Bally's has been sold to TWIN RIVER for $25M
LAS VEGAS, April 24, 2020 /PRNewswire/ -- Caesars Entertainment Corporation ("Caesars" or "Caesars Entertainment") (NASDAQ:CZR) and VICI Properties Inc. ("VICI" or "VICI Properties") (NYSE: VICI) today announced they have reached an agreement to sell the Bally's Atlantic City Hotel & Casino to Twin River Worldwide Holdings Inc. (NYSE:TRWH) for approximately $25 million in cash. VICI will receive approximately $19 million from the sale, while Caesars will receive approximately $6 million. The annual base rent payments under the Non-CPLV Master Lease between Caesars and VICI remain unchanged.
Following the sale, Caesars will continue to operate Caesars Atlantic City, which will include the Wild Wild West casino area and The Book sports wagering facility, and Harrah's Resort Atlantic City. VICI Properties will continue to own the land and real estate associated with Caesars Atlantic City, including the Wild Wild West casino area.
$25M doesnt seem that much?
wonder how much the rent is?
Also, I'm surprised that WWW wasnt part of the deal. i always considered Ballys and WWW to be one and the same.
i guess physically it makes sense since WWW is closer to Caesars.
What do you think will change under new ownership?
Also it's funny to think how many non-impressive Californian million dollar properties could be fit within Bally's.
Quote: 100xOdds
Also, I'm surprised that WWW wasnt part of the deal. i always considered Ballys and WWW to be one and the same.
i guess physically it makes sense since WWW is closer to Caesars.
What do you think will change under new ownership?
Bally's and Wild Wild West are quite different indeed. Bally's is basically only for Gambling and full of seniors and middle-aged folk primarily. Also, the only place in the center of AC you will find an Asian gaming pit with Noodle Bar.
Whereas Wild Wild West is the "hip" youngster hangout. They've gone as far as adding Beer Pong tables, Arcade style Basketball shooting, a Western themed bar & saloon, a taco shack, and giant stage for live music every weekend. It's always packed on weekend nights regardless of what month and they have a few tables with low limits and 6:5 BJ.
I think the sports betting, namely NFL and College Football is what they will try to capitalize on and they may expand the already huge Sports Betting area to include a Sport's themed restaurant and more Screens around for viewing/betting.
Quote: BedWetterBetterBally's and Wild Wild West are quite different indeed. Bally's is basically only for Gambling and full of seniors and middle-aged folk primarily.
Seems like a perfect match for Twin River’s RI properties then.
They have a full 3 years to earn loyal customers before their competitors. Surprised they never tried to attract the 18-20s
Quote: GBAMSurprised they never tried to attract the 18-20s
I think the big reason for that is the large number of Asian bus tours that come in to Ballys from Chinatown. Ballys literally has a giant bus with Chinese writing all over it that goes in and out of China town multiple times a day that are almost always full. Most are vagrants that roam the casino floor and don't play beyond their bus free play bonus. They lurk around the BJ and Carnival table games looking for whales(relatively speaking) to leech off and pick up loose change from. I'm guessing there is a contract in place between Ballys and the bus companies, so they would rather keep that revenue than risk it chasing barely legal prospects. They did try to attract youngsters with their "Legends Live" Music act several years ago. Basically, it was a stage highlighting karaoke by employees who could carry a tune and vaguely resembled singers like Donna Summer, Beyoncé, J-Lo, Rod Stewart, etc. Needless to say, it did not work out.
The word has spread and most fresh faced 21 year old patrons avoid this for the bright lights of Borgata, the loud music of Tropicana, or the cheap beer & entertainment of Wild Wild West.
Quote: gamerfreakI wonder if the new owners will renovate. It’s sorely needed.
Doubtful that would be their main concern. There's a LOT of wasted space on the casino floor that should be optimized. Mainly towards the rear of the casino are dozens of unused slot machines next to closed table games that hardly ever get used.
