The Rhode Island company which is buying the worst-performing Atlantic City casino has pledged to upgrade the property and beef up its current offerings.
During a public hearing before the Casino Control Commission last Wednesday, Twin River Worldwide Holdings Inc. committed to spending $90M over the next five years to rehabilitate Bally’s Atlantic City and make it competitive again.
Twin River is requesting for an interim casino authorization, a preliminary regulatory procedure before the granting of a full casino license, to operate Bally’s Atlantic City. The Rhode Island company, which will be changing its name to Bally’s on November 9th, agreed to purchase the casino hotel property from Caesars Entertainment Inc. and VICI Properties for $25M.
Said, Marc Crisafaulli, Twin Rivers executive vice president of strategic development and government relations:
“We want to make sure Bally’s is competitive again and return it to its former glory. We’re committed to making it a signature property again, right at the center of the Boardwalk. We know it’s going to take a lot of time, effort and investment.”
Expanding the Atlantic City Market
At Wednesday’s hearing, Executives from Twin River highlighted several key areas for the development plan for Bally’s. These include a partnership with FanDuel for a permanent sportsbook which will be opened in March, the renovation of more than 900 hotel rooms, creation of 30-40 mini-suites, and a brand new restaurant with bar which will be completed by summer.
Twin River CEO and President George Papanier also addressed the issue of a re-launched Bally’s hurting the other Atlantic City casinos. Papanier assured the Commission that it would be using its existing customer database from the New England, Delaware, Maryland, and Virginia regions to expand AC’s gambling market.
Dead Last Among Nine AC Casinos
Bally’s Atlantic City was the third Atlantic City casino to open in 1979 and once led the market. But it has seen a steady decline and the last years have not been kind to it as Bally’s as it currently ranks dead last among the nine Atlantic City casinos in terms of revenue wins from gamblers. Bally’s Atlantic City has reported a win of $72M for the period January to September 2020. In contrast, AC’s top performing casino, the Borgata, has posted a $373M win over the same period.
Twin River initially planned to invest $56M in Bally’s but during Wednesday’s statement, it revealed that the amount has been increased to $90M. According to its Chief Finance Officer Stephen Capp, Twin Rivers has close to half-a-billion dollars worth of liquidity to draw upon.