Twin River Worldwide Holdings Purchases Bally’s Brand for $20 Million

Ballys Atlantic City

The US casino industry continues to get shaken up. Today, news broke that Twin River Worldwide Holdings agreed to purchase the renowned Bally’s casino brand from Caesars for $20 million. It’s a huge move for this company and one that will significantly expand Twin River’s portfolio.

Today, we’re going to explain what this means for both Twin River and Caesars. We’ll also look at some of the other big deals made by casino companies this year.

Let’s get into it!

Caesars is Now One of the World’s Biggest Casino Companies

The name Caesars has long-been associated with large, successful casino-resorts. The company has purchased many world-class gaming venues over the years, including ones in Atlantic City and Las Vegas. In 2019, news broke that Eldorado agreed to purchase Caesars Entertainment for an astounding $4.2 billion.

Eldorado Resorts is a large casino company in its own right. The Reno-based gaming operator has worked hard to expand over the years with casinos all over the country. News of this merger spread like wildfire, as it would quickly form the largest casino company in the United States.

Such a large deal took time to complete. Initially, hope was that it would be completed by January of 2020. That timetable was quickly pushed back. Finally, after gaining permission from various state gambling commissions and the SEC, this deal was completed.

This newly-formed merged company kept the “Caesars” name. Interestingly, Caesars has not slowed down its efforts to expand. Not long ago, Caesars announced it was taking over William Hill, one of the biggest and most successful sports betting companies in the world.

It’s clear that Caesars has big plans for the future. That doesn’t mean it’s not interested in making sales to help make up for the cost of some recent purchases. One such sale has just taken place and has taken many by surprise.

Here’s what’s happening with this company.

Bally’s Brand Has Been Taken Over by Twin River Worldwide Holdings

As we’ve already mentioned, many popular US casino companies are working hard to expand right now. This entire casino industry is in a strange place right now. Casino revenue remains lower this year than it was in 2019, yet things seem to be improving in most states.

Back in April, news broke that Twin River Worldwide Holdings purchased Bally’s Atlantic City. This was an important move in getting the Eldorado-Caesars merger complete. Caesars Entertainment needed to sell several of its properties to ensure a monopoly doesn’t form after the merger is complete.

It seems that Twin River enjoyed taking control over this Bally’s property. This week, news broke that this company officially agreed to take over the entire Bally’s casino brand for $20 million. Twin River can now use the name to rebrand all of its properties.

Twin River Worldwide is owned by Soo Kim, who’s been focused on expanding in the US for years now. He spoke about this latest move to the media this week.

“This is an opportunity for us to revive a brand that is synonymous with American gaming,” Kim said. “We appreciate Caesars giving us a chance to use a brand they really weren’t utilizing.”

This is undoubtedly a good move for Twin River and should help the company reach more players. The Bally’s brand is well-known amongst casino gamblers. Soon, all of Twin River’s properties will be utilizing this brand name.

Casino Revenue in the US Continues to Rise and Fall

Casino companies have been in a very unusual position this year. For months, all casinos around the United States were completely shut down. Most states started allowing their casinos to reopen in early summer.

Revenue earnings from this industry have been different around the country. In Nevada, casinos are still earning considerably less than they made in 2019. Fortunately, revenue reports have been coming out that show earnings are slowly increasing each month.

In Colorado, the state’s casino industry is thriving. This state’s casino revenue has been increasing since reopening a few months ago. Sports betting revenue has also been increasing here over the past couple of months.

Every state’s casino industry is performing differently. It seems that many casino companies see this as an opportunity, though. That seems to be the case with Twin River Worldwide Holdings, set to expand its newly-acquired Bally’s brand.

We’ll probably see more of these brand sales take place over the next few months. Stay tuned for updates!

Are you surprised to hear that Caesars sold its Bally’s brand? Will this help Twin River to expand in the future? Let us know in the comments section below.

Bally’s Las Vegas Will Reopen July 23 Amid Customer Demand

Bally's Hotel-Casino in Las VegasOn Thursday, Caesars Entertainment announced the next of its properties that will be opening: Bally’s Las Vegas, set to reopen on July 23 at 10 a.m.

So far, Caesars Entertainment has reopened the following Las Vegas properties: Caesars Palace, The Flamingo, Harrah’s, Linq Promenade, and Paris Las Vegas.

The announcement comes as the Las Vegas Strip has been seeing an increased demand in customer interest and visitation. Officially shuttered for 127 days, Bally’s will officially get to join the rest of the Caesars pack in welcoming long-forgone guests.

“We continue to see solid customer interest in visiting Las Vegas this summer and, as a result, we are pleased to announce the reopening of Bally’s Las Vegas – gaming, hotel, restaurants, and other amenities – on July 23rd,” said Tony Rodio, CEO of Caesars Entertainment said.

Rodio explained that instead of increasing the hotel occupancy at the other properties that have already reopened, it’s in the interest of public health to open up another property instead. Currently, reopened casinos are operating at 50 percent capacity.

According to the resort owner, when the casino-hotel opens later this month, it’s expected to have nearly all of its amenities available, including the Blu Pool and the Bally’s Food Court.

The recently opened Indigo Lounge is also expected to be open by then. The lounge overlooks the casino floor, but with Governor Sisolak’s Thursday announcement that bars will return to Phase One restrictions, it’s unsure whether it will be serving patrons unless food is part of the equation.

