Twin River Acquires Iconic Bally's Brand From Caesars Entertainment

Rhea-AI Summary

Twin River Worldwide Holdings, Inc. (NYSE: TRWH) has acquired the Bally's brand from Caesars Entertainment. This strategic move allows Twin River to rebrand its Atlantic City property and most of its portfolio under the Bally's name. Additionally, Twin River will grant Caesars a perpetual license to use the brand at its Bally's Las Vegas property. Financial terms of the acquisition were not disclosed, but this transition positions Twin River to expand its market presence significantly.

Positive

• Acquisition of Bally's brand enhances brand portfolio.
• Ability to rebrand Atlantic City property and other properties increases market visibility.
• Perpetual licensing agreement with Caesars provides continued brand recognition.

Negative

• None.

PROVIDENCE, R.I., Oct. 13, 2020 /PRNewswire/ -- Twin River Worldwide Holdings, Inc. (NYSE: TRWH) (the "Company") today announced that it has purchased the iconic Bally's brand previously owned by Caesars Entertainment, Inc. This acquisition will allow Twin River to maintain the Bally's name for the Atlantic City property that it has agreed to purchase from Caesars Entertainment pursuant to the previously announced purchase agreement and enables the Company to rebrand virtually all of its portfolio properties under the Bally's name and logo. 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.

About Twin River Worldwide Holdings, Inc.

Twin River Worldwide Holdings, Inc. owns and manages nine casinos, two in Rhode Island, two in Mississippi, one in Delaware, one in Missouri and three casinos as well as a horse racetrack that has 13 authorized OTB licenses in Colorado. Properties include Twin River Casino Hotel (Lincoln, RI), Tiverton Casino Hotel (Tiverton, RI), Hard Rock Hotel & Casino (Biloxi, MS), Casino Vicksburg (formerly Lady Luck Casino Vicksburg in Vicksburg, MS), Dover Downs Hotel & Casino (Dover, DE), Casino KC (formerly Isle of Capri Casino in Kansas City, MO), Golden Gates Casino (Black Hawk, CO), Golden Gulch Casino (Black Hawk, CO), Mardi Gras Casino (Black Hawk, CO), and Arapahoe Park racetrack (Aurora, CO). Its casinos range in size from 603 slots and 8 electronic table games to properties with over 4,100 slots, approximately 125 table games, and 48 stadium gaming positions, along with hotel and resort amenities. Its shares are traded on the New York Stock Exchange under the ticker symbol "TRWH."

Investor Contact

Steve Capp
Executive Vice President and Chief Financial Officer
401-475-8564
InvestorRelations@twinriver.com  

Media Contacts

Liz Cohen
Kekst CNC
212-521-4845
Liz.Cohen@kekstcnc.com

 

View original content:http://www.prnewswire.com/news-releases/twin-river-acquires-iconic-ballys-brand-from-caesars-entertainment-301150650.html

SOURCE Twin River Worldwide Holdings, Inc.

FAQ

What brand did Twin River acquire from Caesars Entertainment?

Twin River acquired the Bally's brand from Caesars Entertainment.

How will the Bally's brand impact Twin River's properties?

The Bally's brand allows Twin River to rebrand its Atlantic City property and most of its portfolio, enhancing recognition and market presence.

What is the financial impact of the Bally's brand acquisition for TRWH?

Financial terms of the acquisition were not disclosed, but it strategically positions TRWH for potential revenue growth.

When was the acquisition of the Bally's brand announced?

The acquisition was announced on October 13, 2020.

What are the strategic advantages of the Bally's brand for Twin River?

The acquisition allows for increased market visibility, brand consistency across properties, and a licensing agreement that maintains brand presence in Las Vegas.