To follow the new Bally’s business deals and property additions is like watching a team with lots of free agents. It would help if you had a scorecard to tell who the players are. So, today I’m going to try to connect the properties for you – and me. As Shakespeare put it, “A [casino] by any other name…” well, I say it’s just plain confusing! Let’s begin with Bally’s latest news. Let’s look at “Bally’s Corporation Continues Expanding Brand.”
Another Big Move Expanding Brand
Once known as Twin River Worldwide Holdings, Bally’s Corporation is working on a new gambling operation with Gaming & Leisure Properties Inc. It’s part of another flurry of deals that includes Bally’s and the Tropicana casino in Las Vegas. So, Bally’s agreed to sell Black Hawk, Colorado, and Rock Island casinos to Gaming & Leisure for $150 million. But Bally’s will lease and operate those facilities.
With me so far?
Turnabout is fair play. So, Gaming & Leisure, a real estate investment trust, or REIT, will continue to own the Tropicana property and collect rent. So you see, both original companies still own the properties but are now renting them to each other.
“It’s hard to be a national player in gaming without a casino there. [A REIT] is a tried and true pathway that companies like Caesars and MGM have proven.”
Bally’s Chairman Soo Kim
Adding the Tropicana provides Bally’s with their first foothold in Las Vegas, the gambling capital in the U.S. Having a casino right on the Strip was the bait for such a bold move.
Meanwhile, In Atlantic City.
The investment at Bally’s A.C. will happen in phases.
According to PlayNJ.com,
- Guests will see improvements to hotel rooms, the lobby, and the lobby bar sometime this year.
- Upgrades to meeting and convention areas and the pool and spa are on the to-do list.
- Bally’s A.C. recently unveiled a brand-new FanDuel Sportsbook, putting N.J.’s leading sportsbook on the casino floor.
- Needed cosmetic changes are the immediate priority
- Plans to introduce new restaurant concepts, including Jerry Longo’s Meatballs & Martinis (the old Arturo’s space), Water Dog Smoke House, a local favorite (where Bucca di Beppo was), and Guy Fieri’s Chophouse will stay put.
Properties Involved in Bally’s Corporation Continues Expanding Brand
See if you can follow this:
- Twin River Worldwide Holdings bought Bally’s name and all properties under that name except Bally’s Las Vegas and Bally’s Wild Wild West in Atlantic City.
- Caesars, which Eldorado Gaming bought, still owns those properties.
Related Post – Eldorado Becomes Largest Casino Company
- Tropicana Las Vegas will now be run by Bally’s. But Tropicana A.C. is owned by Gaming and Leisure Properties and operated by Caesars Entertainment. Carl Icahn sold it to Caesars in October of 2018. The same arrangement is in place for Tropicana Properties in Mississippi, Indiana, and Laughlin, Nevada.
- Twin River Worldwide Holdings started expanding in 2014 and kicked it up a few notches in 2019. In 2014. At that time, Twin River bought the Hard Rock Hotel & Casino Biloxi in Biloxi, Mississippi, to start diversification due to expected casino competition in Massachusetts.
Still Many Questions to Answer
The daunting venture for Bally’s will be connecting all the different rewards clubs. Will they all be under the umbrella of Bally’s?
And how many property names will be changed? For example, imagine if there are two casinos with Bally’s in their name on the Vegas Strip.
One thing we can be sure if, a long shot does not do this.
Binbin