The former Twin River Worldwide Holdings, which officially rebranded in November 2020, ramped-up its roster of casino resort venues significantly during the course of the past year.

However, the group pinpoints its acquisition of Bet.Works, as well as a strategic partnership with Sinclair Broadcast Group, as being integral facets to a successful exit from the past year’s struggles.

George Papanier, president and CEO of Bally’s, explained: “Without question, the highlights of the fourth quarter were our pending acquisition of Bet.Works, which will drive development of our interactive offerings, as well as our strategic media partnership with Sinclair Broadcast Group, which we expect will make Bally’s a common name in sports fans’ households across the US. 

“Additionally, we are pleased to have closed on our previously announced acquisitions of Bally’s Atlantic City Hotel & Casino and the Eldorado Resort Casino Shreveport, which represent valuable additions and expanded footprint to our foundational brick-and-mortar portfolio. 

“We also recently debuted our FanDuel Sportsbook inside Bally’s Atlantic City, which represents the first of several planned capital improvement projects at the property.”

Bally’s reported fourth quarter revenue of $118m, a 9.4 per cent drop year-on-year from $130.4m, with negative impacts of the pandemic and mandated closure of facilities partially offset by incremental revenues from its recent acquisitions.

Net income came in at $20.2m, an increase of 51.4 per cent from $13.3m, which is aligned to purchase gains of $63.9m, recorded on the company’s Q4 acquisitions of Bally’s Atlantic City and Eldorado Resort Casino Shreveport, coupled with a $50.9m tax benefit.

Adjusted EBITDA for the fourth quarter of the year came in at $21.1m, representing a decrease of 47.6 per cent from $40.2m recorded a year earlier. 

On a full year basis, revenue fell 28 per cent to $372.7m (2019: $523.5m), net loss closed at $5.4m from 2019’s income of $55.1m, and adjusted EBITDA sank 57.9 per cent to $70.4m from $167.1m.

Papanier continued: “2020 was a truly remarkable year for Bally’s. Amid the ongoing impact of the COVID-19 pandemic, we continued to systematically execute our strategic growth and development initiatives. 

“Though fourth quarter results were impacted by various regional capacity and health limitations, most notably in Rhode Island, we expect to benefit from a strong rebound in demand across our properties, as well as the operational efficiencies and strong margin improvements that we have seen as a continuing trend since reopening from the pandemic. 

“In fact, market indications and preliminary results show markedly stronger consumer demand in January and February.”

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Net income for the third quarter of 2020 was $6.7m, a decrease of $0.3m year-on-year and adjusted EBITDA was $38m, an increase of $2.4m, or 6.8 per cent, year-on-year. Income from operations of $23.4m increased $1.9m or 9.0 per cent, while net income of $6.7m was slightly down, compared to third quarter 2019.

George Papanier, President and CEO, commented: “We are pleased that in the midst of this unprecedented operating environment, we continue to achieve positive financial results. Our significant margin expansion and early returns from our acquired properties in Kansas City and Vicksburg drove an increase in adjusted EBITDA year-over-year, even amid continued limited capacity.

“These results are a testament not only to our dedicated management team and valued employees, but also to our proven business model. I am very proud of how hard the teams at the property level are working to keep our customers and team members safe during this challenging environment.”

As of September 30, 2020, the company recorded $115m in cash and cash equivalents, excluding restricted cash, and an unfunded $250m revolver. On October 9, 2020, the company issued an additional $125m of its 6.75 per cent unsecured senior notes. Proforma for the additional $125m of notes, the company had cash on hand of approximately $240m as of September 30, 2020 and the ability, subject to the terms of the applicable agreement, to borrow the full $250m under the revolver, for a total liquidity of approximately $490m. 

Papanier continued: “In addition to our strong financial performance this quarter, we continued to execute on our disciplined and diversified portfolio strategy. Including those properties under contract we are now positioned to operate in ten states. 

“Additionally, we acquired the iconic Bally’s brand, under which we will unite the high-quality customer offerings that span our increasingly national footprint, leveraging a brand synonymous with first-class gaming and entertainment. As the first step in this rebranding initiative, we recently announced that Twin River will change its name to Bally’s Corporation, effective November 9, 2020.”

Moreover, Twin Rivers’ net of interest income for the third quarter of 2020 increased from $6.3m to $16.9m compared to the third quarter last year. This increase was a result of timing, differences in interest rates, and debt obligations outstanding in each respective period.