I would move the machines and tables out to eventually make way for a sports betting platform. Or just close it off completely and get a better flow for the gaming floor they have.
Sounds like they bought the business. IE, they may be paying rent, but they’ll run the hotel and casino, etc.Quote: VenthusWait, so what exactly did they buy? According to the article, the land and building are still VICI's, it shouldn't be the brand because Bally's is still active elsewhere by CET, the lease is unchanged, so that leaves... the non-fixed tangible assets?
And the name? Sure it’ll cost a couple bucks to change the name, but that’s doable. And probably even desirable.
What has me thinking is this: if the lockdown ends before this sale is finalized, would WWW open using Caesars chips? Seems like it would be easier if they did.
Quote: BedWetterBetterDoubtful that would be their main concern. There's a LOT of wasted space on the casino floor that should be optimized. Mainly towards the rear of the casino are dozens of unused slot machines next to closed table games that hardly ever get used.
I would move the machines and tables out to eventually make way for a sports betting platform. Or just close it off completely and get a better flow for the gaming floor they have.
It would be my main concern. Nearly every other property in AC has had some sort of refresh on the last 5 years or so. The new owners are doomed unless they pull of some major updates.
There’s hardly any restaurants. No night clubs. No buffet. No entertainment venues. Not even a watering hole except the tiny lobby bar and GF’s Chophouse.
I’ve never seen the rooms at Resorts (which were recently updated?) or GN, but I imagine Bally’s are the dumpiest in AC. Even the oceanfront suite I had a few years ago felt like it was last updated in 1998.
Also I wonder if the connection between Bally’s and WWW will be sealed off?
Quote: DJTeddyBearSounds like they bought the business. IE, they may be paying rent, but they’ll run the hotel and casino, etc.
And the name? Sure it’ll cost a couple bucks to change the name, but that’s doable. And probably even desirable.
Oh, duh. I misread the bit about the existing lease to mean that CET is still the leasee, not that TRWH is assuming the lease; thanks.
Quote: gamerfreakIt would be my main concern. Nearly every other property in AC has had some sort of refresh on the last 5 years or so. The new owners are doomed unless they pull of some major updates.
There’s hardly any restaurants. No night clubs. No buffet. No entertainment venues. Not even a watering hole except the tiny lobby bar and GF’s Chophouse.
I’ve never seen the rooms at Resorts (which were recently updated?) or GN, but I imagine Bally’s are the dumpiest in AC. Even the oceanfront suite I had a few years ago felt like it was last updated in 1998.
Also I wonder if the connection between Bally’s and WWW will be sealed off?
Yes, but it was usually due to a name or theme change. I agree that a bar or theme restaurant would help get boardwalk lurkers in, but it would have to be at the cost of taking patrons away from the existing noodle bar or Guy Fieri's spots.
I seriously doubt the connecting bridge from Ballys to Wild Wild West would close as most of the bus tours come thru that tunnel and diverting them to an alternate entrance would potentially steer them away from the casino floor. Also, it holds rooms in the Dennis Tower and provides easier access for those guests.
i am shocked those 2 restaurants on the 6th floor have any business.Quote: gamerfreakIt would be my main concern. Nearly every other property in AC has had some sort of refresh on the last 5 years or so. The new owners are doomed unless they pull of some major updates.
There’s hardly any restaurants. No night clubs. No buffet. No entertainment venues. Not even a watering hole except the tiny lobby bar and GF’s Chophouse.
the only reason i knew they were there was because i passed them on my way to the Diamond Lounge.
hm.. maybe why the 3rd one closed and has been empty for a while?
going to miss the Diamond Lounge and the long ass bar
I agree but for additional reasons.Quote: BedWetterBetter... I seriously doubt the connecting bridge from Ballys to Wild Wild West would close as most of the bus tours come thru that tunnel and diverting them to an alternate entrance would potentially steer them away from the casino floor. Also, it holds rooms in the Dennis Tower and provides easier access for those guests.
