The mega-merger between El Dorado Resorts and Caesars Entertainment closed earlier this summer. In order to gain approval from casino regulators in several states, certain concessions were required. This mainly involved selling off certain properties to avoid a possible monopoly situation.
One of the stipulations in New Jersey was selling off Bally’s Atlantic City. Twin River Worldwide Holdings stepped to the plate. Based in Lincoln, Rhode Island, the company is in the process of adding Bally’s to its casino property holdings. This will include the sportsbook Bally Bet.
There was widespread speculation that the company would change the name of this Atlantic City Boardwalk gaming venue. According to a recent press release by Twin Rivers, buying Bally’s name is now part of the deal.
By purchasing the iconic Bally’s brand and logo, this would give Twin Rivers the ability to rebrand all of its existing properties under one common and well established corporate umbrella.
Bally’s Atlantic City was one of the original boardwalk casinos when gambling was first legalized in New Jersey more than 40 years ago. The only other Bally’s casino is located on the Las Vegas Strip.
The new Caesars Entertainment will retain ownership of the Las Vegas property. Part of this deal gives Caesars a perpetual license from Twin Rivers to maintain the use of the Bally’s name in addition to Caesars sports book.
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Given the casino’s time-honored position in the New Jersey casino market, Twin Rivers is looking to put Bally’s back into the spotlight among Atlantic City’s nine casino resorts. This is going to take some major investment given the casino’s current rank in gaming revenues.
Borgata Hotel Casino and Spa remain at the top of the list when it comes to total Atlantic City gaming revenue in addition to its online casino offering a bonus. Bally’s sinks to eighth on the list just ahead of the Golden Nugget.
Anyone familiar with Atlantic City’s four decades plus of casino gambling may have a different view of Bally’s place on the list. This was one of the premier gaming properties on the famed Atlantic City Boardwalk back in the day.
Past success gives Twin Rivers an excellent opportunity to recreate the excitement that Bally’s brought to the industry back then. It will take quite a bit of capital investment to bring this property into line with gambler’s expectations for casinos in the 2020s. However, it can be done.
This is one of the main reasons that Twin Rivers decided to buy the brand as opposed to rebranding the casino. That strategy has failed in the past. Having a brand with a deep and rich history in two major casino markets offers quite a bit of marketing equity.
Twin Rivers currently owns and operates nine casino properties. In the past, the company has gone the rebranding route. Lady Luck Casino in Mississippi is now known as Casino Vicksburg. The former Isle of Capri Casino in Kansas City is called Casino KC.
With the addition of Bally’s Atlantic City, the opportunity to expand the name exists. Maintaining its presence in Atlantic City simply makes good business sense. Creating a chain of Bally’s in gaming markets such as Mississippi and Kansas City could be the next logical move.
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