Bally’s finalizes MontBleu Casino buyout from Caesars
Bally’s Corporation has revealed the finalization of its acquisition from Caesars Entertainment of the MontBleu Resort Casino & Spa, which is located in the state of Nevada, near the popular Lake Tahoe.
The venue comes with a land-based casino containing 17 gambling tables and 418 slot machines, as well as a 438-room hotel and 14,000 square feet of meeting and exposition space.
Initially, this takeover deal was signed back in April of last year, when Twin River Worldwide arranged an agreement for the purchase of the casino from Eldorado Resorts. Twin River Worldwide then took over the Bally’s brand from Caesars Entertainment back in October of 2020, where the business was renamed to be Bally’s Corporation.
Eldorado merged with Caesars Entertainment Corporation after it obtained it back in July of 2020, with an agreement that turned it into the biggest casino business across the United States.
George Papanier, president and chief executive at Bally’s, said:
“MontBleu is a premier entertainment asset that is commensurate with the iconic Bally’s brand, and advances our ongoing portfolio diversification strategy. With the close of this transaction, we look forward to integrating the property into the Bally’s family, and utilizing it as an attractive destination for our loyal Bally’s customers to drive visitation to Lake Tahoe.”
This is the latest move in Bally’s ongoing M&A strategy, as the firm also took over the Gamesys Group business for approximately £2 billion. In March of this year, Bally’s also completed its purchase of Monkey Knife Fight, the US fantasy sports operator, as it is now in a bidding war for the poker assets of Allied Esports Entertainment alongside Element Partners.