Hard on the heels of completing its $25 million purchase of Bally’s Atlantic City and American casino operator Twin River Worldwide Holdings Incorporated is reportedly set to change its corporate identity to be more reflective of its latest acquisition.
According to a Monday report from the New York Post newspaper, the Providence-headquartered firm has agreed a $20 million deal that will see it acquire the worldwide rights to the Bally name from the recently-enlarged Caesars Entertainment Incorporated.
Identity alteration:
The newspaper reported that the arrangement was revealed by Soo Kim, Chairman for giant American hedge fund Standard General, which holds a 39% stake in Twin River Worldwide Holdings Incorporated, and is to subsequently involve the New York-listed operator rebranding its corporate identity as well as every one of its eleven casinos in six American states.
Potential plans:
Although the agreement will not require Caesars Entertainment Incorporated to change the current name of its Bally’s Las Vegas property, Kim reportedly told the New York Post that Twin River Worldwide Holdings Incorporated moreover now anticipates altering its ticker symbol before following up with the launch of a North America-facing online sportsbetting service.
Kim reportedly stated…
“This is an opportunity for us to revive a brand that is synonymous with American gaming. We appreciate Caesars Entertainment Incorporated giving us a chance to use a brand it really wasn’t utilizing.”
Shopping spree:
Twin River Worldwide Holdings Incorporated has recently been on something of a shopping spree after agreeing separate deals that saw it take over the 1,251-room Bally’s Atlantic City as well as Eldorado Resorts Incorporated’s Lady Luck Casino and Hotel Vicksburg, Isle of Capri Casino Kansas City, Eldorado Resort Casino Shreveport and Montbleu Resort Casino and Spa Lake Tahoe. The firm is moreover reportedly responsible for a horseracing facility with 13 authorized off-track betting licenses in Colorado and last month agreed to pay $120 million so as to acquire Jumer’s Casino and Hotel from Delaware North Companies Gaming and Entertainment Incorporated.
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