Casino and Sportsbook will remain part of Caesars casino.
Major renovations and improvements have been announced by the new company for the Bally’s casino and hotel as it currently sits. They hope to restore the old girl to her former glory. Currently Bally’s under the leadership of Caesars Entertainment is one of the worst-performing properties in the city. This sale is a result of Caesars merging with Eldorado Casinos, which brought Tropicana Casino under Caesars ownership. NJ regulations prohibit one person or company owning more than three active casino licenses. Below is the official press release from the new company.
Bally’s Corporation Completes Acquisition Of Bally’s Atlantic City
PROVIDENCE, R.I., Nov. 18, 2020 /PRNewswire/ — Bally’s Corporation (NYSE: BALY) (the “Company”) today announced that it has completed the previously announced acquisition of Bally’s Atlantic City Hotel & Casino from Caesars Entertainment, Inc. (NASDAQ: CZR) and Vici Properties, Inc. (NYSE: VICI). The total purchase price of the acquisition was $25 million, subject to customary adjustments, and was funded with cash on hand.
“We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally’s to its former glory,” said George Papanier, President and Chief Executive Officer of Bally’s Corporation. “We are pleased to close on this transaction, which represents the latest addition in our ongoing portfolio diversification strategy, and look forward to implementing our capital improvement plans to completely renovate the property with first-in-class amenities and offerings. We have a proven track record of implementing strategic initiatives at acquired properties in order to drive growth and revenue improvements, and plan to bring the iconic property to a level not seen in years.”
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As part of the transaction, Bally’s also receives three sports betting and five iGaming skins in New Jersey. As previously announced, the Company entered into strategic partnerships with Esports Entertainment Group and Sporttrade Inc. for sports betting skins, and PointsBet and theScore for iGaming skins, all of which provide unique benefits in the cutting-edge New Jersey sports betting and iGaming market, and allow the Company to reserve skins for its own use. In addition, the Company has an agreement with FanDuel to host a sportsbook inside Bally’s Atlantic City, which will debut shortly. The Company expects these partnerships to be accretive to earnings.
Bally’s Atlantic City, located in Atlantic City, New Jersey, is situated prominently in the center of the Atlantic City boardwalk. This iconic property includes 1,500 slots, 105 tables and 1,251 hotel rooms.
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About Bally’s Corporation
Biggest Casino In Atlantic City
Bally’s Corporation currently owns and manages 10 casinos across six states, a horse racetrack, and 13 authorized OTB licenses in Colorado. With more than 5,400 employees, the Company’s operations include 11,859 slot machines, 405 game tables and 2,538 hotel rooms. Properties include Twin River Casino Hotel (Lincoln, RI), Tiverton Casino Hotel (Tiverton, RI), Hard Rock Hotel & Casino (Biloxi, MS), Casino Vicksburg (Vicksburg, MS), Dover Downs Hotel & Casino (Dover, DE), Bally’s Atlantic City (Atlantic City, NJ) Casino KC (Kansas City, MO), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino (Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack (Aurora, CO). Following the completion of pending acquisitions, which include Tropicana Evansville (Evansville, IN), Jumer’s Casino & Hotel (Rock Island, IL), Eldorado Shreveport Resort and Casino (Shreveport, LA), and MontBleu Resort Casino & Spa (Lake Tahoe, NV), the Company will own and manage 14 casinos across 10 states. Its shares trade on the New York Stock Exchange under the ticker symbol “BALY.”