Twin River Set To Rebrand All Casinos After Buying Bally’s Brand
Twin River Worldwide Holdings is relying on an old but trusted market strategy to strengthen its market presence. Twin River is set to roll out a complete rebranding process across all its casinos in an effort to boost its market presence and push forward with its expansion plans.
Twin River recently announced that it has successfully completed buying out the Bally’s brand from Caesars Entertainment Inc. in a deal valued to be around $20 million. Twin River will now change all of its 11 casinos including its Head Quarters to the Bally’s brand.
Twin River will also launch a Bally branded sports betting site and look to close its acquisition of the Bally’s Atlantic City Casino in the coming months. Twin River has been working on Bally’s Atlantic City casino deal and is reported to have made a $25 million acquisition offer.
Soohyung Kim, chairman of Twin River said it made a lot of business sense for the company to acquire the worldwide rights of the Bally’s brand as it was synonymous with U.S. gaming. Kim also appreciated Caesars Entertainment for moving forward with the sale and giving Twin River a chance to make full use of the Bally’s brand as Caesars wasn’t leveraging it to its fullest extent.
There is no indication as of now if Twin River will go after the second Bally’s casino which is located in Las Vegas.
NJ Regulator Delaying Bally AC Sale
Twin River is looking at a rapid expansion in the U.S market. The company recently acquired the Jumer’s Casino & Hotel for $120 million in Rock Island, Illinois. This will be one of the casinos that will be rebranded to Bally’s shortly.
Twin River is also set to pay out an additional $150 million to Eldorado Resorts which acquired Caesars Entertainment earlier this year. This deal with Eldorado will give Twin River ownership of the Montbleu Resort, Casino and Spa in Lake Tahoe, NV and Eldorado Resort Casino in Shreveport, Louisiana.
Twin River is keen to complete the acquisition of Bally’s Atlantic City Casino but has had to wait patiently for the New Jersey Division of Gaming Enforcement (NJDGE) to sign-off on the acquisition. The NJDGE was expected to meet in October to finalize on the acquisition but had to postpone the public meeting to Nov 18.