Twin River Holdings recently acquired Bally’s Casino from Caesars Entertainment. Now, Twin River has received approval to commence renovation in Bally’s casino, which is currently Atlantic City’s poorest performing casino. Once Bally’s renovations are complete, it is expected that Bally’s will do whatever it takes to regain its standing and reputation in the gaming industry in AC.
Twin River holdings plans to invest at least $75 million of its 90 million dollar investment that we’ve covered here in renovations and repairs. This will all help to keep Bally’s competitive in the rapidly expanding New Jersey betting market. The company has plans to renovate Bally’s hotel rooms, entertainment halls, as well as its pools and spa. It also expects to upgrade its various restaurants and critical infrastructure in the 41-year-old gambling facility.
Bally’s has been part of the city’s history and holds a special place as the 3rd casino to set up shone in Atlantic City. Débuting operations in 1979, Bally’s was once the top casino in the New Jersey gambling market. However, over the years, it has endured numerous challenges and setbacks, even managing to outlast other casinos that have been closed down in the city over the years.
Currently, Bally’s is dead last in terms of recorded revenue in Atlantic City’s online gambling scene. For the first 9 months of the year, Bally’s brought in nearly $72 million, which seems impressive at first glance. But compared to other players such as Borgota which is on top of the list and the current leader at $373 million, Bally’s revenue month over month has been meager, to say the least.
Twin River Holdings has had a packed year
Twin River Holdings completed the purchase of the Garden State casino earlier on in the year as we’ve discussed in great detail here. The property was purchased for a cool $25 million in April 2020. The only other casino brand that is owned and operated by Caesars still retaining the Bally’s brand is located in Las Vegas and Twin River has been gracious enough to allow Bally’s Las Vegas to keep using the name in perpetuity.
Alternatively, Twin River Holdings will change its name and rebrand to Bally’s. This change will affect all of its properties and holdings which consist of 11 casinos, one racetrack, and several off-track betting parlors. Acquiring Bally’s was a great move for the operator. Since Bally’s already enjoys a rich history of gaming, it will enhance Twin River’s brand recognition.
This has been a very busy year for Twin River. Just earlier on in the year, it completed market access deals with Australian bookmaker PointsBet, as well as Canadian sports media house theScore, which has sportsbook up and running in New Jersey, Indiana, and Colorado.
Despite the obvious challenges that have been presented by the pandemic, Twin River has maintained its focus on long term growth and profitability. While it has suffered setbacks like most other operators, Twi River has continued to execute its expansion and diversification strategy.
Case in point, aside from acquiring Bally’s from Caesars Entertainment Corporation and VICI Properties Inc. for $25 million as we’ve covered here, it also acquired Eldorado Shreveport Resort and Casino in Louisiana, as well as the MontBleu Resort Casino & Spa in Lake Tahoe, Nevada from Eldorado Resorts, Inc. for the impressive price of $155 million.
Sports betting an important aspect of Twin River’s expansion plan
Sports betting has always been an important aspect of Twin River’s expansion plan. That’s why pending licensing and regulatory approval, it recently partnered with FanDuel to manage its sportsbook at Bally’s AC. FanDuel has already provided a great partnership in Twin Rivers’ properties in Colorado and joining a robust market like New Jersey’s just makes sense.
The new FanDuel permanent sportsbook location coupled with the renovations is just a few of the many exciting changes that the brand has in store for Bally’s. The Sportsbooks is already well situated just minutes away from the core of the Boardwalk which experiences foot traffic by the hundreds daily.
Once construction on the sportsbook commences, punters and tourists alike should have direct access from the Boardwalk, which will do wonders for profitability. Twin River anticipates that the permanent Bally’s FanDuel sportsbook will be up and running by spring 2021. While construction is underway, the brand will set up a temporary sportsbook on the first floor of the casino building.
This FanDuel partnership couldn’t have come at a better time as sports betting and iGaming in the Garden State continues to grow by leaps and bounds. Once the deal has been finalized, Bally’s will acquire 3 sports betting and 5 iGaming skins that will allow Twin River, which is now officially known as Bally’s to dominate.
So far, Twin River has already announced strategic partnerships with PointsBet, theScoreBet, Sporttrade, and Esports Entertainment. All these new agreements will help to boost Twin Rivers’ earnings and allow it to diversify its product offerings in the expansive and cutting edge mobile gaming market. Pending all the approvals, Twin River will now be available in 10 states.
In the future, Twin River hopes to become the 1st gaming company to offer an omnichannel experience from its brick and mortar casinos and its flawlessly integrated digital solutions. With the Bally’s brand under its belt alongside the several skins that Twin River has acquired and reserved in its portfolio, it will be easier for the brand to unite its offerings across its different physical properties. Consequently, this will help it establish a singular online and mobile presence that’s synonymous with gaming.
Twin River has had a lot to be grateful for this year despite the setbacks that have affected nearly every industry. Although the company has made major moves this year, the company expects that the pandemic will continue to negatively affect its results until casino operators can re-open in full and guests are allowed to return to pre-pandemic interactions and activities.
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