USA – American gaming firm Caesars Entertainment and VICI Properties; a real estate investment trust specializing in casino properties formed in 2017 as a spin-off from Caesars Entertainment, has today announced that it will sell Bally’s Atlantic City to Twin River Worldwide Holdings; a gaming company based in Lincoln, Rhode Island.
Bally’s Atlantic City is a hotel and casino on the Boardwalk in Atlantic City, New Jersey and is one of the largest hotels on the boardwalk with nearly 1,169 rooms. There are two casinos at Bally’s that have over 220,000 square foot of gaming space with over 5000 slot machines.
The deal is reportedly worth $25 million in cash, $19 million of which VICI will receive from the sale, while Caesars will receive the remainder of the money.
Tony Rodio, chief executive officer of Caesars Entertainment commented on the news:
“We look forward to the reopening of Bally’s Atlantic City as soon as appropriate once the public health emergency related to COVID-19 has passed. We appreciate Twin River’s commitment to this property, which has a great future ahead under its stewardship.”
President and COO of VICI Properties John Payne added:
“The sale of Bally’s Atlantic City demonstrates our ongoing commitment to work collaboratively with our tenants to optimize our individual businesses, even during these unprecedented times. This transaction allows us to maintain the existing financial terms of our master lease with Caesars and helps balance our geographic diversification as we work to complete the acquisition of Harrah’s Resort Atlantic City.”
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.
The Bally’s Atlantic City transaction is subject to regulatory approvals and other closing conditions. Bally’s Atlantic City will continue to be part of the Caesars Rewards network until closing.