Bally's completed the acquisition of Bally's Atlantic City from Caesars Entertainment and Vici Properties for $25m.

Bally's, a holding company that owns and manages hotels, completed the acquisition of Bally's Atlantic City Hotel & Casino from Caesars Entertainment, a company that owns and operates as a chain of resorts, and Vici Properties, a real estate investment trust, for $25m. "We strongly believe in the potential of the Atlantic City market and are confident that we can restore Bally's to its former glory. We are pleased to close on this transaction, which represents the latest addition in our ongoing portfolio diversification strategy, and look forward to implementing our capital improvement plans to completely renovate the property with first-in-class amenities and offerings. We have a proven track record of implementing strategic initiatives at acquired properties in order to drive growth and revenue improvements, and plan to bring the iconic property to a level not seen in years," George Papanier, Bally's President and CEO.