Las Vegas Tourists Seem Unfazed by Rise of COVID-19 Cases Among Hospitality Workers

COVID-19 cases are on the rise across the country, and casinos are not exempt.

So far, there have been at least 10 Strip casino workers that have tested positive for coronavirus: One worker at Bellagio, two Flamingo workers, a worker at The Linq, three workers at Sahara Las Vegas, two at the Cosmopolitan of Las Vegas, and one at Caesars Palace.

But while these growing number of cases on the Las Vegas Strip may seem startling, Las Vegas travelers seem undeterred.

A handful of tourists who came for Fourth of July weekend even said they were aware of the number of growing cases of Las Vegas hospitality workers catching the virus, but that it didn’t put a dent in their travel plans.

Stay Tuned

It’s good to see that casinos are still continuing to open in Las Vegas, despite the increase of COVID-19 cases.

It was rumored this week that casinos might be shut down for 7-10 days, but thankfully that wasn’t the case in Gov. Sisolak’s address.

For now, it’s bars across the Silver State that have scaled back to their preexisting coronavirus restrictions. That means no patrons congregating in bars, bar areas, or having bars in restaurants opened for now.

Nevada piggybacked off similar restrictions made in Texas and California last week, and it seems like the rest of the country is following suit.

Are you excited for Bally’s to reopen? Have you made a trip to Las Vegas yet or are you a local who’s excited that some things are beginning to resemble “normal” Vegas? Share with us in the comments below!

And be sure to check back for more coronavirus updates in Las Vegas.

Bally’s Atlantic City is Purchased by Twin River Holdings

All of the casinos in Atlantic City are still shut down. That doesn’t mean ownership of these venues can’t change hands, though. New reports indicate Twin River Holdings has officially purchased Bally’s Atlantic City for $25 million.

Ballys Atlantic City

It’s not a huge surprise. The previous owners are selling property to make way for a massive deal. Today, we’re going to look at the details of this major casino sale.

Let’s get into it!

Eldorado Resorts and Caesars Entertainment Continue Merger Plans

As most are well aware of, Eldorado Resorts decided to purchase Caesars Entertainment back in June of 2019 for an incredible $17 billion. It was the largest merger between two casino companies in history. Of course, a deal of this magnitude takes time to complete.

Before these companies can join, they must be given the green light from regulatory bodies around the US. That’s exactly what’s happening right now. Both companies are working to gain government approval to push the deal forward.

Early this year, three major state gambling commissions approved this deal. For a time, it looked like this merger would be approved before the end of the year. Unfortunately, things have slowed down over the past few weeks.

The spread of the coronavirus has shut down the entire US casino industry. As a result, many major casino companies are now losing millions of dollars every single month. This has taken a toll on both Eldorado Resorts and Caesars Entertainment.

These companies are now doing everything they can to continue their plans. Caesars is working to sell properties to gain additional revenue and appease state gambling commissions. New reports claim Caesars just sold one of its biggest and most profitable gambling venues.

Caesars Entertainment Officially Sells Bally’s Atlantic City

Atlantic City is now home to many world-class gambling venues. Prior to the global pandemic, this New Jersey city was earning an incredible amount of revenue from its gambling industry. That’s now changed and all the casinos here are now closed to the public.

Many of the biggest casino companies in the country now operate gambling venues in Atlantic City. This includes Caesars Entertainment. Last week, however, news surfaced that Caesars had officially sold Bally’s Atlantic City to Twin River Holdings.

This is a major deal for Twin River, which paid $25 million for this gambling venue. 2020 has been a big year for this company, which recently acquired three new casino-resorts in Colorado. Most analysts claim this is the biggest casino acquisition for this company to date.

Soo Kim, chairman of the company’s board of directors, commented on this new deal to the media this week.

“This is a great deal for Twin River, and diversifies our business across eight states,” Kim said. “It reaffirms our commitment to employees, customers and the communities in which we operate that Twin River will be stronger than ever.”

Interestingly, Caesar’s will retain certain parts of this venue. That includes the casino’s sportsbook. Hope is that the sale of this casino allows the New Jersey gambling commission to approve the merger between Caesars and Eldorado Resorts.

New Jersey is Still Weeks Away From Reopening

The new coronavirus has taken a serious toll on the entire US economy. One of the hardest-hit industries is the land-based casino industry. As we mentioned earlier, all casinos across the country are closed to the public.

Places like Atlantic City are being hit particularly hard. Officials here have continued to ask Governor Phil Murphy for a timetable on when gambling venues will be allowed to open again. It seems this is unlikely to happen for at least the next few weeks.

New Jersey has one of the highest Covid-19 death rates in the country. Obviously, things will not be able to become normal here overnight. Governor Murphy recently spoke about the situation to the media and claims it may be some time before the state opens again.

“I think the best understanding of the data right now is that we are still a number of weeks away,” he said. “We’re not of the woods yet. The mandate to stay at home and stay away from each other is still very much in effect until we can break the back of this curve.”

How exactly this will affect casinos like Bally’s Atlantic City is still unknown. The federal government is working on ways to help casino operators. Unfortunately, even major payouts may not be enough for some of these venues to remain open.

It’s a very unusual time for the US gambling industry. Stay tuned for more Atlantic City casino news over the next few weeks!