Bally’s Corporation completes acquisition of Atlantic City casino19th November 2020 10:26 am GMT
New York-listed casino operator Bally's Corporation (formerly Twin River Worldwide Holdings) has completed the acquisition of Bally's Atlantic City Hotel & Casino from Caesars Entertainment.
Following an initial agreement earlier this year, Bally’s has acquired the New Jersey casino for $25m, with the deal also enabling the company to rebrand most of its properties to the Bally’s brand.
As part of the transaction, Bally's also receives three sports betting and five iGaming skins in New Jersey’s regulated market.
The company has entered into strategic partnerships with Esports Entertainment Group and Sporttrade for sports betting skins, and PointsBet and theScore for iGaming skins, with the remaining skins to be used for the company's own brands.
In addition, the operator has secured an agreement with FanDuel to launch a retail sportsbook at Bally's Atlantic City, which will debut shortly.
“We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally's to its former glory,” said Bally's Corporation president and CEO George Papanier. “We are pleased to close on this transaction, which represents the latest addition in our ongoing portfolio diversification strategy, and look forward to implementing our capital improvement plans to completely renovate the property with first-in-class amenities and offerings.
“We have a proven track record of implementing strategic initiatives at acquired properties in order to drive growth and revenue improvements, and plan to bring the iconic property to a level not seen in years.”
Shares in Bally’s Corporation (NSQ:BALY) closed up 0.66 per cent at $30.61 per share in New York Wednesday, hitting a new 52-week high of $31.29 per share earlier in the day.