Investor Soo Kim Buys Rights to Bally’s Brand for $20 Million

October 13, 2020 James Heinsman Company Spotlight

Neon sign of Bally’s Hotel at The Strip in Las Vegas, Arizona, USA

Soo Kim, 45, hedge fund investor and owner of gaming company Twin River Worldwide Holdings, purchased the global rights to the Bally’s name from owner Caesars Entertainment.

The $20 million purchase will give Kim the rights to put the name on all of his gaming investments which include 11 casinos and his publicly traded headquarters.

Kim will also be changing the ticker name TRWH to a more appropriate name for the Bally’s brand. He added that the company will be starting a sports-betting site online branded with the Bally’s moniker.

“This is an opportunity for us to revive a brand that is synonymous with American gaming,” said Soo.

He is a co-founder of the hedge fund Standard General, which has a 39% stake in TRWH. Soo is also the chairman of Twin River.

Bally’s has a long and successful history in the gaming space, getting its first huge boost as Bally Entertainment, the company behind the wildly popular Six Flags amusement park chain. It also owned Bally Total Fitness and a video game company with a stable of iconic arcade games during the 70s and 80s including “Space Invaders,” “Pac-Man,” and “Ms. Pac-Man.”

In 1996 Hilton Hotels acquired Bally’s casinos for $2 billion, resulting in the largest gaming company in the world. In 2003 Bally’s casino generated more revenue than any other casino in Atlantic City, beating out even the second-place Trump Taj Mahal.

Now there are only two Bally’s casinos; one in Atlantic City which is the one Soo Kim bought for $25 million, and the one in Las Vegas, which Caesars still owns.

The deal for the brand allows Soo Kim to put the Bally’s name on all present and future properties but does not require Caesars to rename its casino in Las Vegas.

Twin Rivers, based in Rhode Island, owns many other gambling properties in six states, as well as a racetrack with 13 authorized off-track-betting parlors in Colorado.

Since the pandemic has shuttered gambling halls Soo Kim has been snatching them up like hot cakes, buying three properties this past April alone.

“We appreciate Caesars giving us a chance to use a brand they really weren’t utilizing,” Kim said.

Soo Kim, Twin River Worldwide Holdings,

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