The company recorded a tax benefit of $200,000 in the third quarter of 2020 despite generating positive income before tax of $6.5m for the period. This benefit can be attributed to the impact of the CARES Act on the federal rate applied during the quarter related to newly acquired properties in Kansas City and Vicksburg.

The company generated approximately $18.1m in cash flow from operations in the quarter and had capital expenditures of $3.1m for the period, resulting in free cash flow from operations of approximately $15m in the quarter.

Concluding, Papanier noted: “Our disciplined approach has preserved flexibility and moderated financial leverage to levels that have allowed us to have the liquidity to better deal with the kind of uncontrollable events 2020 has dealt us. Our first announced sale-leaseback transaction highlights, even during these challenging times, the untapped potential of our predominantly owned real estate portfolio.”

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The change is said to be a reflection of the company’s common stock which will commence trading on the New York Stock Exchange under the new ticker symbol ‘ BALY’ when trading opens on the same date. 

Soo Kim, chairman of the company’s Board of Directors, said: “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. We thank Caesars Entertainment for entrusting us with one of the industry’s most iconic brands.”

Over the coming months, the company is to implement a ‘unified branding initiative’, which is said to ‘complement the considerable geographic growth and operational improvements’ that the company has achieved this year. 

Once all pending transactions are closed, Twin River Worldwide Holdings will operate 14 casinos, a racetrack and 13 OTBs across ten states.

George Papanier, president and chief executive officer, 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. 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.”

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Pursuant to the former, GLPI will acquire the assets for approximately $340m, while Twin River will secure the operating assets of the facility for $140m. 

Twin River will also acquire rights to the sports betting and igaming skins associated with the operations, providing access to the growing Indiana market as part of the transaction.

Furthermore, GLPI will separately engage in a sale-leaseback transaction directly with Twin River for Dover Downs, and will acquire the real property for $144m. 

Simultaneous with the closing of these transactions, GLPI will enter into a new triple-net master lease with Twin River for both assets with an initial term of 15 years, with four 5-year tenant renewal options. The initial annual cash rent will be $40m.

The transaction is expected to close in mid-2021, subject to receipt of required regulatory approvals and other customary closing conditions.

Peter Carlino, chairman and CEO of GLPI, commented, “We are excited to establish a formal relationship with Twin River as they represent another leading operator to add to GLPI’s growing platform.

“Our new master lease with Twin River will have strong rent coverage at an accretive cap rate and is the result of our team’s hard work to structure and complete a complex transaction that benefits both parties. These transactions further diversify our portfolio with the addition of a new operator and expands our footprint into Delaware.”

Tropicana Evansville has 79,000 square feet of enclosed space, including 45,000 square feet of casino floor, four dining venues, a race and sportsbook and back of house space.

The complex also includes 11,000 square feet of convention space adjacent to the casino, and a Riverfront Event Center located across the street, which includes 10,000 square feet of convention space.

“This transaction is consistent with our core strategy of acquiring strategic gaming assets at attractive valuations and, importantly, represents the company’s entry into a 10th state,” explained George Papanier, president and CEO. 

“It also provides us with access to an attractive Indiana gaming market, in which we will look to significantly advance our mobile and online sports betting and igaming initiatives. 

“We believe this property is a great fit for our portfolio. We are acquiring the operations at a value accretive multiple, while also enhancing our interactive offerings.”

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Although financial terms were not disclosed, the New York Post notes Hedge-fund investor Soohyung Kim, co-founder of Standard General, which owns a 39 per cent stake in the operator, paid Caesars $20m for the purchase.

The acquisition will allow Twin River to maintain the Bally’s name for the Atlantic City property that it has agreed to purchase from Caesars, pursuant to the previously announced agreement. 

It would also enable the company to rebrand virtually all of its portfolio properties under the Bally’s name and logo, something very much on Kim’s mind who addressed a revival of a “brand that is synonymous with American gaming”.

As part of the deal, Twin River has agreed to provide Caesars Entertainment a perpetual license to use the Bally’s brand at its existing Bally’s Las Vegas Hotel & Casino property.

Twin River has been on an acquisition spree in recent months, with an agreement to buy the Isle of Capri Casino in Kansas City, Missouri, and the Lady Luck Casino in Vicksburg, Mississippi completed alongside Eldorado Resorts in a $230m deal.

