Caesars Entertainment Sells Bally’s Brand For $20 Million

Caesars Entertainment bought the Bally’s model identify to a different gaming firm for $20 million, according to a report from the New York Post.

Hedge fund investor Soo Kim, who additionally serves as chairman Rhode Island-based gaming firm Twin River Worldwide Holdings, purchased the worldwide rights to the Bally’s identify and plans on utilizing it to rebrand his firm’s 11 casinos.

The transfer comes practically six months after Twin River purchased three properties, together with Bally’s Atlantic City, from Caesars and Eldorado Resorts as the 2 large corporations had been offloading properties in hopes of getting its merger authorised by regulators. Aside from the Atlantic City property, Twin River additionally purchased casinos in Lake Tahoe and Louisiana.

Last week, the corporate continued its purchasing spree, selecting up Jumer’s Casino & Hotel in Rock Island, Ill. For $120 million. Twin Rivers began as a small operation with only a couple casinos in Rhode Island in 2007, however has expanded into seven different states since its inception.

Kim felt that the Bally’s identify had worth due to its longstanding historical past within the playing world however had been tarnished over the previous couple of years.

“This is an opportunity for us to revive a brand that is synonymous with American Gaming,” mentioned Kim to the Post.

Along with renaming all of Twin River’s on line casino properties, Kim additionally intends to alter his firm’s publicly traded inventory ticker, TRWH, to one thing that displays the brand new model.

Bally’s Las Vegas is at present nonetheless listed as a Caesars Entertainment property, however that would change within the close to future. Although the Caesars-Eldorado merger has already been authorised, there have been rumblings for a number of months that the brand new Caesars was seeking to lighten its Las Vegas Strip portfolio by parting with one in every of its properties on Las Vegas Boulevard.

The sale of the model identify will possible result in a reputation change from Bally’s Las Vegas or the sale of the property altogether. Kim advised the Post, nonetheless, that his firm has no plans on buying the Las Vegas property and won’t request a reputation change.