In April 2020, VICI Properties and Caesars Entertainment Corporation announced the sale of Bally’s Casino, Atlantic City to Twin River Worldwide Holdings Inc. for a figure of just $25 million. The deal brokered between the parties awarded $6 million to Caesars Entertainment Corporation, and $19 million to VICI. Now, 4 months later, the owners of Bally’s Casino Atlantic City are determined to restore the iconic establishment’s status to its former glory.
Bally’s Casino opened its doors to the public on 26 June, 1979. Now, 40 years later, under the stewardship of Twin River Worldwide Holdings, Bally’s Casino will feature a sportsbook, online casino gaming and online sports betting. Based in Providence Rhode Island, Twin River Worldwide Holdings is operational across multiple states, with hundreds of millions of dollars of assets under management. Leading this new initiative are Phil Juliano, the Senior VP and CMO of Twin River Worldwide Holdings, and the company CEO, George Papanier.
Major Refurbishments Planned for Bally’s Casino Anticipated
Twin River Worldwide Holdings has embarked on an aggressive expansion policy, to incorporate key properties into the company’s portfolio. Bally’s Casino certainly fits the bill. A gateway to the world-famous Atlantic City boardwalk, company executives have been eager to boost their holdings with this lucrative real estate market. Among others, Atlantic City’s premier casino resort offers unfettered access to online gambling in the form of online casinos, online poker, and online sports betting. By investing in the brand, Twin River Worldwide Holdings is expecting to restore the casino to its former glory.
The company anticipates robust growth in the Atlantic City market, alongside other operations across the country. These include 7 casinos that are currently under management, with 1 in Delaware, 1 in Mississippi, 2 in Rhode Island, and 3 in Colorado. Earlier in 2020, the company purchased several premier resorts, including Mont Bleu Resort Casino & Spa, and Eldorado Resort Casino Shreveport in a profitable deal with Eldorado Resorts. Now, the company has access to more 3 major gaming markets in Louisiana, New Jersey, Nevada. When all is said and done, Twin River Worldwide Holdings will be operational in 7 markets.
Restoring Bally’s Casino its heyday is no mean feat. The hustle and bustle of this popular Atlantic City Hotel and Casino resulted in unprecedented profits, leading the way for the East Coast gambling enclave. Now, Bally’s Casino is a laggard and the new owners want to turn things around. Among others, several areas will be focused on, including: enhancements to meeting spaces in the convention center, a refocus on the spa and swimming pool area, product upgrades, and improvements to the gaming floor, the introduction of additional restaurant brands, and the refurbishment and upgrading of hotel rooms. More importantly, the new owners want to rebuild relationships with guests, re-establishing trust, credibility, and brand loyalty.
What is the Future of Bally’s Atlantic City?
Major opportunities await operators as New Jersey land-based casinos and sports books, unleash their full potential to the public. Online sports books stand to benefit from legislation with the New Jersey DGE. The CEO of Twin River Worldwide Holdings is expected to apply for a licence for a new sports book at Bally’s Casino. Since each licence holder can apply for up to 5 online casino apps and 3 mobile sportsbook skins, CEO Papanier will move quickly in this direction. Future retail operations will likely be established off the boardwalk, while online partnerships are expected to take place with several prominent sports books including FanDuel and DraftKings.
While all of these plans make their way through the pipeline for regulatory approval, Caesar’s will retain control. The NE Regional President of Caesars Entertainment Corporation, Steve Callendar indicated that the company still runs Bally’s Casino and will continue running it like an asset until the deal goes through. It is possible that Bally’s Casino will be renamed, as Twin River Worldwide Holdings has a propensity for renaming resorts. The company will consider the effects of renaming the casino, given that so many people are familiar with the world-famous Bally’s Casino brand name. As far as GGR (gross gambling revenues) are concerned, Bally’s Casino is among the laggards. With limited capacity in effect, revenues are expected to remain anemic in 2020, pending a full reopening without restrictions once the health crisis has been fully resolved.
Twin River Worldwide Holdings is currently awaiting approval of a casino licence.