by Elise Schoening | April 27, 2020
Caesars Entertainment Corp. and VICI Properties have sold Bally's Atlantic City Hotel & Casino to Twin River Worldwide Holdings. Of the $25 million sale, VICI will receive $19 million and Caesars will get $6 million. 

The 1,254-room hotel, which occupies a prime spot along the Atlantic City Boardwalk, also features 80,000 square feet of event space. The Wild Wild West casino area and The Book sports-wagering facility, which were considered part of the Bally's Atlantic City property, will be transferred over to Caesars Atlantic City and managed by Caesars. To offset this, Twin River plans to acquire a license to build out a sports book and launch online sports betting and gaming.

The Rhode Island-based Twin River also announced two other casinos acquisitions amid the coronavirus crisis. On top of acquiring Bally's Atlantic City, Twin River signed an agreement with Eldorado Resorts to acquire Eldorado Shreveport Resort and Casino in Shreveport, La. and Lake Tahoe's Montbleu Resort Casino & Spa in Stateline, Nev., for a combined total of $155 million.
 
"Despite the uncertainties presented by the current health crisis, we continue to execute our strategy to position Twin River for long-term growth and profitability," said George Papanier, president and CEO of Twin River, in a statement. "Completion of these transactions will meaningfully enhance our financial profile, while strengthening our presence in a number of key geographic markets."