Caesars Entertainment Corp (CZR)

[JohnCM]

Caesars sells its Bally’s brand

By Bailey Schulz Las Vegas Review-Journal
October 13, 2020 - 10:07 am

Caesars Entertainment Inc. has sold off the Bally’s brand to Twin River Worldwide Holdings Inc., a move industry watchers say could be a sign Caesars is open to selling the Bally’s casino on the Las Vegas Strip.

The sale allows the Rhode Island-based Twin River to maintain the Bally’s name for its Atlantic City property, which it agreed to purchase from Caesars in April, and rebrand “virtually all of its portfolio properties under the Bally’s name and logo,” according to a Tuesday announcement from the company.

As part of the deal, Caesars will have a perpetual license to maintain use of the Bally’s brand at its Strip hotel-casino. Financial terms were not disclosed.

“Caesars has been pretty vocal on wanting to sell one or two assets in Las Vegas,” said Josh Swissman, founding partner of The Strategy Organization, a Las Vegas gaming and hospitality consulting firm. “I think this (deal) puts a big target on Bally’s. It makes it a big acquisition target, especially for a company like Twin River.”