Posted on: November 11, 2020, 04:34h.
Last updated on: November 11, 2020, 05:18h.
The once iconic Bally’s brand is officially back, after the company previously known as Twin River Worldwide Holdings (TRWH) said Monday the transition to Bally’s Corp. is complete.
The operator also switched its equity identifier on the New York Stock Exchange to “BALY” from “TRWH.” Last month, the company then known as Twin River said it was acquiring the Bally’s brand from Caesars Entertainment for $20 million. That transaction was quickly wrapped up, but it could be months before the brand appears on more gaming venues.
Much work remains to ensure that the rebranding initiative is executed in a manner that elevates our competitive position and enhances our cross-property synergies, thereby maximizing value for all of our stakeholders,” said a Bally’s spokesperson in a statement. “We expect to further address our plan in the spring.”
Currently, there are two Bally’s casino-resorts — one in Las Vegas and another in Atlantic City, NJ. The former is operated by Caesars. As part of the agreement between the two gaming companies, Caesars retains control of the brand for that Strip venue. Bally’s is in the process of acquiring its eponymous property on the Boardwalk from Caesars for $25 million.
When it was initially revealed that the old TRWH was purchasing the Bally’s brand, Soo Kim, the hedge fund manager that controls 38 percent of the gaming company’s shares, said the plan is to rename “essentially all” of the operators venues.
“Essentially all” can be construed as almost all of the company’s roster, but not its entirety, and the statement provided to Casino.org did not included specific details on which properties will and won’t sport the Bally’s brand. Allotting for currently pending acquisitions, including Bally’s Atlantic City, the operator will, over the next several months, own 14 gaming venues in 10 states.
Aside from its Hard Rock Hotel & Casino in Biloxi, Miss. and the Tropicana in Evansville, Ind., which Bally’s recently announced the acquisition of, it can be said the rest of the operator’s casinos don’t bear well-known brands.
The company did not say if there would be any geographic symmetry to the renaming process. But given that it’s the soon-to-be operator of Bally’s Atlantic City, and that it owns three other casinos in the Mid-Atlantic and New England regions, those areas could be solid starting points for new Bally’s branding.
Bally’s Born Anew
One thing is clear when it comes to the rebranding process. When it’s finished, Bally’s will be a truly national brand, spanning from the Mid-Atlantic/Northeast regions to the Midwest, to the Deep South, to the Rocky Mountain area, and as far west as Lake Tahoe, Nevada.
In addition to the geographic avenue of rejuvenating the brand, Bally’s recently told New Jersey regulators it will spend at least $90 million over five years to refresh the Boardwalk resorts, which is likely to be one of its flagship venues going forward.