Iconic Bally’s Brand To Be Given New Life
The iconic Bally’s, only the third casino to open in Atlantic City New Jersey, making its grand debut in 1979, has been given a new lease on life. Recently acquired from Caesars Entertainment by the Rhode Island company previously known as Twin River Worldwide Holdings, which company in addition to the newly acquired Bally’s Atlantic City also owns several other casinos, Bally’s will soon be restored to the iconic brand it was once in the city’s history-rich gambling market.
The plan is to rebrand all of Twin River’s properties to carry the legendary Bally’s name, with Twin River Worldwide Holdings already trading under new equity ticker BALY (previously TRWH). The company has however said that since much work remains to be done so as to ensure that the rebranding of its casinos is executed in a brand-powerful and enhancing way, it could take months before the Bally’s brand makes its grand re-entry into the market.
Bally’s To Go National
Once all of formerly Twin River’s casinos have been rebranded to Bally’s, the brand will have become a national brand – spanning across the Mid-Atlantic and into the Midwest, onwards across the Deep South and into the Rocky Mountain area, and finally, as far west as Lake Tahoe.
In total, including a number of ongoing acquisitions not yet finalised, the new Bally’s brand now owns or is about to own 14 gaming venues scattered across 10 U.S. states – including the soon to be rebranded as part of the Bally’s brand Hard Rock Hotel & Casino in Mississippi, and the famous Tropicana Evansville, Indiana.
Ensuring A Return To First Class
As for the flagship Bally’s casino in Atlantic City, New Jersey, the once-iconic property is set to undergo a $90 million restoration and renovation upgrade. Once complete, the idea is for Bally’s to reclaim its former position of glory in the local gaming industry.
A condition of the approval received from the New Jersey Casino Control Commission is that the new owner must be willing to complete the bulk of the renovations and repairs to the property within the next three years. This accelerated investment, said Deputy Attorney General Camila Mendes-Ferreira, is much needed so as to rapidly improve the current conditions at Bally’s – thereby ensuring it remains a “first-class” facility. According to local regulator’s conditions of approval of rebrand, at least $75 million of the committed $90 million must have been spent by 2023.
Bally’s Las Vegas, which is operated on the Strip by Caesars Entertainment, will remain under the control of its current operator.