Twin River Pledging at Least $90 Million for Bally’s Atlantic City Enhancements
Posted on: November 5, 2020, 09:43h.
Last updated on: November 5, 2020, 10:00h.
Twin River Worldwide Holdings (TRWH) executives told members of the New Jersey Casino Control Commission (CCC) this week they plan to spend at least $90 million over five years. The goal is to shore up the ailing Bally’s on the Atlantic City Boardwalk.
The news comes just days before TRWH is slated to assume the Bally’s name and change its stock ticker to “BALY.” That transformation will be completed on Nov. 9.
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,” said TRWH Vice President of Strategic Development Marc Crisafulli before the CCC.
In late April, the Rhode Island-based gaming company announced a deal to acquire the Garden State property for the rock-bottom price of $25 million, a deal that’s part of a broader three-casino transaction valued at $180 million. The other venues in that package are the Eldorado Shreveport Resort and Casino in Louisiana and the MontBleu Resort Casino in Lake Tahoe, Nevada.
New Life for Bally’s Atlantic City
Technically, the company that’s soon to be Bally’s reached the agreement to buy the eponymous property from the old version of Caesars Entertainment. But Eldorado Resorts, which recently acquired Caesars, signed off on the deal.
The Boardwalk venue was long seen as neglected and outdated relative to some rivals in the area. Previous Caesars management admitted they didn’t make the necessary investments to keep the property fresh.
“New Caesars” is now run by Eldorado executives. They told New Jersey regulators earlier this year that they plan to spend $400 million over the next three years to shore up Tropicana, Caesars Palace, and Harrah’s on the Boardwalk, It’s a number that would jump to $525 million if TRWH walks away from the Bally’s deal.
TRWH isn’t likely to scrap the agreement. It recently said it is paying Caesars $20 million for the Bally’s brand and the company is requesting interim casino authorization to operate the Boardwalk casino, reports The Press of Atlantic City.
TRWH executives previously said that essentially all of its casinos — a portfolio spanning from its home state of Rhode Island as far west as Colorado and soon, Nevada, — will eventually bear the Bally’s brand. They foresee it rejuvenating a once iconic mark that has been relegated to just Atlantic City and Las Vegas. Caesars is maintaining control of the Bally’s name on the Strip.
Late last month, TRWH said it’s partnering with FanDuel on a new sportsbook for Bally’s on the Boardwalk. A temporary book with FanDuel branding will be operational over the near-term, with a permanent location slated for opening next March.
The operator also told New Jersey regulators it plans to spruce up 900 hotel rooms and perhaps add 30 to 40 small suites while overhauling the venue’s bar and restaurant offerings.