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© Patrick Anderson Twin River, which operates two casinos in the state, has purchased the iconic Bally’s name. [The Providence Journal, file / David DelPoio]With ambitions to grow into a major player in national gambling, Twin River may have outgrown its Rhode Island-based name.
The company on Tuesday announced that it has purchased the rights to the Bally's brand from Caesars Entertainment. In August Twin River announced a $25-million deal to buy the Bally's Atlantic City casino in New Jersey.
'This acquisition will allow Twin River to maintain the Bally's name for the Atlantic City property that it has agreed to purchase ... and enables the Company to rebrand virtually all of its portfolio properties under the Bally's name and logo,' Twin River said in a news release.
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Financial terms of the Bally's brand purchase were not disclosed, but the New York Post quoted Twin River board chairman and investor Soon Kim saying it cost $20 million.
Asked whether 'virtually all of its portfolio properties' includes Twin River's flagship casino in Lincoln, or its smaller Tiverton casino, company spokesperson Patti Doyle said 'definitive decisions' on that and other questions would come in the coming weeks. Twin River is set to release its third quarter earnings Oct. 29.
The company's New York Stock Exchange ticker symbol TRWH will also soon change to reflect the Bally's acquisition, she said.
Why rebrand?
'We see Bally's as an iconic brand,' Doyle said in a phone call. 'It is known within the industry for decades worldwide and with Twin River branching out I think that national scope is appealing.'
Twin River began its life as Lincoln Greyhound Park, but the decline of dog racing, a corruption scandal and bankruptcy saw the company transformed over the last 20 years into a casino operator with a state-controlled monopoly on gaming in Rhode Island.
Recent years have seen Twin River gobbling up regional casinos across the country to diversify its business beyond New England. It now owns and manages nine casinos with agreements in place to acquire more.
At the same time Twin River expands nationally, in Rhode Island the company has a slot machine partnership agreement with International Game Technology that awaits General Assembly approval of a 20-year contract extension.
If the deal goes through Twin River has promised to build a $100-million expansion of its Lincoln casino.
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July 26th, 2013 by Site Admin
Twin River Casino had to alert the State Police Gaming Enforcement Unit (GEU) for the first time after its launch when a customer tried to steal chips from another customer. Ultimately, the police arrested 46-year-old Steven Sabitoni, who hails from Lincoln.
Twin River Player Alerts Casino Slot Machine Error Occurred
Sabitoni has been booked for stealing a sum of money below $1,500. Twin River Casino’s surveillance footage showed Sabitoni stealing chips worth $250 from another player at the blackjack table.
Security at Twin River Casino alerted a GEU detective when they noticed Sabitoni stealing chips from a fellow blackjack player. The casino has banned Sabitoni permanently from its premises.
Sabitoni was prosecuted in the Sixth Division District Court, where Joseph P. Ippolito Jr., the honorable magistrate, released him when he paid a $1k personal recognizance.
Colonel Steven G. O’ Donnell said that the Rhode Island State Police give top importance to the integrity of the gaming services offered at Twin River Casino. Anybody who violates the casino’s rules will be dealt with strictly.
In mid June, Twin River Casino in Rhode Island launched table games such as craps and blackjack. An inaugural ceremony was held and the state’s most prominent politicians and lawmakers were present when the ribbon was cut.