Lincoln, R.I. 03/12/2014 - Patrons play the the tables at Twin River Casino. Photo by Debee Tlumacki for the Boston Globe (metro) Reporter: Mark Arsenault

Twin River Rebranding and Q3 “Positive” Financial Results

Article by : Helen Nov 10, 2020

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Updated: Feb 3, 2023

One of the USA regional casino operators – Twin River Worldwide Holdings or TRWH is going to rebrand, meaning it will change its name and logotype. On November 9 the company will continue its operation under the Bally’s Corp name. They will also change its name to “Baly” on the New York Stock Exchange.

In April, TRWH bought Bally’s Atlantic City Casino from Caesars Entertainment – an American company that has around 50 hotels, casinos, and golf courses. In 2020 Caesars had been acquired by Eldorado Resorts, but this company changed its name to Caesars Entertainment.

Once all transactions are closed, the company will get a racetrack, 14 casinos, and 13 OTB’s in 10 different states. President and CEO of TRWH, George Papanire commented: “This is an exciting and transformative moment for our company as we unite the high-quality customer offerings that span our increasingly national footprint under a singular preeminent brand.” They say that Bally’s brand has got a rich history in the gaming market of the United States and it perfectly matches the growth strategy of Bally’s Corp. According to Papanier, this move brings the company closer to becoming the first omnichannel gambling company.

Not to mention that TRWH purchased three casinos such as Mardi Gras, Golden Gates, and Golden Gulch from Affinity Gaming for $51m, significantly expanding its properties. Papanire also added: “We look forward to executing our development and operating plans for our newly acquired Kansas City and Vicksburg properties, and expect our Bally’s AC acquisition to close in mid-to-late Q4 2020, with Shreveport and Mont Blue likely closing in the first half of 2021.

The rebranding strategy of TRWH integrates the starting of national sports betting operations; that’s why Fan Duel Group was chosen for launching a sportsbook in Bally’s AC. “We can’t be afraid to evolve through innovation, technological advances, and engagement with new platforms like sports betting and online gaming,” said Papanier. Earlier this year, in January, TRWH signed an agreement with Fanduel. Despite the Coronavirus pandemic and worldwide lockdown, by July, Colorado’s sports betting revenue reached $5m. New Jersey regulators affirmed the purchase of Bally’s AC to TRWH, and Fan Duel will launch an interim betting operation while the permanent sportsbook will in 2021.

Twin River has been engaged in sports betting since the beginning in Rhode Island and Mississippi, and they are an ideal partner as we continue to enter states that open up online and mobile sports betting.

Fan Duel is a multifaceted company that offers an online casino in New Jersey and those who have Fanduel Sportsbook mobile apps in Pennsylvania can play the casino games for real money. They also provide its users with the Fanduel Daily Fantasy app for making real bets on sports. At present Fanduel runs one of the best betting partnerships with New Jersey’s Meadowlands racetrack.

Talking about TRWH it is worthy to note it has got “positive” Q3 financial results. The company’s revenues have declined by 9.8% to $116.6m, however, its income has increased by 9%. Compared to the same period of 2019, the operator’s net income has decreased by $0.3m while adjusted EBITDA has seen an increase of 6.8% or $1.9m. “We are pleased that in the midst of this unprecedented operating environment, we continue to achieve positive financial results.” Despite the limited capacity, the company received an increase in adjusted EBITDA especially thanks to the newly acquired properties in Vicksburg and Kansas City.