Caesars Entertainment Sells Bally's Brand For $20 MillionRhode Island-Based Gaming Company Twin River Worldwide Holdings Bought The Naming Rights And Will Rebrand All Its Casinos |
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Caesars Entertainment sold the Bally’s brand name to another gaming company for $20 million, according to a report from the New York Post.
Hedge fund investor Soo Kim, who also serves as chairman Rhode Island-based gaming company Twin River Worldwide Holdings, bought the worldwide rights to the Bally’s name and plans on using it to rebrand his company’s 11 casinos.
The move comes nearly six months after Twin River bought three properties, including Bally’s Atlantic City, from Caesars and Eldorado Resorts as the two giant companies were offloading properties in hopes of having its merger approved by regulators. Aside from the Atlantic City property, Twin River also bought casinos in Lake Tahoe and Louisiana.
Last week, the company continued its shopping spree, picking up Jumer’s Casino & Hotel in Rock Island, Ill. For $120 million. Twin Rivers started as a small operation with just a couple casinos in Rhode Island in 2007, but has expanded into seven other states since its inception.
Kim felt that the Bally’s name had value because of its longstanding history in the gambling world but had been tarnished over the last few years.
“This is an opportunity for us to revive a brand that is synonymous with American Gaming,” said Kim to the Post.
Along with renaming all of Twin River’s casino properties, Kim also intends to change his company’s publicly traded stock ticker, TRWH, to something that reflects the new brand.
Bally’s Las Vegas is currently still listed as a Caesars Entertainment property, but that could change in the near future. Although the Caesars-Eldorado merger has already been approved, there have been rumblings for several months that the new Caesars was looking to lighten its Las Vegas Strip portfolio by parting with one of its properties on Las Vegas Boulevard.
The sale of the brand name will likely lead to a name change from Bally’s Las Vegas or the sale of the property altogether. Kim told the Post, however, that his company has no plans on acquiring the Las Vegas property and will not request a name change.
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