Bally's Atlantic City sold to Twin River Worldwide Holdings.

[CPT]

Very interesting...
Bally's Atlantic City sold to Twin River Worldwide Holdings (https://www.pressofatlanticcity.com/news/casinos_tourism/ballys-atlantic-city-sold-to-twin-river-worldwide-holdings/article_e5f406e3-41f4-5ed4-a3a0-e8ebeeff09aa.html#1)

ATLANTIC CITY — Caesars Entertainment Corp. and VICI Properties announced the sale of Bally's Atlantic City to Twin River Worldwide Holdings Inc. for $25 million Friday morning.The Wild Wild West Casino and The Book sports wagering facility will be shifted over to Caesars Atlantic City, according to the company.

VICI will receive approximately $19 million from the sale, while Caesars will receive approximately $6 million.

"We look forward to the reopening of Bally’s Atlantic City as soon as appropriate once the public health emergency related to COVID-19 has passed," said Tony Rodio, CEO of Caesars Entertainment. "We appreciate Twin River’s commitment to this property, which has a great future ahead under its stewardship."

The transaction is subject to regulatory approvals and other closing conditions. Bally’s Atlantic City will continue to be part of the Caesars Rewards network until closing.

"The sale of Bally’s Atlantic City demonstrates our ongoing commitment to work collaboratively with our tenants to optimize our individual businesses, even during these unprecedented times," said John Payne, president and chief operating offier of VICI Properties. "This transaction allows us to maintain the existing financial terms of our master lease with Caesars and helps balance our geographic diversification as we work to complete the acquisition of Harrah’s Resort Atlantic City."

[sondor]

Well they needed to sell at least one property for the merger and this one makes the most sense as it needs work

[CPT]

$25 Million sounds like a bargain for boardwalk property, dang!

[zeus]

It is my least favorite CET property in AC, so it works for me.

But, Ken, I agree that was a bargain for it's location. I wonder if the new owners will put any money in to it? They have to.

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[CPT]

It is my least favorite CET property in AC, so it works for me.

But, Ken, I agree that was a bargain for it's location. I wonder if the new owners will put any money in to it? They have to.

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They will have to. They did some renovations throughout the years, but they still have the classic Bally's tower rooms untouched. I did enjoy staying in it as the bathroom was all gaudy with gold fixtures and you felt like you were in in 1995 again! I remember back in the day the one weekend my parents wanted to get away for the night and take us on a mini weekend vacation. Several times they called Bally's and they were always sold out. It was the jewel in AC, until Borgata came to town and took the jewel away from them.

[Nhcris]

Twin River has been quietly shopping. They purchased the Montbleu in Tahoe and the Eldorado in Shreveport so far.

https://finance.yahoo.com/news/eldorado-resorts-enters-definitive-agreement-123000016.html

[CPT]

https://uploads.tapatalk-cdn.com/20200424/4fb159378217a23d9cf109301717ec91.jpg




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[DK528]

Interesting that the Wild West casino is staying with Caesars


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[sondor]

Interesting that the Wild West casino is staying with Caesars


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I think the sports book may be in there, that is good money for them, lots of other space too and gives them a bigger buffer since they are linked.

[hytail]

$25mil seem low. You would think that the gambling license alone if allowed to keep/continue would be worth more than that. Must be some costly refurbishing that needs to take place.