Bally’s Corporation has completed the acquisition of Bally’s Atlantic City Hotel & Casino from Caesars Entertainment Inc. and Vici Properties Inc. The purchase price of the acquisition was $25 million, subject to customary adjustments, and was funded with cash on hand.
“We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally’s to its former glory. 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. We have a proven track record of implementing strategic initiatives at acquired properties in order to drive growth and revenue improvements, and plan to bring the iconic property to a level not seen in years,” George Papanier, President and Chief Executive Officer of Bally’s Corporation, said.