FanDuel Sportsbook to Open in Atlantic City at Bally’s

FanDuel Sportsbook to Open in Atlantic City at Bally’s

Twin River Worldwide Holdings will change its name to Bally’s Corp. on Nov. 9 and begin trading on the New York Stock Exchange under its new ticker symbol — BALY — and open an Atlantic City sportsbook with FanDuel.

FanDuel, which has dealings with Twin River in Colorado, will open the bricks-and-mortar sportsbook at Bally’s Casino in Atlantic City by spring 2021, once the casino’s sale to the Rhode Island company becomes final, according to an Associated Press report.

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A FanDuel temporary sportsbook will open by the end of this year, according to a news release. This will be FanDuel’s second sportsbook in New Jersey; its flagship is at The Meadowlands Racetrack in East Rutherford.

”We are excited to expand our retail footprint in the state to now include Atlantic City,” Matt King, CEO of FanDuel Group, said in the news release. “We are excited to get started and be a key piece in Twin River Worldwide Holdings transformation of the iconic Bally’s Atlantic City Hotel and Casino.”

Twin River announced on Oct. 13 that it had purchased the iconic Bally's brand previously owned by Caesars Entertainment. The agreement also allowed Twin River to rebrand virtually all of its portfolio properties under the Bally's name and logo.

Currently Bally’s has an impressive sportsbook in its Wild, Wild West section, but according to the same AP report, that area will be annexed by the adjacent Caesars casino once Bally’s is sold to Twin River in two weeks.

Once FanDuel’s temporary sportsbook is open, all nine Atlantic City casinos will have on-location sportsbooks as New Jersey continues to dominate Nevada in sports betting total handle in 2020.

“The Bally's brand embodies a rich history in American gaming and entertainment, aligns perfectly with our current and future growth strategy, and is ripe with untapped innovation potential to help us launch future entertainment services,” Soo Kim, chairman of the Twin River’s board of directors, said in a news release. “We thank Caesars Entertainment for entrusting us with one of the industry's most iconic brands,”

Twin River Growth Continues

Once all pending transactions are closed, Twin River will operate 14 casinos, a racetrack and 13 OTBs across 10 states. Those facilities serve more than 80 million customers with 16,000 slot machines or VLTs, close to 550 table games and about 4,000 hotel rooms.

“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,” George Papanier, president and chief executive officer of Twin River, said in the news release. “The Bally's brand is core to our drive to become the first omni-channel gaming company to seamlessly integrate and operate physical casinos with digital solutions.

”We remain committed to employing our disciplined acquisition strategy, and leveraging regulatory incumbency as well as our retail customer database, to take advantage of the incredible growth potential that an online future offers.”

Twin River announced its third quarter earnings Thursday. It reported income of $23.4 million, an increase of $1.9 million or 9%, while net income of $6.7 million was slightly down, compared to the third quarter in 2019. It also said that adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $38 million for the quarter, up $2.4 million, or 6.8%, from same period in 2019.