Caesars Entertainment Corp. and a partner have struck a deal to sell Bally’s Atlantic City Hotel & Casino to a Rhode Island-based gaming group for $25 million in cash.
Twin River Worldwide Holdings Inc. said in a release Friday that it expects to close on the acquisition from Las Vegas-based Caesars and VICI Properties Inc. of New York in late 2020 or early 2021.
VICI will receive approximately $19 million from the sale, while Caesars will receive approximately $6 million, Caesars said in a separate statement.
Bally’s has a gaming floor with 1,500 slots and 105 tables, and a hotel with 1,251 hotel guest rooms. Twin River will also acquire a license to build out a sports book at the casino and to launch online gambling and sports betting as part of the deal, it said.
Twin River currently owns and manages seven casinos including Dover Downs Hotel & Casino in Delaware. It also announced Friday that it was under agreement to buy two properties in Shreveport, La., and Lake Tahoe, Nev., from Eldorado Resorts Inc.
Following the Bally’s sale, Caesars will continue to operate Caesars Atlantic City gaming complex and Harrah’s Resort Atlantic City, it said. VICI Properties will continue to own the real estate associated with Caesars Atlantic City.