Twin River Worldwide Holdings (TRWH) is moving forward with the purchase of Bally’s Atlantic City.
But in order to complete the pending sale, the pending owner needs the approval of the New Jersey Division of Gaming Enforcement (DGE).
This remains a work in progress.
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On May 26, the RhodeIsland-based company filed a petition with the DGE. This would be for interim casino authorization to own and operate the Atlantic City property. And that’s where it sits for now.
But once approved, Bally’s will be separated from Caesars Entertainment’s New Jersey casino portfolio.
Twin River will be in a position to make much-needed capital upgrades. The property celebrated its 30th anniversary on Dec. 29, 2019.
More importantly, the new owner is gaining access to the NJ sports betting and NJ online casino markets. As a new entity in the AC market, it can apply for online gambling licenses.
So here’s the $25-million-dollar question: What exactly could Twin River have planned for Bally’s once they are approved for a license?
The new owner of Bally’s has yet to share details of its NJ online gaming plans. Let the guessing game begin.
Twin River + Bally’s Atlantic City
Here’s what we do know: The Book at Bally’s is Atlantic City’s largest sportsbook. But once the transaction closes, Caesars will maintain ownership.
The 15,228-square-foot space is part of the Wild Wild West Casino. It’s considered the annex between Bally’s and Caesars, and the latter is keeping it, too.
The soon to be ex-sister properties will remain connected once the sale closes, even if the sportsbook remains under Caesars’ umbrella.
On the mobile side, Caesars Sportsbookand 888 Sportbook (and all of the sister casino sites) will continue to operate under the Caesars Interactive license.
Twin River, therefore, will be entering the NJ online gambling market with a fresh set of eyes.
The company will have the option of launching three online sportsbook skins under its license. And the door to NJ casino apps is wide open, too.
NJ online gaming possibilities for Bally’s new owner
The most likely scenario is launching a Bally’s-branded app. The name is one customers are familiar with and have been for the past 30 years.
Plus, the eight other Atlantic City casinos each have at least one casino app matching their land-based name. And for the most part, the name recognition works in their favor. For example, Golden Nugget online casino is the most profitable of online casinos in New Jersey.
There are a lot of reasons for that, but its name certainly plays a part.
Launching an integrated sportstbook/casino app with the Bally’s name is a no-brainer.
To start, Twin River would need to ink a deal on the technology/software side. Here are a few possibilities:
- Scientific Games
- SBTech
- GAN
The three companies currently have a presence in the Atlantic City market and are approved to operate in New Jersey. It would be an easy move for Bally’s to partner with one of them and get the ball rolling.
Secondly, Bally’s would need to partner with a sportsbook operator to run its self-branded site. Here, the field is wide open again, but there are some newcomers looking for a bite of the AC market:
Carousel Group is reportedly close to finalizing a deal. And it’s rumored to be with an Atlantic City casino.
Playamo 27. Betway Sportsbook is another name looking to gain NJ access. Betway has a casino product, too.
The European company has yet to launch in the United States.
What about a FanDuel Sportsbook in Atlantic City?
When it comes to NJ sports betting, FanDuel Sportsbookis king. The brand operates under the Meadowlands Racetrack license with a profitable sportsbook next to an NFL stadium.
However, a new casino operator looking to make its retail sportsbook an attraction (once social distancing guidelines are loosened) may be interested in partnering with a big name.
Hypothetically speaking of course.
But it may not be as crazy as it sounds, and here’s why.
If FanDuel and Bally’s make a deal, it would give FanDuel a landing spot in the AC casino market. This is where eight of the 10 retail sportsbooks currently exist.
After losing arguably the best book in town, Bally’s could generate foot traffic with a FanDuel retail sportsbook. NFL betting customers will likely see a temporary retail area first.
And from a FanDuel perspective, operating under more than one partner/license is no biggie.
William Hill has partnerships with Tropicana Atlantic City, Ocean Casino Resort, and Monmouth Park. And while William Hill has one online site in the Garden State, it has three retail sportsbooks.
In Pennsylvania, FanDuel opened a sportsbook at Valley Forge Casino. Additionally, another one at Live! Casino & Hotel is coming soon.
Whatever the plans end up being, Twin River will need to reconfigure the casino floor at Bally’s.
The numbers don’t lie in online gambling
Retail betting aside, it’s hard to imagine Twin River not wanting a slice of the country’s hottest online gaming market.
In April alone, New Jersey online operators posted a record $80 million in revenue. And NJ online gambling revenue has yet to see a month-over-month decline since its inception back in 2013.
While Twin River will be entering the market late, there’s no reason to think it can’t make its mark and enjoy a slice of the pie. A small slice is still a lucrative one in the end.
Next step for Twin River? A license
The next Casino Control Commission meeting is taking place Wednesday.
The Bally’s sale and licensing are not included on the agenda.
Whatever date the hearing does take place, Twin River’s plans for this aging property will likely be discussed. It is hard to imagine no improvements at Bally’s Atlantic City.
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But the way we see it, getting a license is simply the first step to a much bigger plan.
