US Casino Projects Not Stopping Bally’s From Continuing to Acquire Distressed International Assets
Even as Bally’s attempts to juggle three massive-scale U.S. casino projects, the company has still snapped up distressed assets on the international market.
The latest of these, curiously enough, is a company whose own misfortunes began with attempted expansion in the opposite direction: from Europe to the U.S. Through the affiliated Bally’s Intralot, the Bally’s empire has its eyes on evoke, a once-strong international brand that has fallen on hard times. Formerly known as “888 Holdings Limited,” evoke is reportedly fielding a takeover offer from Bally’s Intralot for £225 million (about $304 million). Next.io reported that a formal offer should come forth by May 18, though that date could still move back.
Bally’s CEO Soo Kim has consistently sought to acquire distressed gambling assets at bargain-bin prices. Although Bally’s Intralot is a separate company, headquarted in Greece, it is majority-owned by Bally’s since a merger with that company’s international interactive division last October.
This latest move by Bally’s comes against the backdrop of ever-more U.S. retail casino investment. And they come as questions still remain about the future of the Las Vegas A’s baseball complex, which is supposed to include a Bally’s casino.
Evoke’s Unsuccessful History on US Soil
While evoke and the brands it owns — William Hill, 888, Winner, and Mr. Green — are much more well-known on the other side of the pond, there’s still a fairly significant history in the U.S. that has led to this potential Bally’s purchase.
In the early 2000s, 888 operated Pacific Poker, one of the early brands that capitalized on the poker boom years. When the U.S. government passed the Unlawful Internet Gaming Enforcement Act (UIGEA), 888 opted to discontinue serving American customers, even as some competitors profited handsomely by putting on blinders and forging ahead.
That decision allowed 888 to maintain its clean regulatory standing. It was one of the earliest international brands to take advantage of regulated iGaming in the U.S., returning to the New Jersey market in 2015, less than two years after it opened, and three years before the U.S. online gambling boom began in earnest.
However, it never expanded much beyond there, at least under its own brand. Its most significant impact on the U.S. market was in online poker, as the technology provider for WSOP.com. Access to the Nevada market helped WSOP become the most popular site in its early days, putting 888 in a good position. It also managed to obtain a contract with the Delaware lottery to provide the platform for its online casino sites, which it held for a decade before being replaced by BetRivers in 2024.
However, the 888 brand never resonated with the American audience, either in casino or in poker. Its poker skin generated just over $10,000 in revenue in its last full month of operation, May 2024. 888 online casino generated just $322,092. To put that number into context, the next lowest was about $1.5 million. Several brands produced eight-figure revenues. An attempt to rebrand as SI Sportsbook & Casino through a partnership with Sports Illustrated fared little better.
Shortly after its rebranding, evoke announced that it would abandon its U.S. online ventures on June 3, 2024. It sold its remaining assets to Hard Rock.
Ripple Effects of William Hill Purchase Devastated Evoke
Although its attempt to enter the U.S. proved unsuccessful, the greater misstep for 888 was its decision to purchase William Hill’s non-U.S. assets from Caesars in 2022.
Caesars had acquired William Hill but was only interested in its U.S. customer base and platform. Caesars was looking to build out its online sportsbook after the U.S. Supreme Court cleared the way for expanded online gambling in a landmark 2018 decision. William Hill odds and rules continue to power Caesars’ sportsbook to this day.
888 steppted forward to take the remainder of the company off Caesars’ hands for £1.95 billion. That’s almost 10 times the takeover offer Bally’s is offering for evoke in its entirety. That shows just how far the brand has fallen in just a few years.
Much of the damage has come via a new, unfavorable tax regime in the U.K. The government implemented a massive tax hike on online gambling companies, nearly doubling the rate from 21% to 40%, effective this month. That has sent the U.K. gambling space into chaos, with many retail shops closing.
The merger-and-acquisition machine has gotten rolling in response as well, a common effect in times of industry turmoil.
A bargain purchase price has piqued the interest of Bally’s and Kim. Bally’s also recently bought a controlling stake in Star Entertainment in Australia. That casino brand has been under regulatory sanction for years due to anti-money-laundering (AML) failures.
Bally’s Has Huge US Retail Casino Projects to Get Done
If the sale goes through, Bally’s shareholders will hope that its U.S. retail casino projects will prove successful and boost cash flow. Bally’s currently has multiple huge casino projects to complete, and these figure to shape the health of the company going forward.
The New York and Chicago mega-resorts are the two most immediate concerns.
In New York, Bally’s won one of three highly coveted contracts to operate casinos in the New York City area. Bally’s will build Bally’s Bronx on the current site of Bally’s Golf Links, a course leased from the Trump Organization.
The new property will have a reported cost of $4 billion. Bally’s must begin construction by the middle of 2027, but it is reportedly targeting late summer of this year.
Bally’s has construction underway for Bally’s Chicago, located in River West, about two miles inland from Navy Pier. However, ongoing delays have pushed that project back. Originally scheduled to open in September 2026, Bally’s now appears to be targeting September 2027. It asked the city for an extension on its temporary casino in Medinah Temple.
That project has a reported $1.7 billion price tag.
These expensive retail casinos have obvious potential given their locations in some of the country’s biggest metro areas. In each case, the ball is rolling, at least, which is more than one can say for another prominent Bally’s endeavor.
What of the Future Las Vegas A’s Complex?
Bally’s has committed to building a new Las Vegas casino as part of a complex that will house a baseball stadium for the soon-to-be Las Vegas Athletics. However, questions still remain about what exactly is happening and when it will happen.
The complex is supposed to be built on the site of the old Tropicana, on the south end of the Las Vegas Strip. The last remaining buildings on the site were destroyed in October 2024.
Last year, ground was broken on the site. Progress is being made on the ballpark itself.
However, Bally’s has begun publicly waffling on its deal to develop the casino and entertainment complex. Bally’s is supposed to develop 26 acres, which is the majority of the 35 on the space (the other nine go to the ballpark). Kim gave an interview in early February, where he mentioned that the company “hasn’t ruled out selling” its development rights. He also seemed to suggest that the casino was the last priority, with development planned after the retail entertainment district.
Since Kim’s comments, there has been no public word on whether Bally’s will come through on its retail casino. The Bally’s name has been absent from the Vegas Strip since Caesars rebranded the centrally located Bally’s to Horseshoe Las Vegas in 2022.
The two months of silence from Bally’s regarding the A’s complex and the company’s continued attention to international acquisitions could serve as an indicator that it isn’t focused on changing that, after all.
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