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

Spread the Word:

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 expenditure program on Wednesday during a public hearing before the New Jersey Casino Control Commission. The incredible amount announced will be used over the next five years to upgrade the neglected and under-performing Atlantic City casino.

Twin River appears to hope to resurrect Bally’s Atlantic City and bring back its lost glory by upgrading the 41-year-old venue and making it “more attractive and competitive” in the market.

“We want to ensure Bally’s is competitive again and return it to its glory,” said the executive vice president of strategic development and government relations for Twin River, Marc Crisafulli. He further added, “We’re committed to making it a signature property again, right at the center of the Boardwalk,” adding that the company realizes it is a time-taking process and one requiring an equal amount of effort and investment.

More Detail 

Twin River is seeking interim casino authorization to operate Bally’s. It’s a preliminary regulatory step ahead of full casino licensure. The Rhode Island-based casino agreed to acquire Bally’s from Caesars Entertainment Inc. and VICI Properties for $25 million. Twin River will now officially change its corporate name to Bally’s on November 9.

While discussing plans for improvements at Bally’s, Twin River’s executives highlighted several key areas, including a permanent sportsbook. The company seeks a collaboration with FanDuel to offer sports betting from March.

The other improvement plans included the renovation of more than 900 hotel rooms, building 30-40 mini-suites, besides introducing a brand-new restaurant with a bar. All this to be completed and operational by summer 2021. Hotel exterior renovations, a revamped spa and fitness center, and updated gaming products are also on Twin River’s agenda.

The Executive vice president and chief financial officer for Twin River, Stephan Capp, said that the company is planning to bring things to the newly acquired property that will lead to growth and revenue.

But what if the reintroduced Bally’s hurts existing operators in Atlantic City? Twin River assures it won’t happen. CEO and President George Papanier said that the company would use its existing customer database. The company is reliant on roughly 16 million customers from New England and the Delaware/Maryland/Virginia regions to expand the market.

Twin River CEO assured that the company absolutely believes in expanding its market without cannibalizing each other.

Bally’s Time to Revive

Before Twin River decided to purchase Bally’s, the casino, once among the highest-performing casinos in Atlantic City, had fallen into decay and neglect. Since 2016, Bally’s had been mostly at the bottom of land-based gaming revenue in the market.

Bally’s was the third Atlantic City casino to launch in 1979. Once the market leader, it now ranks at the bottom among the nine Atlantic City casinos in terms of revenues. For the period between January to September 2020, Bally’s reported a win of $72 million in comparison to Atlantic City’s leading casino, the Borgata, which reported a $373 million win over the same period.

However, Twin River is optimistic about Bally’s future and is ready to pick up the gauntlet. “We plan to bring it physically to a level not seen in years,” Papanier said. “We aren’t going there (to Atlantic City) to be embarrassed.”

Twin River originally planned to inject $56 million in Bally’s but announced an increase to $90 million on Wednesday following the hearing. According to Twin River’s Chief Finance Officer Stephen Capp, the company has around a half-a-billion dollar’s worth of liquidity to draw upon.

Related News

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
Bally's Atlantic City
December 31, 2020

FanDuel Opens First Retail Sportsbook in Atlantic City at Bally’s Casino

FanDuel Group has opened its first retail sportsbook in Atlantic City at Bally’s Atlantic City Hotel & Casino early last week. The temporary sports betting operation in the venue will […]

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
Bally's Casino
June 23, 2021

Bally’s Partners With Boot Hill Casino to Launch Mobile Sportsbook in Kansas

Bally’s Corporation has expanded to 14th state following a market arrangement, allowing it to give sports betting access to Kansas following legalizagiton. On Monday, the Rhode Island-based company partnered with […]

read more
2020/2021 Tokyo Summer Olympics Sign
July 26, 2021

20 Million Americans to Bet on Tokyo Olympics

As many as 20 million Americans plan to bet on the Tokyo Olympics, according to the American Gaming Association’s survey posted on its website Tuesday. According to the AGA poll […]

read more
Wynn Resorts
November 10, 2020

Wynn Invests $80 Million in US Sports Betting Via BetBull

Wynn Resorts has invested $80 million in a reorganized joint venture with BetBull, a UK-based social sports betting operator, to offer online sports betting services in the United States. The […]

read more
Rhode Island
June 9, 2021

Rhode Island Legislature Passes Gambling Deal with IGT and Bally’s

The Rhode Island lawmakers have passed a gambling deal, promising more revenue for the state by creating a joint venture between its two partners – IGT and Bally’s Corporation. Both […]

read more
Genius Sports
June 14, 2021

Genius Sports Announces Public Offering of 20 Million Shares

Genius Sports announced last Tuesday it will be offering 20 million ordinary shares, including 12 million shares being offered by the company. The additional eight million shares will be offered […]

read more
Chicago
November 17, 2020

Illinois Posts September Sports Betting Handle Of $305 Million

Illinois has posted a sports betting handle of nearly $305 million for September, making it the fourth-largest betting state in the US. The top three sports betting leaders in the […]

read more
October 25, 2020

Twin River Acquires Bally’s Brand from Caesars

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 […]

read more
Indianaopolis
October 11, 2020

Indiana Sports Betting: First Year Draws $9 Million

Indiana’s sports betting industry marks its first year by taking in $1.2 billion in total wagers, generating an estimated $9 million in taxes. As the state closes its first year […]

read more
Indiana Hoosiers helmets
October 23, 2020

Indiana Sports Betting Hits Record $207 Million in September

Indiana sports betting has set a new record, hitting $207.5 million in handle and $14.3 million in revenue in September. The numbers from Indiana and Iowa clearly indicate that the […]

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.