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After acquiring the rights to the Bally's brand, casino operator Twin River Worldwide Holdings (TRWH) plans to rename most of its properties. TRWH bought the rights to Bally's from rival Caesars Entertainment, the US operator confirmed this week.
The acquisition agreement was announced in april but is expected to be finalized by the end of the year. As part of the agreement, TRWH may retain the Bally name for the Atlantic City property. But it also allows the operator to 'rebrand virtually every property in its portfolio with the Bally name and logo.'
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Caesars, for its part, will have a 'perpetual' license to continue using the brand on its Bally's Las Vegas Hotel & Casino property.
Although the terms of this sale were not disclosed, the New York Post said monday that the deal cost $ 20 million. The company will launch a sports betting operation shortly that will carry the Bally's brand, announced TRWH President Soo Kim.
The operator would also change its current listing identity to something 'more reflective' from the Bally's brand.
According to Soo, the Bally deal represents 'an opportunity to revive a brand that is synonymous with American gaming.' He further said that TRWH 'appreciates Caesars giving us the opportunity to use a brand that they were not really using.'
TRWH recently signed a $ 120 million acquisition deal for Jumer's Casino & Hotel in Illinois, bringing the company's properties in nine states to 13.
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While it is not known when TRWH will begin renaming its properties, it will most likely have to wait until New Jersey gambling regulators approve the Atlantic City sale of Bally.
On wednesday, the New Jersey Casino Control Commission did not meet as scheduled due to a lack of items on the agenda. TRWH will have to wait until november 18 when the commission meets again to discuss that issue.
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Although The Press of Atlantic City said the Commission could also convene a meeting for the sole purpose of deciding on the provisional casino authorization on behalf of TRWH for the Bally's AC property, a decisive step for the operator to acquire a casino license state game.
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Source:https://calvinayre.com/2020/10/13/casino/twin-river-rebrand-casinos-sportsbook-ballys-brand/
