Bally's Las Vegas

Twin River Worldwide Holdings could be plotting a sweeping rebrand of much of its property portfolio after purchasing the iconic Bally’s brand from Caesars Entertainment.

Although financial terms were not disclosed, the New York Post notes Hedge-fund investor Soohyung Kim, co-founder of Standard General, which owns a 39 per cent stake in the operator, paid Caesars $20m for the purchase.

The acquisition will allow Twin River to maintain the Bally’s name for the Atlantic City property that it has agreed to purchase from Caesars, pursuant to the previously announced agreement. 

It would also enable the company to rebrand virtually all of its portfolio properties under the Bally’s name and logo, something very much on Kim’s mind who addressed a revival of a “brand that is synonymous with American gaming”.

As part of the deal, Twin River has agreed to provide Caesars Entertainment a perpetual license to use the Bally’s brand at its existing Bally’s Las Vegas Hotel & Casino property.

Twin River has been on an acquisition spree in recent months, with an agreement to buy the Isle of Capri Casino in Kansas City, Missouri, and the Lady Luck Casino in Vicksburg, Mississippi completed alongside Eldorado Resorts in a $230m deal.

Those transactions closed months after Twin River announced its plans to also acquire Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the Mont Bleu Resort Casino & Spa in Lake Tahoe, Nevada for an aggregate purchase price of $155m from the same firm, which was shedding facilities ahead of completing its merger with Caesars.

Separately, the company also entered into the aforementioned agreement with Caesars and Vici Properties to acquire Bally’s Atlantic City Hotel & Casino for $25m in cash.

Earlier this month the organisation also added Jumer’s Casino & Hotel in Rock Island, Illinois, to its roster after entering into a $120m deal with Delaware North Companies Gaming & Entertainment.