Bally's Corporation
| Company type | Public |
|---|---|
| Industry | Gambling, wagering, interactive entertainment |
| Predecessor | BLB Investors, Twin River Worldwide Holdings |
| Founded | 2004 |
| Headquarters | Providence , United States |
Area served | United States, Australia |
Key people | Soo Kim (Chairman) |
| Products | Casinos, horse racing venue, golf course, online sports betting |
| Parent | Standard General (controlling stake since 2025) |
Bally's Corporation is a U.S.-based enterprise specializing in gambling, wagering, and interactive entertainment, with its headquarters located in Providence, Rhode Island. The company operates 19 casinos spread across 11 states in the United States, owns a horse racing venue in Colorado, manages a golf course in New York, and offers online sports betting services in 14 states. On the international front, Bally's oversees three Australian properties through its subsidiary, Star Entertainment Group.
Originally established in 2004 under the name BLB Investors, the firm later changed its name to Twin River Worldwide Holdings. In 2020, it acquired the Bally's brand from Caesars Entertainment and subsequently adopted the Bally's Corporation name. This acquisition was a pivotal move that broadened its market presence and diversified its gaming portfolio.
History
The origins of Bally's trace back to BLB Investors, created in 2004 as a collaborative venture among Starwood Capital Group, Kerzner International, and the Waterford Group with the objective of acquiring Wembley plc. Wembley operated racetracks both in the UK and the US, with Lincoln Park—a greyhound racing track coupled with a slot machine venue in Rhode Island—being its primary asset. In February 2005, BLB agreed to acquire Lincoln Park for $435 million along with an additional $20 million for Wembley's other U.S. holdings, which included Arapahoe Park and three greyhound tracks located in Colorado. The transaction was finalized by July 2005.
Following the acquisition, BLB invested $220 million into expanding Lincoln Park, which was rebranded as Twin River in 2007. However, by 2008, due to economic downturns linked to the global recession, the company encountered financial challenges and began defaulting on loans associated with the property's purchase and renovation. In June 2009, BLB filed for Chapter 11 bankruptcy protection under a prearranged plan that transferred ownership to creditors. The company reemerged from bankruptcy in 2010 under the leadership of a lender group spearheaded by Bank of America, Wells Fargo, and Sankaty Advisors, adopting the name Twin River Worldwide Holdings in 2011.
Decreased patronage led to BLB divesting its three Colorado greyhound racing tracks by 2011.
Expansion of land-based gaming
In 2014, Twin River expanded geographically by acquiring the Hard Rock Hotel & Casino Biloxi located in Mississippi from Leucadia National for $250 million, anticipating Massachusetts' forthcoming casino legalization.[1] The following year, it purchased Rhode Island’s Newport Grand facility for $22 million and subsequently relocated operations to a newly constructed Tiverton Casino Hotel valued at $140 million, which opened in 2018.[2]
Hedge fund Standard General took an equity position in Twin River during 2016; partner Soo Kim joined the board and was appointed chairman in 2019, guiding an accelerated growth strategy.[3] In March 2019, Twin River completed a reverse merger with Dover Downs Gaming & Entertainment, becoming publicly traded on the New York Stock Exchange while granting Dover Downs shareholders a 7% ownership stake.[4]
Throughout 2020, Twin River acquired seven casino properties: three located in Black Hawk, Colorado from Affinity Gaming for $51 million;[5] Isle of Capri Kansas City and Lady Luck Vicksburg from Eldorado Resorts for $230 million;[6] Eldorado Shreveport for $140 million;[7] and Bally's Atlantic City from Caesars Entertainment and Vici Properties for $25 million.[8]
In addition to these acquisitions during 2020, Twin River purchased the Bally's brand from Caesars for $20 million and announced intentions to rebrand most properties under the Bally's name. Subsequently, it changed its corporate identity to Bally's Corporation with stock ticker BALY.[9]
In 2021, Bally's added MontBleu (Nevada), Jumer's Casino & Hotel (Illinois), and Tropicana Evansville (Indiana) through acquisitions totaling $275 million. It also executed sale-and-leaseback transactions of real estate assets with Gaming and Leisure Properties (GLPI) amounting to $294 million.[10] Plans were announced for new casino developments near State College, Pennsylvania, and Richmond, Virginia; however, both projects were eventually discontinued.[11]
Standard General proposed a full acquisition of Bally's valued at $2.07 billion in January 2022; this bid was declined by the board in May.[12]
In May 2022, Bally's obtained regulatory approval to construct a $1.7-billion casino resort within Chicago’s River West area—a development expected to contribute roughly one-third of the company's gaming revenue. A temporary casino commenced operations at Medinah Temple in September 2023; Phase 1 of the permanent complex is slated for completion by 2026.[13]
By September 2022, Bally's had acquired Tropicana Las Vegas' buildings and operations from GLPI and Penn Entertainment for $148 million. The company plans to develop a large-scale integrated resort featuring approximately 3,000 rooms adjacent to the new Las Vegas Stadium.[14]
In early 2024, Bally's agreed to be acquired by Standard General and merge with The Queen Casino & Entertainment. This combined entity was valued at $4.6 billion and incorporated four additional casinos plus a one-third ownership interest in Intralot. The deal closed in February 2025, resulting in Standard General holding a controlling stake of 74%.[15]
Efforts by Bally's to obtain a casino license at its Golf Links property located in the Bronx were halted after New York City Council rejected necessary zoning amendments required for development.[16]
Entry into the Australian Market
In April 2025, Bally's committed $180 million in funding to Star Entertainment Group, an Australian casino operator facing financial challenges, securing an option to convert this debt into a controlling interest of up to 57%. This investment marked Bally's inaugural ownership of land-based casinos beyond the United States, encompassing Star's three venues: The Star, Sydney, The Star Gold Coast, and The Star Brisbane. On June 25, 2025, shareholders of Star endorsed Bally’s acquisition.
