Twin River Worldwide Holdings Rebrands as Bally’s Corp
Twin River Worldwide Holdings is a gaming company located in Lincoln, Rhode Island. The company currently owns and operates 10 land-based casino and racetrack properties across multiple states though Twin River Sportbook also exists.
One of its most recent acquisitions was Bally’s casino and resort in Atlantic City, New Jersey. While that deal has yet to close, Twin River has also bought the Bally’s brand from Caesars Entertainment for $20 million. The sports betting platform Bally Bet will be under this umbrella as well.
A recent announcement on Nov. 9 noted that the company has officially changed its name from Twin River Worldwide Holdings to Bally’s Corporation. The publicly traded listing on the New York Stock Exchange will go from TRWH to BALY.
There are currently two branded Bally’s casino properties in the US. Along with the venue in Atlantic City, there is a Bally’s casino on the Las Vegas Strip. As part of the agreement, Caesars will maintain ownership of the Las Vegas property while leasing back the brand name.
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Soo Kim is a hedge fund manager controlling 38 percent of the company’s shares. He revealed that the long term plan is to rename “essentially all” of the casino properties under the Bally’s brand. There was no timeline given as to when this will take place.
Part of the current lineup includes the Hard Rock & Casino in Biloxi but not including the Hard Rock online casino. Given the popularity of this brand, that property will probably continue to operate under the same name.
Most of the other gaming venues are not well-known names. A good starting point for the transition over to Bally’s could be on the East Coast given the flagship location in Atlantic City. However, there is no firm plan in place for how this transition will take place.
Given the company’s overall footprint across the US casino market, Bally’s could evolve into a truly national brand. Areas covered along with the Mid-Atlantic and New England region would be the Deep South, Midwest, Rocky Mountain area, and the Reno area of Nevada.
The investment plan alone for Bally’s Atlantic City is $90 million over the next five years. The property has fallen behind the times as the second-lowest grossing casino in that coastal gambling town.
By rebuilding a strong presence in the AC market, it would set the stage for a rebirth of the Bally’s brand.
The two casinos in the company’s home market of Rhode Island are Twin River Casino Hotel and Tiverton Casino Hotel. Another East Coast property is Dover Downs Hotel & Casino in Dover, Delaware.
Along with the Hard Rock, it also owns Casino Vicksburg in Mississippi. The company has a Midwest presence in Missouri with the Casino KC in Kansas City.
The new Bally’s Corp has already established a strong presence in the state of Colorado. It owns and operates three casino properties in Black Hawk as well as Arapahoe Park racetrack in Aurora. It also has the rights to 13 OTB licenses in that state.
Bally’s Corp is in the process of acquiring casinos in Indiana, Illinois, Louisiana, and Nevada. If everything goes according to plan, Bally’s will own and operate 14 gaming properties across 10 different states.