Those transactions closed months after Twin River announced its plans to also acquire Eldorado Shreveport Resort and Casino in Shreveport, Louisiana and the Mont Bleu Resort Casino & Spa in Lake Tahoe, Nevada for an aggregate purchase price of $155m from the same firm, which was shedding facilities ahead of completing its merger with Caesars.

Separately, the company also entered into the aforementioned agreement with Caesars and Vici Properties to acquire Bally’s Atlantic City Hotel & Casino for $25m in cash.

Earlier this month the organisation also added Jumer’s Casino & Hotel in Rock Island, Illinois, to its roster after entering into a $120m deal with Delaware North Companies Gaming & Entertainment.

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For the three month period ending September 30, 2020, the company is expecting consolidated revenues to range from $100m to $130m, with consolidated adjusted EBITDA anticipated to fall in the $30m to $40m boundary.

Due to company wide property closures, the firm saw its second quarter revenue decrease 79.8 per cent to $28.9m from $143.2m a year earlier, with net loss finishing at $23.6m compared to an income of $17.2m year-on-year, and adjusted EBITDA closing at -$10.7m, a 122.6 per cent swing from $47.5m.

For the current quarter, the operator is expecting to be cash flow positive, and says that it will end with liquidity in excess of $360m inclusive of availability under its revolving credit facility. 

Ahead of its official Q3 reporting in either late October or early November, Twin River also elaborated on its aforementioned senior notes offering.

The company intends to use the net proceeds of this offering for general corporate purposes, which could include, in addition to funding operations, acquisitions and other transactions.

Offering a further explanation, Twin River said in a media statement: “The new notes would constitute an additional issuance of Twin River’s existing 6.750 per cent senior notes due 2027 and would be issued under the indenture dated as of May 10, 2019, pursuant to which Twin River previously issued $400m in aggregate principal amount of notes due 2027. 

“Immediately after giving effect to the proposed issuance of new notes, the company will have $525m in aggregate principal amount of notes due 2027 outstanding.”

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Jumer’s features a 40,000 square foot casino floor containing more than 870 slot machines and 25 table games, 205 room hotel with 11 luxury suites, events center, Oculus Sports Bar, Edje nightclub and four restaurants.

The transaction is expected to close during the second quarter of 2021 subject to receipt of required regulatory approvals and other customary closing conditions.

Upon completion, and taking into consideration three additional properties currently under contract, Twin River will operate 13 properties in nine states.

George Papanier, president and CEO of Twin River, commented: “Over the last several years through our efforts with Hard Rock Biloxi, Dover Downs, our Black Hawk Colorado Casinos and most recently Casino KC and Casino Vicksburg, we have demonstrated an ability to integrate and operate acquired casino assets. 

“We believe this experience will prove valuable as we look to further enhance Jumer’s financial performance. In particular, we believe there is an opportunity to improve operations and enhance revenues at the property which would allow us to lower our acquisition multiple.”

Based upon Jumer’s adjusted EBITDA for the year ended December 31, 2019, the acquisition is expected to be immediately accretive to earnings. The company expects to finance the purchase price with a combination of cash on hand, cash from ongoing operations, and borrowings under its revolving credit facility.

Papanier added: “Even in the current operating environment amid COVID-19, we advance our disciplined portfolio diversification strategy as we continue to opportunistically expand our regional presence through accretive transactions. 

“This acquisition further expands our geographic reach into yet another attractive market. It provides access to a growing gaming market in Illinois, with the potential to capitalise on potentially lucrative sports betting opportunities.

“We look forward to the opportunity to leverage our operational expertise and proven integration approach to drive incremental revenues and cash flow improvements.”

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The agreement will secure the firm a market access to operate an online casino in New Jersey via a multi-year agreement, pending regulatory approval.

theScore Bet anticipates launching its online casino product in the region during the second half of 2021, subject to securing applicable licensing and regulatory approvals from the New Jersey Division of Gaming Enforcement 

Under the terms of the agreement, Twin River will receive a percentage of revenue derived from theScore Bet’s operations in the Garden State, subject to certain annual minimum guaranteed amounts, an upfront fee, and renewal fees if applicable. 

The agreement spans an initial term of ten years, extendable by a five-year renewal term at theScore’s option and a further five-year renewal term upon mutual agreement of both parties.

“The addition of an online casino offering to our award-winning and truly differentiated mobile sports betting platform broadens our reach and deepens our strong portfolio of assets,” said John Levy, founder and CEO of theScore. 

