Twin River Bally’s Transformation Finalizes Nov. 9, Adds FanDuel Sportsbook in Atlantic City
Posted on: October 28, 2020, 09:14h.
Last updated on: October 29, 2020, 09:41h.
Twin River Worldwide Holdings (NYSE:TRWH) said Wednesday its move to becoming Bally’s Corp. will be completed on Nov. 9, and its stock, which will continue trading on the New York Stock Exchange, will take on the ticker “BALY.”
Earlier this month, the Rhode Island-based regional gaming company announced the purchase of the Bally’s brand from Caesars Entertainment (NASDAQ:CZR). At that time, terms weren’t disclosed, but TRWH Chairman Soo Kim told a media outlet the company is paying Caesars $20 million for rights to the brand.
The Bally’s brand embodies a rich history in American gaming and entertainment, aligns perfectly with our current and future growth strategy, and is ripe with untapped innovation potential,” said Kim in a statement.
As part of the transaction, the soon-to-be Bally’s is granting a perpetual license to Caesars so that the latter can continue using the brand at its Las Vegas Strip venue of the same name.
Flurry of Activity
Still TRWH for now, the company is one of the gaming industry’s most active dealmakers and a frequent buyer of Caesars’ assets.
That was on display Tuesday when the operators came together on the sale of the Tropicana Evansville in Indiana. TRWH is doling out $140 million for operational rights to that venue, while Gaming & Leisure Properties (NASDAQ:GLPI) is paying $340 million for the real estate. Just six months ago, TRWH said it will pay $180 million to acquire three casinos from Caesars, a transaction including Bally’s Atlantic City.
The Tropicana Evansville deal comes less than a month after TRWH said it’s paying $120 million in cash for Jumer’s Casino & Hotel in Rock Island, Ill. Both purchases continue the operator’s push to add geographic diversity to its portfolio and enter states with robust sports wagering markets.
When all pending purchases close, the new Bally’s will run 14 casinos, and it’s expected nearly all of those venues will sport the Bally’s brand. Following completion of outstanding deals, Bally’s venues will have a combined 16,000 slot machines, roughly 550 table games, and nearly 4,000 hotel rooms.
Another Boardwalk Deal
Separately, TRWH said it’s partnering with FanDuel on a retail sportsbook at Bally’s Atlantic City. That venue currently has a sportsbook in the Wild, Wild West area of the property. But that portion of the casino will be controlled by neighboring Caesars Palace when TRWH completes the purchase.
FanDuel is expected to open a temporary book at Bally’s before the end of this year, so the property isn’t without that amenity to service the Garden State’s sizzling sports wagering market. A permanent book is slated to open there next year.
FanDuel and TRWH have some history together, as the sportsbook operator is one of the casino company’s sports betting partners in Colorado.
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