Twin River is set to go ahead with plans to rename their company “Bally’s Corporation” this November, after confirmation that they have acquired the rights to the Bally’s brand from Caesars Entertainment in a deal thought to be worth around $20m.
The move is believed to be sorted out and should see Twin River change their name on November 9, with the company’s stock trading under the “BALY” ticker symbol from that date.
Twin River Acquires Bally’s Name
Two weeks ago, the Rhode Island-based company snapped up Bally’s from Caesars Entertainment. The $20 million deal is just one part of a period of aggressive expansion which Twin Rivers hope will see them become an industry leader in the US land-based casino gambling world. Twin River has already announced plans to “reinvent” the brand as Caesars had practically abandoned it over the last few years.
Buying a Legacy
Bally’s has a legacy behind it. As one of the most iconic brands in the American gambling world, the move makes sense. Twin River will operate 14 casinos, a horse betting racetrack, and 13 sports betting outlets spanning a total of ten states. Even though 80 million customers currently visit Twin River’s casinos, it is thought that an extra 14 million players will be brought in thanks to the acquisition.
Twin River Not Put Off by the Pandemic
Twin River does not seem to have been overly put-off by the COVID-19 pandemic which has got companies such as Las Vegas Sands quaking in their boots. Earlier this week, LVS announced that it was looking to sell its casinos to focus more on its Asian market. A decline in activity in Las Vegas has made other operators consider launching American-facing online casino sites in a bid to recoup losses.
None of that seems to have affected Twin River. In April, the company acquired Bally’s Atlantic City casino, also from Caesars Entertainment. It followed that up with Eldorado casinos in Louisiana and Nevada. Those two came at a bargain price, on account of El Dorado and Caesars merging. Another two El Dorado casinos were acquired over the summer, in Missouri and Mississippi. October saw the purchase of Jumer’s Casino in Illinois. Now, with Bally’s casinos under their belt, Twin River is rapidly becoming a powerhouse.
It remains to be seen how profitable the recently acquired portfolio will go on to be during the pandemic, but Twin River (or Bally Corporation, as it will soon be known) clearly has big plans for the US casino gambling industry post-2020.