“This is yet another step towards providing theScore’s media and betting patrons with a completely holistic and tightly integrated media and gaming experience.”

Commencement of the partnership is contingent on Twin River’s pending acquisition of Bally’s Atlantic City Hotel and Casino in Atlantic City and obtaining the necessary regulatory licenses and approvals.

The group detailed it’s $25m Bally’s acquisition in April, with the transaction seeing Caesars Entertainment receive $6m, and Vici Properties gain the remaining $19m, in a deal which also saw the operator acquire Eldorado Shreveport Resort and Casino in Louisiana and the MontBleu Resort Casino and Spa in Lake Tahoe, Nevada for $155m from Eldorado Resorts.

“We are excited to partner with theScore and to provide our Atlantic City guests with a highly-personalised igaming experience,” added George Papanier, President and CEO of Twin River. “We look forward to working with them and engaging our guests as they leverage this new, exciting platform.”

Twin River has previously inked New Jersey facing partnerships alongside Sporttrade and Esports Entertainment Group for sports betting, and PointsBet regarding online casino.

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The collaboration will lead to the launch of Sporttrade’s proprietary sports betting exchange product in the Garden State pending regulatory approvals which will grant Twin River the right to three online sports betting skins in the region.

Commencement is pending on the green-light being awarded to Twin River to complete its acquisition of Bally’s Atlantic City Hotel and Casino in Atlantic City.

Twin River detailed it’s $25m Bally’s acquisition in April, with the transaction seeing Caesars Entertainment receive $6m, and Vici Properties gain the remaining $19m, in a deal which also saw the operator acquire Eldorado Shreveport Resort and Casino in Louisiana and the MontBleu Resort Casino and Spa in Lake Tahoe, Nevada for $155m from Eldorado Resorts.

“We are thrilled to partner with Twin River as we prepare to introduce a truly differentiated product to the New Jersey market,” commented Alexander Kane, founder and CEO of Sporttrade. 

“By applying capital markets technology and market structure to the US sports betting ecosystem, we are creating something revolutionary. Sporttrade will establish a first-of-its-kind sports betting venue that will be fair, liquid, and transparent, and we look forward to offering customers innovative betting products at significantly lower costs than traditional sportsbooks.”

Earlier this month Esports Entertainment Group outlined plans to launch online sports betting within New Jersey after entering a multi-year partnership with the casino operator.

This followed PointsBet detailing plans to launch its online casino product in the region contingent on completion of the aforementioned acquisition.

“Sporttrade will be a great addition to our list of unique partnerships we are building in the Atlantic City market” George Papanier, president and CEO of Twin River, said of the firm’s latest partnership. 

“They will bring a new, exciting online product offering for our guests and we look forward to having them join our Atlantic City team.”

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The collaboration would lead to the launch of Esports Entertainment Group’s proprietary mobile sports betting product within the Garden State, which hinges on Twin River obtaining necessary regulatory approvals.

“We are excited to partner with Twin River as we bring mobile sports betting to the New Jersey market,” noted Grant Johnson, CEO of Esports Entertainment Group. 

“When we completed our IPO on Nasdaq earlier this year, it was with the intention of expanding our operations in the US. With this partnership, we’re delivering on that goal.”

Commencement is pending on regulatory approvals being awarded to Twin River to complete its acquisition of Bally’s Atlantic City Hotel and Casino in Atlantic City.

Upon the acquisition, Twin River acquires the right to three online sports betting skins in New Jersey, leading to the creation of this partnership.

Twin River detailed it’s $25m Bally’s acquisition in April, with the transaction seeing Caesars Entertainment receive $6m, and Vici Properties gain the remaining $19m, in a deal which also saw the operator acquire Eldorado Shreveport Resort and Casino in Louisiana and the MontBleu Resort Casino and Spa in Lake Tahoe, Nevada for $155m from Eldorado Resorts.

“Esports Entertainment will be a great addition to our growing partnerships with sportsbook leaders around the world, as we currently operate sportsbooks in Rhode Island, Colorado, Delaware and Mississippi,” stated George Papanier, president and CEO of Twin River Worldwide Holdings. 

“Bringing this new, unique offering to the AC market with a prominent gaming partner is one of the many exciting changes we have in store for Atlantic City in the months to come.”

This becomes the latest New Jersey-based partnership for Twin River, after PointsBet detailed plans to launch its online casino product in the region contingent on completion of the aforementioned acquisition.

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