Bally’s Atlantic City is owned by Bally’s Corporation, which bought the boardwalk resort in November 2020 and holds both the casino operations and the underlying real estate. Bally’s Corporation itself is now controlled by Standard General L.P., a hedge fund that owns roughly two-thirds of the company’s shares after a merger that closed in February 2025. The company still trades on the New York Stock Exchange under the ticker BALY.1U.S. Securities and Exchange Commission. Bally’s Corporation Completes Transactions Press Release
How Bally’s Bought the Property in 2020
The resort changed hands in November 2020 in a $25 million cash deal with two sellers. Caesars Entertainment sold the casino operations, and VICI Properties, a real estate investment trust, sold the underlying real estate.2PR Newswire. Bally’s Corporation Completes Acquisition Of Bally’s Atlantic City Caesars needed to divest the property to satisfy regulatory obligations tied to its merger with Eldorado Resorts, which had left it with too many casinos in Atlantic City.
The buyer was then called Twin River Worldwide Holdings, a Rhode Island casino company. It took on the Bally’s name effective November 9, 2020, adopting one of the gaming industry’s best-known brands.3U.S. Securities and Exchange Commission. Twin River Worldwide Holdings Announces Name Change to Bally’s Corporation The Atlantic City resort became the flagship for that reinvented identity.
Who Controls Bally’s Corporation Now
Standard General L.P. had been Bally’s largest shareholder for years before taking majority control through a merger that closed on February 7, 2025. The transaction combined Bally’s with Queen Casino & Entertainment, a Standard General affiliate, and gave existing Bally’s shareholders a choice between cashing out at $18.25 per share or keeping their stock.4Bally’s Corporation. Bally’s Corporation Completes Transactions With Standard General and The Queen Casino and Entertainment
When the dust settled, Standard General held approximately 66% of outstanding shares. A special committee of independent directors had unanimously recommended the deal before the full board approved it in July 2024.5U.S. Securities and Exchange Commission. Bally’s Enters into Merger Agreement with Affiliates of Standard General L.P.
Soo Kim, Standard General’s founding partner and chief investment officer, chairs the Bally’s board of directors.6Bally’s Corporation. Corporate Governance So the practical chain of ownership runs from the casino on the boardwalk up to Bally’s Corporation, then up to Standard General and the shareholders who rolled their stock into the combined company.
Who Owns the Real Estate
Casino ownership often splits in two. The operator runs the gaming floor and hotel, while a real estate investment trust owns the building and leases it back under a long-term triple-net lease, with the operator paying rent plus taxes, insurance, and maintenance. Bally’s Corporation uses that structure elsewhere in its portfolio, including casinos in Kansas City and Shreveport that were sold to Gaming and Leisure Properties, Inc. in late 2024 and leased back.
Bally’s Atlantic City is different. The 2020 purchase from Caesars and VICI bundled both pieces into a single $25 million deal, with Bally’s taking the operations from Caesars and the real estate from VICI.7Caesars Entertainment. Caesars Entertainment and VICI Properties Complete Sale of Bally’s Atlantic City No sale-leaseback to a REIT has been publicly disclosed for the property since. As of the most recent filings, Bally’s Corporation owns the land, the buildings, and the business running inside them.
About the Property
Bally’s Atlantic City sits on the boardwalk with roughly 1,200 hotel rooms, a casino floor, and the usual hospitality amenities. It has received more than $100 million in renovations since the 2020 acquisition, aimed at modernizing guest rooms and public spaces. It is one of nine commercial casinos currently licensed in Atlantic City and carries the name that its parent company adopted when it rebranded itself five years ago.