Bally’s Atlantic City Hotel and Casino sold to Twin River Worldwide Holdings for $25million in cash.
US.- Bally’s Atlantic City Hotel and Casino will be sold to Twin River Worldwide Holdings for a $25million in cash.
The quickfire sale was announced on Friday, after Caesars Entertainment and VICI Properties [co-owners of Bally’s AC] agreed to sell.
Opened in 1979, Bally’s is one of the oldest and most iconic casinos in New Jersey. The property has more 1,200 hotel rooms and 127,000 square feet of gambling space.
Twin River also announced it was buying an additional two casinos from Eldorado Resorts Inc.
The purchases include The Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the Mont Bleu Resort Casino & Spa in Lake Tahoe, Nevada for an aggregate purchase price of $155million.
Earlier this year, the company bought three casinos in Colorado, representing a year of expansion across the US.
Twin River President and CEO, George Papanier, said: “These acquisitions represent a unique opportunity to continue executing on our expansion and diversification strategy at attractive valuation multiples.
“We see significant opportunities to create cross-marketing connections for customers at multiple Twin River locations, and we look forward to applying our proven operating and integration approach to drive incremental revenues and cash flows.
“Despite the uncertainties presented by the current health crisis, we continue to execute our strategy to position Twin River for long-term growth and profitability.
“Completion of these transactions will meaningfully enhance our financial profile, while strengthening our presence in a number of key geographic markets.”