Just as the connector between ShowBoat and Hard Rock and Resorts reopened when HR opened, this corridor will remain open too.
After all, although they allow your customers to easily go to a competitor’s location, it also allows your competitor’s customers access to your location.
I worked as an independent promoter at the Casbah in the Taj in 98/99 and it was the toughest job I ever had in the business.
Has anyone opened a successful club in an AC Boardwalk casino?
A few comments...
1. Bus traffic is nowhere and I mean nowhere like it used to be.
Bus people come through on escalator that leaves them off at the dividing line between Ballys and the staircase/escalator to the Wild Wild West. People going to Ballys AND the Dennis Tower go to the left. WWW patrons go to the right. So one can conceivably close the walkway between them. TR management is going to need a sportsbook . Will they let their patrons go to the one in WWW or put one on the Ballys property ?
2. Almost all of the Ballys Towers rooms haven't had a major refurbushing in 20 years. They're now perhaps the dumpiest in any AC casino/hotel.
3. The sixth floor used to have Arturos and the Steak Place..two very good restaurants with great service and staff. Now sadly as one poster mentioned they house a Fieri restaurant and a Bucco di Pepe chain, cafeteria quality, Italian restaurant.
4. For the past decade Ballys gaming revenues have fallen so that they are now the lowest in AC ! The gambling crowd there consists of heavy smokers , drinkers and a generally "suspicious looking" gambling group ( my two cents ).
5. What it does have in its favor is the best location on the Boardwalk.
6. TR got it on the cheap but will have to throw in about 75-100 mil institute a good comp / promo system.
7. Would be wise to consult with people and some hosts( if any are still there) who were in charge during the "glory days ". Dave Lyons is one management name I remember. He was very approachable.
Just my two cents..
Quote: billryandoes Bally's have entrances on the Boardwalk?
Yes it does, over where the deli Pickles used to be if you remember that joint.
The Ballys casino is elevated from the Boardwalk, the Boardwalk entrance has a big staircase up to the casino.
Parents leave their kids on the staircase while they are in the casino.
Quote: 100xOddsi am shocked those 2 restaurants on the 6th floor have any business.
the only reason i knew they were there was because i passed them on my way to the Diamond Lounge.
hm.. maybe why the 3rd one closed and has been empty for a while?
going to miss the Diamond Lounge and the long ass bar
They survive primarily because they are the most requested spots for Comped meals and the only place in Ballys you can get a quality meal instead of the frozen "meat" served at the Noodle Bar and Dunkin Donuts.
Caesars was wise to provide a quality buffet at a reasonable price and it has people lining up to get in.
Quote: WishuponacometI think this is an awful idea to sell Bally's to Twin River.
Same was said about Hard Rock buying Taj Mahal Casino. I say we wait and see what goes down after lockdown.
Quote: BedWetterBetterSame was said about Hard Rock buying Taj Mahal Casino. I say we wait and see what goes down after lockdown.
When you walk into Hard Rock from the Boardwalk, you walk downstairs into the casino.
When you walk into Bally's from the Boardwalk, you walk upstairs into the casino.
The ocean laps at the doors of Hard Rock during big storms, there's very little beach even during low tide.
The ocean is about a quarter-mile from Bally's entrance at high tide.
Overall, I think Bally's is the better property, and it needed a new owner.
Quote: coachbelly
Overall, I think Bally's is the better property, and it needed a new owner.
Without a doubt, location is key for a struggling casino town like AC. Taj had every chance to succeed and failed.
A place like Hilton had no real chance given it's far away from everything and couldn't draw flies if it was covered in garbage.
I don't think ownership was the problem with Ballys, it was a lot of wasted space on the casino floor and catering to the older, established crowd instead of a younger, fresh one.
Perhaps the ownership change will result in a theme change or major renovation, but right now I think they'll have other concerns upon re-opening.
Quote: BedWetterBetterI don't think ownership was the problem with Ballys
The owners made the decisions that created the situations you named as the major problems.
