A prominent beachfront property along the Jersey Shore’s gambling hub is officially changing hands and will re-open as a casino whenever COVID-19 restrictions get lifted.
Last weekend, the sale of Bally’s Atlantic City Hotel & Casino was announced by Caesars Entertainment and VICI Properties. The companies, who operate and own the property, have sold the facility to Rhode Island-based Twin River Worldwide Holdings for approximately $25 million.
The purchase is the first New Jersey venture for Twin River, who owns various racetrack and casino properties around the United States. VICI Properties will get about $19 million from the sale, while Caesars will receive $6 million.
“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,” Caesars CEO Tony Rodio said. “We appreciate Twin River’s commitment to this property, which has a great future ahead under its stewardship.”
Located where Park Place and Boardwalk meet, Bally’s is one of the larger hotels in Atlantic City. It includes over 1,100 rooms and several restaurants like Guy Fieri’s Chophouse and Harry’s Oyster Bar, a partially outdoor eatery situated along the boardwalk overlooking the Atlantic Ocean.
The sale of Bally’s comes as Caesars Entertainment is completing a merger with Eldorado Resorts, who own the nearby Tropicana Casino and Resort. The merger of the two companies would have given them control of four casino properties in Atlantic City, as Caesars also owns Harrah’s Resort and their flagship Caesars Atlantic City.
That reality had led to speculation that Bally’s might close, but the property instead will remain a casino after being sold to Twin River Worldwide at a modest price. That company announced last week that they also purchased the Eldorado Shreveport Resort and Casino in Louisiana and the MontBleu Resort Casino in Lake Tahoe.
Once the deal has closed, Caesars will continue to operate Caesars Atlantic City, the Wild Wild West casino area, The Book sports wagering facility, and Harrah’s Resort Atlantic City. All the casino properties in the city were closed on March 16 following an Executive Order from Governor Murphy and a specific re-opening date has yet to be announced.