Growth in Interactive Gaming
Bally's established a decade-long media alliance with Sinclair Broadcast Group in November 2020, resulting in the rebranding of Sinclair’s regional sports networks as Bally Sports. As part of this agreement, Sinclair received warrants enabling them to obtain up to a 24.9% equity interest in Bally's contingent on performance milestones.
Throughout 2021, Bally's broadened its digital gaming and sports wagering assets by acquiring multiple companies: SportCaller (specializing in free-to-play games), Monkey Knife Fight (the third-largest daily fantasy sports operator in the U.S.) for a potential $90 million in stock, and Bet.Works (a sports betting technology provider) for $125 million. Additionally, Bally's purchased the Association of Volleyball Professionals alongside the UK-based online gambling firm Gamesys Group for $2.7 billion.
This acquisition of Gamesys established Bally's as the operator of six UK gambling platforms, including Virgin Games, Jackpotjoy, Monopoly Casino, Rainbow Riches Casino, Double Bubble Bingo, and Bally Casino.
In 2023, Bally's introduced Bally Live, a live sports streaming service that was renamed Bally Sports Live in March 2025. The platform streams content from Stadium, Minor League Baseball, Bare Knuckle Fighting Championship, Glory Kickboxing, the Association of Volleyball Professionals, and the Pro Fighters League. Previously featured programming included Major League Table Tennis and the Pro Volleyball Federation.
Portfolio of Properties
Bally's owns and manages twenty-two casino locations along with one standalone racetrack and a golf course:
United States
- Bally's Arapahoe Park — located in Aurora, Colorado
- Bally's Atlantic City — situated in Atlantic City, New Jersey
- Bally's Black Hawk — based in Black Hawk, Colorado
- Bally's Black Hawk East
- Bally's Black Hawk North
- Bally's Black Hawk West
- Bally's Chicago — operating a temporary casino facility in Chicago, Illinois, with plans for a permanent venue by 2026
- Bally's Dover — found in Dover, Delaware
- Bally's Evansville — positioned in Evansville, Indiana
- Bally's Golf Links at Ferry Point — located within The Bronx, New York
- Bally's Kansas City — situated in Kansas City, Missouri
- Bally's Lake Tahoe — located at Stateline, Nevada
- Bally's Quad Cities — based in Rock Island, Illinois
- Bally's Shreveport — found in Shreveport, Louisiana
- Bally's Tiverton — situated in Tiverton, Rhode Island
- Bally's Twin River Lincoln — located in Lincoln, Rhode Island
- Bally's Vicksburg — based in Vicksburg, Mississippi
- Belle of Baton Rouge — located at Baton Rouge, Louisiana
- Casino Queen Marquette — situated in Marquette, Iowa
- DraftKings at Casino Queen — operating in East St. Louis, Illinois
- Hard Rock Hotel & Casino Biloxi — found in Biloxi, Mississippi
- The Queen Baton Rouge — located within Baton Rouge, Louisiana
Australia
Bally's manages three Australian venues through its subsidiary, Star Entertainment Group:
Former properties
- Tropicana Las Vegas — Paradise, Nevada (ceased operations and was demolished in 2024)
Planned developments
See also
External links
- Articles with short description
- 2004 establishments in Rhode Island
- American companies established in 2004
- Companies that filed for Chapter 11 bankruptcy in 2009
- Gambling companies of the United States
- Companies based in Providence County, Rhode Island
- Companies listed on the New York Stock Exchange
- Gambling companies established in 2004
- 5
- Companies of the United States by year of establishment