Securing branding rights
Twin River Worldwide Holdings announced this week the acquisition of the Bally’s casino brand from Caesars Entertainment. Twin River paid $20m for the brand name, allowing the company to retain it for the Atlantic City property it will purchase from Caesars via a previous agreement.
rebrand its entire portfolio of properties with the Bally’s name
With this new deal, Twin River will be able to rebrand its entire portfolio of properties with the Bally’s name and logo. The company did agree to allow Caesars to use the brand name at its existing property, Bally’s Las Vegas Hotel & Casino, via a perpetual license agreement.
Bally’s casino brand usage
Twin River Worldwide Holdings chairman Soo Kim announced details of the deal in an interview with The New York Post, stating that the company plans to use the Bally’s name to rebrand all its casino properties and headquarters.
The ticker for Twin River will change this week from TRWH to something that reflects the Bally’s moniker. Additional changes include launching a sports betting site with the Bally’s brand.
This is an opportunity for us to revive a brand that is synonymous with American gaming.”
Kim wants to use the brand to the company’s advantage, saying: “This is an opportunity for us to revive a brand that is synonymous with American gaming.”
Twin River, based in Lincoln, Rhode Island, owns casinos in six states plus a horse racetrack in Colorado.
Bally’s Atlantic City deal
In April, it was announced that Caesars Entertainment and VICI Properties had agreed to sell the Bally’s casino in Atlantic City to Twin River Worldwide Holdings in an all-cash deal for $25m. VICI Properties will take $19m of the purchase price and Caesars will receive $6m. The deal is not finalized, but is expected to be completed by the end of the year.
Along with the Bally’s casino and brand acquisition, Twin River announced earlier this month that it had agreed to acquire Jumer’s Casino & Hotel from Delaware North Companies Gaming & Entertainment for $120m, marking its entry into the Illinois gambling market.