Naming rights sold by Bally’s
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The hedge fund founder Soohyung Kim has secured the name rights of the casino brand “Bally’s”. For transmitted $ 20 million, Kim acquired the rights to the full range of Bally’s product range. The deal was completed with the gambling giants Caesar’s entertainment. This was preceded by the sale of the Bally’s Atlantic City Hotel & Casinos from Caesars Entertainment to Soohyung Kim for about $ 25 million. The Bally’s Las Vegas Hotel & Casino, on the other hand, is still in possession of Caesars. Soohyung Kim indicated that he was a big project with the takeover of the name rights and various casinos. The Corona pandemic plays Kim in the cards.
Twin River Worldwide Holdings should be renamed
The US daily newspaper New York Post reported on Monday about the sale of the name rights to the HedgeGin founder Soohyung Kim. Accordingly, Kim wants to completely anchor the “Bally’s” brand in his possession. In order for his project to be implemented into practice, one of the first steps of the Acquisition of the name rights for around $ 20 million On the to-do list. However, the previous owner Caesars Entertainment continues to operate the Bally’s Hotel and Casino in Las Vegas and also does not have to change the name of the casino.
The name “Bally’s” should remain present. Soohyung Kim also operates its own gaming company called Twin River Worldwide Holdings. The company currently operates nine casinos in the USA. In the course of the purchase of the name rights to “Bally’s”, all of them should also hold this name in their title in the future. The exact name has not yet been finally decided, but it is certain that “Bally’s” is integrated. The renaming of the casinos is not the only next step. According to Kim, an online sports betting provider is also to be created, which should also include the name “Bally’s”.
Who is behind the name “Bally’s”? The origin of the name “Bally’s” lies in the company founded in Chicago in 1932 Bally Manufactoring. Over time, the company was renamed Bally Entertainment Corporation. At the beginning of the corporate history, Bally’s play and flipper machines made. Over time, the company expanded its work area and product range and primarily entered the video name and casino industry. Greater partners and companies became aware of the Bally’s casinos. As a result, there was a spectacular purchase in 1996. The Hotel chain Hilton took over the Casinos of Bally’s for around two billion US dollars and at that time became the world’s largest gaming company. The coming years were successful. In 2003, the Bally’s Atlantic City Hotel & Casino even showed the highest sales of all casinos based in the city in the game paradise Atlantic City.
Bally’s should shape a new era
The name “Bally’s” stands for a globally known casino brand that has had great success in the past decades. Exactly this wants to revive soohyung Kim in the future, because the name itself stands not only for a large brand, but from Kim’s perspective also for enormous potential. This results, among other things, from the successful past. In an interview, Soohyung Kim referred to the potential of the takeover and the resulting future opportunities to a reporter of the US daily newspaper New York Post:
“This is a way for us to revive a brand that stands for American gambling. We very much appreciate that Caesars gave us this chance to use a brand that you basically didn’t exhaust. ”– Soohyung kim, Founder of the New York Hedge Gunde Standard General, Casino operator and current owner of the name rights of “Bally’s”, Report of the US daily newspaper New York Post
The motivation to put the “Bally’s” brand back on the world map seems to be big with the hedge fund founder. In the past few months, soohyung Kim also has in addition to the Bally’s Casino in Atlantic City bought three more casinos in the United Statesthat will receive a new name in the future. Now Kim can also call the Eldorado’s in Shreveport, Los Angeles, the Montbleu in Lake Taoe, Nevada, and Jumer’s Casino & Hotel in Rock Island, Illinois.
The time of takeovers is closely linked to the global corona pandemic. Kim sees the ideal opportunity in the Corona crisis to expand his portfolio of casinos. The purchase certainly simplified through the Economic mission of many operators. However, it also remains to be seen to what extent the massive investment of Kims pays off especially with regard to the corona pandemic. Further lockdowns or visitor restrictions will probably not cheer on an economic upswing.