Twin River Worldwide Holdings has completed its previously announced name change to Bally’s Corporation, after purchasing the brand last month from Caesars Entertainment in a deal that it’s thought was worth in the region of $20m.
The company is implementing the name change as part of its unified branding initiative, which complements the geographic growth and operational improvements achieved during the past year.
Furthermore, the move is also designed to support the company’s drive to become the first omni-channel gaming company to seamlessly integrate and operate physical casinos with digital solutions. The company’s common stock now trades on the New York Stock Exchange under the ticker symbol ‘BALY’.
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.
As part of the deal, Twin River agreed to provide Caesars a perpetual license to use the Bally’s brand at its existing Bally’s Las Vegas Hotel & Casino property.
Documenting the impending manoeuvres last month, George Papanier, president and CEO of Twin River, commented: “This is an exciting and transformative moment for our company as we unite the high-quality customer offerings that span our increasingly national footprint under a singular preeminent brand.
“The Bally’s brand is core to our drive to become the first omni-channel gaming company to seamlessly integrate and operate physical casinos with digital solutions.
“We remain committed to employing our disciplined acquisition strategy, and leveraging regulatory incumbency as well as our retail customer database, to take advantage of the incredible growth potential that an online future offers.”
Bally’s Corporation currently owns and manages nine casinos across five states, a horse racetrack, and 13 authorized OTB licenses in Colorado, and boasts over 3,800 employees, 10,359 slot machines or VLTs, 300 game tables and 1,290 hotel rooms.
Following the completion of pending acquisitions, which include Tropicana Evansville, Jumer’s Casino & Hotel, Bally’s Atlantic City, Eldorado Shreveport Resort and Casino, and Mont Blue Resort Casino & Spa, the company will own and manage 14 casinos across 10 states.