Rhode Island-based casino operator Twin River Holdings, Inc. has committed to investing $90 million to upgrade Bally’s, Atlantic City’s worst-performing casino.
Twin River Buys Iconic Bally’s Brand
Bally’s Atlantic City was sold to Twin River last April at a discounted rate of $25 million. The opportunity arose as Caesars Entertainment and Eldorado Resorts were reducing their portfolio ahead of their merger completed on July 20.
The purchase of Bally’s Atlantic City is expected to close this year, and Twin River will change its name to Bally’s starting from next Monday.
Twin River announced on October 13 that it has also acquired the iconic Bally’s brand from Caesars Entertainment for $20 million. As part of the deal, Caesars will keep the naming rights to its Bally’s Las Vegas Hotel & Casino property.
During a public hearing, before the New Jersey Casino Control Commission on Wednesday, Twin River pledged to bring Bally’s back to its former glory. The company revealed its plans for improving and updating the 41-year-old casino. Twin River seeks preliminary interim casino authorization before getting full licensing to operate the Bally’s. The hearing will proceed until Thursday.
Bally’s Future Full Sports Betting Experience
Twin River said it will renovate 900 guest rooms, add 30 to 40 small suites, introduce new gaming products, as well as a new restaurant and bar menu. The resort is expected to be ready by Summer 2021. Exterior renovations are also on the table, with a clean-up of the spa and fitness center.
Bally’s will feature a permanent sportsbook coming March, in partnership with FanDuel. Ahead of the launch of a permanent sports betting lounge, FanDuel will open a temporary sports betting facility. Once the purchase of the Bally’s has fully gone through, FanDuel intends to place their full-scale, permanent sportsbook in the center of the casino. This will give players a full in-person sports betting experience which is currently lacking in the area.
From Worst to Top AC Casino
The revamped casino will be highly profitable and will bring market expansion, Twin River CEO and President George Papanier said. The company will use its current user database of 14 to 16 million customers from New England and the mid-Atlantic area to grow the market, he added.
Bally’s Atlantic City remains the least profitable casino over the past 18 months and generated a small $72 million from January to September. In contrast, the city’s best casino the Borgata made $373 million over the same period.
Twin River’s considerable investment aims to transform Bally’s into one of the top casinos in Atlantic City and on its renowned Boardwalk. According to CFO Stephen Capp, Twin River has about $500 million in cash ready to be utilized.