Twin River Acquires Bally’s Brand from Caesars

Spread the Word:

Twin River Worldwide Holdings has recently announced a deal with Caesars Entertainment to acquire Bally’s brand for $20 million.

In April, Rhode Island-based company revealed its plan to purchase the Bally’s Atlantic City property from Caesars for $25 million. The deal included the casino’s multiple licenses, but not its name. However, the latest announcement suggests the property will persist with the existing name as it changes hands.

Old Wine in New Bottle?

There are currently only two casinos using the Bally’s name, while the other in Las Vegas is also operated by Caesars. Under the agreement, Twin River will allow Caesars to keep using the name for that property only, forever. For its part, Twin River will rebrand almost all of its existing properties using the Bally’s name. Its establishments include eleven casinos, a racetrack, and various off-track betting parlors. The gaming company will also change its name and ticker symbol.

Though the press release did not mention any price tag, the owner of the company that has a 38% stake in Twin River, Soo Kim, said that the name would cost $20 million, roughly as much as the property itself.

Twin River Takes Over Bally’s Brand

Many US casino companies have been trying to expand lately. Back in April, it was reported that Twin River purchased Bally’s Atlantic City. This week, the gaming company finally concluded a deal to acquire the entire Bally’s casino brand for $20 million.

Soo Kim had been focusing on expanding in the US for years. While speaking about the latest development, he said, “This is an opportunity for us to revive a brand that is synonymous with American gaming. We appreciate Caesars providing us with a chance to use a brand they weren’t utilizing.”

The Bally’s brand is a popular name among casino players, and Twin River seems to have realized the latent potential of its name. Soon, all of Twin River’s properties will be using this brand name.

Why Did Caesars Sell Bally’s Brand?

Though Twin River’s acquisition of Bally’s brand is striking news, for many people the bigger news is why Caesars, the world’s biggest gaming company, sold out its brand.

The name Caesars has long been established as a market leader, with huge casino resorts and establishments. In the recent past, the Nevada-based company has purchased many top-class gaming venues. In 2019, Eldorado finalized terms to acquire Caesars Entertainment for a whopping $4.2 billion. The subsequent merger made it the largest casino company in the US.

The newly-formed merged company retained the “Caesars” name. It is noteworthy that Caesars has continued its path to expansion. Recently, Caesars announced it was acquiring William Hill, one of the biggest and most successful sports betting entities in the world.

However, Caesar’s expansion does not necessarily mean it’s not interested in strategic moves like selling wherever it is required in order to make up for the cost of some recent purchases.

Related News

Sportradar sign
March 24, 2021

Sportradar Acquires Data Analytics Firm Synergy Sports

Sportradar announced Monday that the multi-national sports company agreed to acquire the US-based data analytics firm Synergy Sports. The announcement comes as Sportradar is reportedly going public in a SPAC […]

read more
Wayne Gretzky playing hockey
June 8, 2021

BetMGM Names Hockey Legend Wayne Gretzky Brand Ambassador

BetMGM has named Wayne Gretzky, the greatest hockey player of all time, its brand ambassador, according to a news release issued Wednesday. As per the multi-year deal, NHL Hall of […]

read more
Fanduel Sportsbook
December 7, 2020

Flutter Acquires 37% More Stakes of FanDuel in $4.2bn Deal

Flutter Entertainment Plc announced Thursday to buy the remaining 37% stake owned by Fastball in FanDuel Group for $4.2 billion. However, the conditional agreement is subject to approval by Flutter […]

read more
Eldorado Shreveport
January 6, 2021

Bally’s Completes Acquisition of Eldorado Shreveport From Caesars

Bally’s Corporation announced last week that it completed its acquisition of the Eldorado Resort Casino Shreveport from Caesars Entertainment. The Rhode Island-based casino company purchased the property for $140 million, […]

read more
May 17, 2021

PointsBet Acquires Horse Racing’s Premier Turf Club

PointsBet announced Monday that it has agreed to acquire Premier Turf Club in a move that will allow it access to the Oregon market. Premier Turf Club, a horse racing […]

read more
Tropicana Hotel & Casino Las Vegas
April 15, 2021

Bally’s Acquires Tropicana Las Vegas Hotel and Casino for $308M

Bally’s Corporation has announced to purchase the Tropicana Las Vegas Hotel and Casino from Gaming and Leisure Properties, Inc. for $308 million. The transaction is expected to close early next […]

read more
FuboTV
January 14, 2021

FuboTV Acquires Vigtory to Launch Sportsbook in 2021

FuboTV announced Wednesday that it acquired US sportsbook firm Vigtory and it will launch a full-fledged sportsbook later this year. The New York-based streaming service said it would be landing […]

read more
Drew Brees PointsBet
July 12, 2021

PointsBet Names NFL Legend Drew Brees Global Brand Ambassador

PointsBet announced Wednesday it has named future Hall of Famer Drew Brees the global brand ambassador of the Australian-based sportsbook operator. The deal will also make the former American football […]

read more
Businessmen shaking hands
November 23, 2020

Bally’s To Acquire Sports Betting Platform Bet.Works

Bally’s Corporation has recently entered into a definitive agreement to acquire the sports betting provider Bet.Works for $125 million. Bet.Works is a US-based sports betting platform to operators in New […]

read more
AVP Women's Beach Volleyball Tournament
July 18, 2021

Bally’s Acquires the Association of Volleyball Professionals

Bally’s Corporation on Thursday acquired the Association of Volleyball Professionals, the biggest professional beach volleyball tour in the United States. The acquisition represents the Rhode Island-based gaming company’s latest step […]

read more
Barry Sanders
February 10, 2021

BetMGM Signs Barry Sanders as Celebrity Brand Ambassador

BetMGM has announced a partnership with the Hall of Fame member Barry Sanders days after launching online gambling in Michigan. The multi-year deal that was announced last Thursday will see […]

read more
Bally's Casino Altantic City
November 7, 2020

Twin River to Spend $90 million to upgrade Bally’s Atlantic City

Twin River Worldwide Holdings Inc. has pledged to invest around $90 million to upgrade its newly acquired Bally’s Atlantic City casino. The Rhode Island-based company committed to this important capital […]

read more

Stay Updated & Receive Exclusive Offers

Be the first to know when new states legalize online gambling and gain access to exclusive casino and sports betting promotional offers.