After buying the famous Bally’s brand from Caesars Entertainment, Twin River Worldwide Holdings may be plotting a sweeping rebrand of most of its property portfolio.
The New York Post reports that Hedge-fund investor Soohyung Kim, co-founder of Standard General, which owns a 39 percent stake in the operator, charged Caesars $20 million for the deal, although financial conditions were not disclosed.
The acquisition would allow Twin River to retain the Bally ‘s name for the Atlantic City property that it has agreed to purchase from Caesars, pursuant to the previously negotiated agreement.
It will also allow the company to rebrand nearly all of its portfolio assets under the Bally’s name and logo, something very much on Kim ‘s mind who discussed a revival of a “ brand that is synonymous with American gaming.
Twin River agreed to provide Caesars Entertainment with a permanent licence to use the Bally ‘s name at its new Bally’s Las Vegas Hotel & Casino property as part of the arrangement.
In recent months, Twin River has been on an acquisition spree, with an agreement to acquire a $230 m deal from the Isle of Capri Casino in Kansas City , Missouri, and the Lady Luck Casino in Vicksburg , Mississippi, along with Eldorado Resorts.
Those transactions closed months after Twin River announced plans to also purchase Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the Mont Bleu Resort Casino & Spa in Lake Tahoe, Nevada from the same company for an aggregate purchase price of $155 m, which was shedding facilities before its merger with Caesars was completed.
The company also separately entered into the above-mentioned deal with Caesars and Vici Properties to purchase $25 million in cash from Bally’s Atlantic City Hotel & Casino.
Earlier this month the organisation also added Jumer’s Casino & Hotel in Rock Island, Illinois, to its roster after entering into a $120 m agreement with Delaware North Companies Gaming & Entertainment.