Bally's was once a premier property in every respect, it began to deteriorate when NJ regulations were changed to allow an entity to own multiple casinos.
Quote: BedWetterBetterSame was said about Hard Rock buying Taj Mahal Casino. I say we wait and see what goes down after lockdown.
Okay, fair enough.
Quote: coachbellyThe owners made the decisions that created the situations you named as the major problems.
Bally's was once a premier property in every respect, it began to deteriorate when NJ regulations were changed to allow an entity to own multiple casinos.
I disagree that CET owning Ballys was the problem. I can tell you from firsthand experience, I didn't even know Ballys existed until I took the Total Rewards shuttle from Harrahs to Caesars one day. Otherwise, I would always go to Harrahs or Borgata and play at their high table limits.
It wasn't until I saw the inside of Ballys that I found out about Low Limit table games, Bus Service from NYC/Northern NJ and other perks like free slot play. Heck, there was a time when Ballys would give loyal customers CASH every week. If you didn't claim the cash, you could bank it for future cash out. I ended up banking $450 over 3 months and felt like they were giving more than other Casinos like Borgata, Trop, Resorts, etc.
It was overall lack of quality hosts and noticeably stingy comps and lack of freebies that came into play after Hurricane Sandy that started the decline for me and many others I used to see regularly. Also, the constant changing of policies regarding free play, comp usage and comp Hotel Room redemption that ruined it.
Quote: BedWetterBetterI disagree that CET owning Ballys was the problem. I can tell you from firsthand experience
As far as I can tell from spending a lot of time at CET properties, their individual managements operate with an extreme level of autonomy and are more or less independently operated casinos that just happen to share a rating system.
Quote: BedWetterBetterI disagree that CET owning Ballys was the problem. I can tell you from firsthand experience, I didn't even know Ballys existed until I took the Total Rewards shuttle from Harrahs to Caesars one day.
I suppose opinion is a matter of perspective.
You never visited Ballys until (at the earliest) 2005, when they were purchased by Harrah's Entertainment (now Caesars Entertainment Corporation).
Quote: coachbelly
You never visited Ballys until (at the earliest) 2005, when they were purchased by Harrah's Entertainment (now Caesars Entertainment Corporation).
It actually wasn't until 2008, primarily because of Borgata being the new hot spot and everyone raving about it. I must admit, I was very enamored with Borgata and gave them my business for many years. All that time, they NEVER gave free slot play offers, free match play coupons or buffet vouchers. Probably because they were doing so well that they did not have to. Also, they never comped parking or gave free show tickets.
So I sauntered across the way to Harrahs who did give free slot cash and free buffets. Heck, at that time you could just put the free slot play voucher in the machine and cash out the $25 without even playing. So I continued to play at Harrahs and asked for a comped room one weekend. They told me, they were sold out... BUT I could get one at Caesar's that night. So I asked, how do I get there? They told me the Total Rewards shuttle is free and goes every 15 minutes.
This was the kind of service they provided way back when, and it gave me reason to patronize CET properties for over a decade. Now of course things have changed and they have cut back significantly on the offers. Borgata however has decided to send me two free tickets to the Comedy Club to see local comics play to a crowd of seniors and Asian bus riders!
Without sounding overly stuffy, I never cared for much of the clientele. Security isn't nearly as strict as in neighboring Caesars. Homeless people and just generally a lower class of patron.
Almost like Caesars Ent. used Bally's like human flypaper to keep lowlifes out of Caesars.
Yes it sold cheap. But the new owners will very likely spend 100 million or more on renovations. They do have a premium location. It will be interesting to see how it's rebranded.
Quote: BedWetterBetterBally's and Wild Wild West are quite different indeed. Bally's is basically only for Gambling and full of seniors and middle-aged folk primarily. Also, the only place in the center of AC you will find an Asian gaming pit with Noodle Bar.
Tropicana, while not technically the center of Atlantic City, has an Asian gaming pit with a Noodle Bar. Its only a few blocks away.
