Bally’s Atlantic City Sale To Twin River Is Still Pending
The Caesars-Eldorado merger is now a done deal. Tropicana Atlantic City is now a Caesars Rewards casino and part of the new Caesars Entertainment Inc. family. But what about Bally’s Atlantic City?
Will the anticipated sale of Bally’s to Twin River Worldwide Holdings go through as planned, and if so, when? Or will Bally’s continue to be owned and operated by Caesars?
Either way, sweeping changes should occur, as the aging property is in dire need of renovations and enhancements. But meanwhile, Caesars Rewards players want to know what to expect as far as their play at Bally’s Atlantic City is concerned.
No Casino Control Commission meeting on Bally’s Atlantic City in October
Gaming regulators still need to approve the sale of Bally’s Atlantic City to the Rhode Island-based Twin River before any change in ownership can become final. However, the scheduled meeting of the Casino Control Commission for Wednesday, Oct. 14, 2020 has been canceled.
According to an Oct. 12 article on ThePressofAtlanticCity.com, the reason for the cancellation was “a lack of actionable agenda items.”
The next time the Commission will meet is on Nov. 18. Presumably, the pending sale of Bally’s Atlantic City will be discussed then.
The terms of the deal
If the $25 million purchase of Bally’s Atlantic City from Caesars Entertainment Inc. goes through as planned, VICI Properties, a partner of Caesars Entertainment, will receive $19 million. Meanwhile, Caesars Entertainment will receive $6 million.
The Wild Wild West and its sportsbook are not included
Caesars Entertainment Inc. will also retain full possession of Bally’s Wild Wild West Casino, including the sportsbook that Caesars operates at that location. The sportsbook had been previously known as The Book at Bally’s. However, now that Caesars has purchased William Hill, it has been rebranded as a William Hill Sportsbook.
By the way, NJ sports bettors now have their choice of four casinos offering a William Hill Sportsbook: Bally’s Wild Wild West, Harrah’s, Tropicana, and Ocean. As of this writing, the William Hill Sportsbooks at Bally’s and Harrah’s still offer Caesars Reward Credits and Tier Credits to players who present their Caesars Rewards Card at the time of their wager. However, bettors at the Tropicana and Ocean Casino William Hill Sportsbooks who want credit for their play must present a William Hill Sports Rewards Card. In all instances, they must register a considerable amount of play to derive any benefits. If and when a uniform policy will go into effect at all four William Hill Sportsbooks remains to be seen.
If the sale is not finalized by the end of 2020
When the Commission recommended and the Division of Gaming Enforcement approved the Caesars-Eldorado merger, it was contingent upon the new company agreeing to many stipulations. One entailed the creation of a $400 million trust account to be used on Atlantic City property enhancements.
Because back in July, when the merger became final, the sale of Bally’s Atlantic City to Twin River was already anticipated, the applicable properties included Caesars, Harrah’s, and Tropicana but not Bally’s. However, a provision was also made whereby Caesars would have to commit to funding the trust account with an additional $125 million if the sale of Bally’s was still not finalized by the end of 2020. That additional $125 million would be specifically earmarked for Bally’s Atlantic City.
Twin River’s plans for Bally’s Atlantic City if the sale goes through
On the other hand, if the sale of Bally’s to Twin River does take place, Twin River’s executives indicate that the company’s investments in the property will include all of the following:
- Refurbished rooms
- Additional suites
- New restaurant brands
- More gaming options
- Renovated spaces for meetings and conventions
- An enhanced pool and spa area
Twin River will also apply for a sports betting license. If approved, it plans to proceed with building a new sportsbook on the premises.
Whether the property will still be called Bally’s is not known at this time.
Keep in mind that the pending sale of Bally’s Atlantic City is still a developing story. As more information becomes available, NJ Online Casino will continue to update you with all of the latest news.