After more than two-and-a-half hours of discussion Wednesday, the Nevada Gaming Control Board approved Bally’s Corp.’s licensing request for the acquisition of MontBleu Resort in Lake Tahoe.
The unanimous vote by the three board members gives the Rhode Island-based company a presence in Nevada, adding to a portfolio that includes 11 casinos in seven states, including recently acquired casinos in Kansas City, Missouri, and Vicksburg, Mississippi.
“We will undertake a comprehensive national rebranding initiative and introduce a one-card solution to our brick-and-mortar and interactive technology,” said Bally’s CEO George Papanier during the company’s presentation. He added that the company has “one of the best regional footprints in gaming,” with 14 million customers in its database to engage in cross-marketing campaigns.
With the acquisition of sports betting platform Bet.Works in November 2020, Bally’s is creating an omnichannel interactive betting division. Papanier said the company will be organized into two distinct divisions, with Bally’s Casino housing land-based casino operations and Bally’s Interactive offering sports betting, igaming and other forms of interactive gaming technology.
Bally’s Chairman Soo Kim spent $20 million last year to acquire the trademark and rights to the Bally’s name from Caesars Entertainment. Kim said that a partnership with Sinclair Broadcasting, also announced in November 2020, will not only boost its sports betting operations – Sinclair is home to 21 regional sports networks – but also diversify Bally’s holdings.
“Not only are we a gaming company,” Kim said, “and starting to become a technology company (through the acquisition of Bet.Works), but we are also a media company through our parentship with Sinclair and the rights to integrate their content.”
Before Wednesday’s approval by the Nevada Gaming Control Board, analysts had theorized that Bally’s acquisition of Montbleu was a precursor to adding a property in Las Vegas. But Gaming Control Board members did not quiz Bally’s executives about possible plans for the Las Vegas Strip. The terms of Bally’s acquisition of MontBleu have not been announced.
