100xOdds
100xOdds
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April 24th, 2020 at 3:30:54 PM permalink
https://investor.caesars.com/news-releases/news-release-details/caesars-entertainment-and-vici-properties-inc-announce-sale-0

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?
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onenickelmiracle
onenickelmiracle
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April 24th, 2020 at 3:35:32 PM permalink
All I can say is it does sound "cheap", but like you mentioned, the rent is probably not. Casinos there were sold outright for about that much before though. What was the place called, Trump Palace? It's nice AC is winding up breaking control of so many properties to one company.

Also it's funny to think how many non-impressive Californian million dollar properties could be fit within Bally's.
Last edited by: onenickelmiracle on Apr 24, 2020
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BedWetterBetter
BedWetterBetter
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April 25th, 2020 at 11:59:25 PM permalink
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.
Venthus
Venthus
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April 26th, 2020 at 7:37:56 AM permalink
Wait, 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?
GBAM
GBAM
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April 26th, 2020 at 7:38:37 AM permalink
Quote: BedWetterBetter

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.




Seems like a perfect match for Twin River痴 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
BedWetterBetter
BedWetterBetter
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April 26th, 2020 at 1:29:18 PM permalink
Quote: GBAM

Surprised 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.
gamerfreak
gamerfreak 
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AxelWolf
April 26th, 2020 at 6:20:46 PM permalink
I wonder if the new owners will renovate. It痴 sorely needed.
BedWetterBetter
BedWetterBetter
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April 26th, 2020 at 7:35:55 PM permalink
Quote: gamerfreak

I wonder if the new owners will renovate. It痴 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.
DJTeddyBear
DJTeddyBear
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April 26th, 2020 at 7:43:01 PM permalink
Quote: Venthus

Wait, 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?

Sounds like they bought the business. IE, they may be paying rent, but they値l run the hotel and casino, etc.

And the name? Sure it値l cost a couple bucks to change the name, but that痴 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.
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gamerfreak
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April 26th, 2020 at 8:19:46 PM permalink
Quote: BedWetterBetter

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.


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痴 hardly any restaurants. No night clubs. No buffet. No entertainment venues. Not even a watering hole except the tiny lobby bar and GF痴 Chophouse.

I致e never seen the rooms at Resorts (which were recently updated?) or GN, but I imagine Bally痴 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痴 and WWW will be sealed off?

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