Twin River Worldwide Holdings has purchased the iconic Bally’s brand from Caesars Entertainment Inc.
Hedge-fund investor Soo Kim, co-founder of Standard General, which owns a 39% stake in Twin River, paid Caesars $20m for the purchase.
Twin River now plans to use the name to rebrand all of its holdings, including its 11 casinos and its publicly traded headquarters.
Twin River this week will change its ticker from TRWH to a name more reflective of Bally, Kim said, adding that the company also has plans to launch a Bally’s-branded sports-betting site.
“This is an opportunity for us to revive a brand that is synonymous with American gaming,” Soo Kim, co-founder of Standard General and chairman of Twin River, said.