Soo Kim, chairman of Twin River Worldwide Holdings (TRWH), has bought the rights to the Bally’s name for $20m.
According to the New York Post, Kim plans to rebrand TRWH properties (11 casinos and the company’s headquarters) using Bally’s name. There are also plans to launch a sports-betting site using the new brand.
Bally Entertainment used to be a big name in the entertainment sector, it ran an amusement-park chain and was behind some of the more popular arcade games.
Currently, there are two casinos that bear Bally’s name; one is in Atlantic City and was purchased by Soo Kim for $25m, another is located in Las Vegas and is still owned by Caesars.
Based on the purchase agreement, Caesars won’t have to rename its Vegas property, even if any present and future rights to Bally’s name now belong to Soo Kim.
Soo Kim said, “This is an opportunity for us to revive a brand that is synonymous with American gaming.
“We appreciate Caesars giving us a chance to use a brand they really weren’t utilising.”
In addition to Bally’s Atlantic City property, TRWH also purchased Jumer’s Casino & Hotel in Rock Island for $120m and Montbleu casino in Lake Tahoe.