Caesars Entertainment has sold its Bally’s brand to Twin River Worldwide Holdings, but has the right to maintain the name on its Las Vegas Strip resort.
The move allows Twin River to maintain Bally’s name for its Atlantic City property it has agreed to purchase from Caesars Entertainment. The deal also allows the company, which owns and manages nine casinos across the country, to rebrand virtually all of its properties under Bally’s name and logo, the company announced.
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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. Financial terms were not disclosed, but media reports put it at $20 million.
Gaming analyst Barry Jonas with Truist Securities cited media reports that said Twin River plans to launch a Bally’s branded sports betting site.
“We view the announcement favorably and highlight four main incremental takeaways from the announcement,” Jonas said in an email note. “First, TRWH is taking a historic gaming name that we think should resonate with an older core slot player – a key target demographic across their portfolio. “Second, a unified branding strategy likely facilitates cross-property synergies for TRWH’s existing and likely growing portfolio. Third, the new Bally’s brand could help TRWH with amore direct online sports betting strategy, a clear investor focus.
“Lastly, we could see this potentially being a first step towards a Las Vegas acquisition given Caesars has said they would look to sell at least one Strip asset and are keeping the Bally’s branding for their Bally’s Las Vegas property as a carve out to the deal with TRWH.”