ally's Corporation has completed the previously announced acquisition of Bally's Atlantic City Hotel & Casino from Caesars Entertainment, Inc. and Vici Properties, Inc, the companies announced Wednesday. The total purchase price of the acquisition was $25 million, subject to customary adjustments, and was funded with cash on hand.
The proceeds of the transaction were split 75% to Vici and 25% to Caesars, while the annual base rent payments under the Regional Master Lease between Caesars and VICI remain unchanged.
"We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally's to its former glory," said George Papanier, President and Chief Executive Officer of Bally's Corporation —previously known as Twin River Worldwide Holdings Inc.—
"We are pleased to close on this transaction, which represents the latest addition in our ongoing portfolio diversification strategy, and look forward to implementing our capital improvement plans to completely renovate the property with first-in-class amenities and offerings. We have a proven track record of implementing strategic initiatives at acquired properties in order to drive growth and revenue improvements, and plan to bring the iconic property to a level not seen in years," Papanier added.
As part of the transaction, Bally's also receives three sports betting and five iGaming skins in New Jersey. The company entered into strategic partnerships with Esports Entertainment Group and Sporttrade Inc. for sports betting skins, and PointsBet and theScore for iGaming skins, allowing the company to reserve skins for its own use. In addition, Bally's has an agreement with FanDuel to host a sportsbook inside Bally's Atlantic City, which will debut shortly.
Bally's Atlantic City is located in the center of the Atlantic City boardwalk. The property includes 1,500 slots, 105 tables and 1,251 hotel rooms.