US casino operator Twin River Worldwide Holdings (TRWH) plans to rebrand most of its properties with the Bally’s brand, assuming Atlantic City gaming regulators get their act together.
On Tuesday, TRWH confirmed Monday’s rumors that it had acquired the rights to the Bally’s brand from rival Caesars Entertainment. TRWH acquired the Bally’s Atlantic City casino property from Caesars in a deal that was announced in April and expects to close by year’s end.
TRWH said its April deal allowed it to retain the Bally’s name for the AC property, while Tuesday’s deal will allow TRWH to “rebrand virtually all of its portfolio properties under the Bally’s name and logo.” The deal also allows Caesars a “perpetual” license to continue to use the brand for the company’s existing Bally’s Las Vegas Hotel & Casino property.
While terms of the Bally’s brand sale weren’t disclosed, the New York Post reported Monday that the deal was worth $20m. TRWH chairman Soo Kim said the company would also launch a sports betting operation using the Bally’s brand, while TRWH would change its stock ticker identity to something ‘more reflective’ of the Bally’s brand.