New Jersey Regulators Approve Twin River as Bally’s Operator
Rhode Island-based Twin River Worldwide Holdings is rapidly progressing to taking over Bally’s in Atlantic City, New Jersey, and making the casino its own.
Gambling regulators in New Jersey on Thursday approved Twin River to operate Bally’s Atlantic City once the sale becomes official in about two weeks.
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Twin River announced in April it was purchasing Bally’s Atlantic City Hotel and Casino for $25 million in cash.
On Oct. 29, Twin River announced it was changing its name to Bally’s Corp., effective Nov. 9, and will begin trading on the New York Stock Exchange under its new ticker symbol — BALY, agreeing to purchase the casino hotel from Caesars Entertainment Inc. and VICI Properties for $25 million.
Twin River has committed to spending at least $90 million in upgrades over the next five years at the Boardwalk’s 41-year-old property on the city’s famed Pacific Avenue, according to the Press of Atlantic City.
Improvements will include more than 900 hotel room renovations, creating brand-new 30 to 40 mini-suites and constructing a new restaurant and bar areas that could be up-and-running by summer 2021, The Press reported.
Also in late October, Caesars Entertainment agreed to sell its Tropicana Casino in Evansville, Indiana, to Gaming and Leisure Properties (GLPI), which in turn will lease the property to Twin River. GLPI will receive at least $28 million a year from Twin River in rent.
FanDuel Sportsbook on the Way
FanDuel, which had previous dealings with Twin River assets in Colorado, will also open a bricks-and-mortar sportsbook at Bally’s casino in Atlantic City by Spring 2021.
A FanDuel temporary sportsbook is in the process of opening by the end of this year, marking the company’s second sportsbook in the state with its flagship located at The Meadowlands Racetrack in East Rutherford.
Also as part of the sale, the Wild Wild West Casino and William Hill Sportsbook, both currently within Bally’s, will now be part of Caesars Atlantic City.