Following a deal struck in November 2020 between Sinclair Broadcast Group and Bally’s Corporation, the first brand logos are now being rolled out. In total, 19 of Sinclair’s regional sports networks will be officially branded with the Bally’s logo. This significant development comes after an acquisition and rebranding of Bally’s in 2020, after the company was purchased by a company formerly known as Twin River Worldwide Holdings Inc.
Bally’s latest partnership will bring it greater market penetration with sports fans. ©RAEng_Publications/Pixabay
The November Deal Between Sinclair and Bally’s
The latest developments in the partnership between Sinclair Broadcast Group and Bally’s Corporation require a bit of background to be fully understood. In late November, 2020, Bally’s and Sinclair announced that they had struck a 10-year deal in which 21 of Sinclair’s regional sports networks would be renamed to match the Bally’s brand.
Collaborative, Site-Specific Rebrands
Bally's Casino Online Gambling Free
In a press release at the time, it was clarified that the two companies would work together to uniquely market their regional sports networks to cater to each different state in which Sinclair currently has a presence: a not-insignificant task, given that Sinclair owns and operates 190 television stations nationwide, and services 88 different markets.
Significantly Extending Partnerships With Sports Leagues
This deal means that Bally’s will be able to achieve a significant uptick in market saturation given this new partnership. With Sinclair’s preexisting contracts with certain sports leagues, the partnership means that the two integrated companies now have access to deals with more than half of America’s premiere sports leagues.
Together, Bally’s and Sinclair both bring relationships with teams in leagues like the NHL, NBA, and MLB. This is bolstered by the Tennis Channel, which is owned and operated by Sinclair. Bally’s also now has access to Sinclair’s local broadcast stations and several of its specialized sports networks, like STIRR and Stadium.
Bally's Casino Atlantic City Online Gambling
What Each Side Of The Offer Gets
For Bally’s, the partnership with Sinclair offers a unique opportunity to assert the freshly-rebranded company at the cutting edge of American sports betting. Following in the spirit of BetMGM and VSiN’s nationwide sports betting TV show Betting Across America, Bally’s will return to household name status in the US through rebranding Sinclair stations.
The partnership with Sinclair offers Bally’s a uniquely competitive advantage, however, given that Sinclair’s networks are more broadly distributed around the United States than VSiN, a comparatively obscure network with less national saturation. The difference ratchets up this groundbreaking collaboration, a possible indicator of future trends.
For Sinclair, the rewards of the partnership are more material. Over the ten years that the companies will be working together, Sinclair will receive 14.9% of Bally’s common shares, accessible to the company via penny warrants. Sinclair then has approval to purchase up to an additional 10% of Bally’s common stock, based on how the company performs over time.
After four years, then, Sinclair has additional rights to purchase 5% more of Bally’s stock. Sinclair will be able to purchase these final stocks at $30/share (which then will increase to $45/share). Press coverage about the partnership emphasized how lucrative this could be for Sinclair, given the growth of sports betting in the US.
In January 2021, Initial Rebrands Begin
At the end of January, 2021, Bally’s and Sinclair rolled out the rebranding for a number of different Sinclair stations nationwide. In total, 19 regional sports networks will be rebranded, and two stations will move geographically: Prime Ticket is transforming to Bally Sports SoCal, and Sports Time Ohio will instead be Bally’s Great Lakes.
According to coverage, Sinclair stations will have FOX Sports logos for just a few months longer, at which point they will be formally replaced with Bally Sports logos, tailored to match each region. A spokesperson from Bally’s described this step as just the first to come in the decade-long partnership.
The States Getting Bally Sports
In total, 19 regional sports networks will be getting the new rebranded logo, which includes the classic white Bally’s script overlaying red type. The regional networks included in the rebrand include, but are not limited to: Bally Sports Florida, Bally Sports Midwest, Bally Sports Southwest, Bally Sports South, and Bally Sports Wisconsin.
Quick Moves Following Bally’s Fresh Rebrand
The rebranding of Sinclair stations is nothing compared to the significant efforts at Bally’s Corporation itself beginning in fall 2020, just a month before the company would sign a major deal with Sinclair. In October 2020, Twin River Worldwide Holdingspurchased the rights to the Bally’s Atlantic Casino brand, thus beginning the company’s metamorphosis.
Bally’s Brief Tumble Into Obscurity
For a time, Bally’s was one of the gambling industry’s most prominent names: associated with Bally Entertainment, which had branches into amusement parks (Six Flags), sports clubs (Bally Total Fitness), and video games (Pac-Man; Space Invaders). In 1996, Bally’s was purchased by Hilton, and then again, later, by Caesars.
By the time Soo Kim, a hedge fund manager whose holdings include Twin River Worldwide, purchased Bally’s, the company had dwindled down to just two casinos — a location in Las Vegas, which will remain under the leadership of Caesars; and one in Atlantic City. In the purchase, Caesars will be able to continue to operate Bally’s Las Vegas.
Shortly after the purchase, Twin River Worldwide Holdings announced that it would be changing its name to Bally’s Corporation. Just a short time after that, the company bought back a number of Bally’s casino locations, as well as acquiring Bet.Works, an online gaming site with operations established in New Jersey, Colorado, Indiana, and Iowa.