Transaction proceeds were split 75% to VICI and 25% to Caesars.
The acquisition also gives Bally’s three sports betting and five iGaming skins in New Jersey. Sports betting skins will go to Esports Entertainment Group and Sporttrade Inc., while PointsBet and theScore are set to receive iGaming skins.
Bally’s will also roll out a FanDuel sportsbook at the Atlantic City property in the coming weeks.
“We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally's to its former glory,” said George Papanier, President and Chief Executive Officer of Bally's Corporation. “We are pleased to close on this transaction, which represents the latest addition in our ongoing portfolio diversification strategy, and look forward to implementing our capital improvement plans to completely renovate the property with first-in-class amenities and offerings.”
Bally’s Atlantic City holds 1,500 slots, 105 tables and 1,251 hotel rooms. The property is the latest addition to Bally’s 10 casinos across six states.
Twin River rebranded itself as Bally’s earlier in November, a signal that the company is going all-in on revitalizing the Bally’s name.